Overview

Las Vegas Nevada Real Estate Market Overview

This information has been updated as of April 7, 2022.

There are presently 3,424 properties listed for sale, inside the valley, with 4,470 properties in escrow. 3,617 properties closed escrow over the last 30 days. That is just over a month’s inventory at the present rate of sale. The National Association regards a 5 to 6 month supply of inventory as about standard.

Below are my own calculations. Raw data provided by the Greater Las Vegas Association of Realtors.

August 2006 median home sale price (resale) $310,000 Median list price on these homes was $315,000.
July 2007 median home sale price (resale) $297,000 Median list price on these homes was $305,000.
July 2008 median sale price (resale) $216,000. Median list price was $215,000.
July 2009 median sale price (resale) $137,000. Median list price was $137,000.
July 2010 median sales price (resale) $135,000. Median list price was $137,000.
July 2011 median sales price (resale) was $122,000. Median list price was $125.000.
September 2012 median sales price (resale) was $140,000.  The median list price was$140,000.
August 2013 median sales price (resale) was $183,000. The median list price was $180,000.
August 2014 median sales price (resale) was $201,000 Median list price was $201,000.
August 2015 median sales price (resale) was $220,000. The median list price was $224,900.
August 2016 median sales price (resale) was $235,000. The median list price was $239,900.
August 2017 median sales price (resale) was $262,000. The median list price was $265,000.
August 2018 median sales price ( resale) was $296,000. The median list price was $299,000.
August 2019 median  sale price (resale) was $305,000. The median list price was $310,000
August 2020 median sales price (resale) was $330,000. The median list price was $330,000.
September 2020 median sales price (resale) was $340,000. The median list price was $340,000.
October 2020 median sales price (resale) was $343,000. The median list price was $343,000.
November 2020 median sales (resale) was $349,000. The median list price was $350,000.
December 2020 median sales price (resale) was $345,000. The median list price was $349,000.
January 2021 median sales price (resale) was $345,000. The median list price was $349,000.
February 2021 median sales price (resale) was $355,000. The median list price was $358,000.
March 2021 median sales price (resale) was $365,000. The median list price was $365,000.
April 2021 median sales price (resale) was $377,000. The median list price was $ 376,000.
May 2021 median sales price (resale) was $386,000. The median  list price was $380,000.
June 2021 median sales price (resale) was $398,000. The median list price was $390,000.
July 2021 median sales price (resale) was $407,000. The median list price was    $400,000.
August 2021 median sales price (resale) was $407,000. The median list price was $400,000
September 2021 median sales price (resale) was $410,000. The median list price was $405,000.
October 2021 median sales price (resale) was $413,000. The median list price was $410.000
November 2021 median sales price (resale) was  $422,000. The median list price was $420,000.
December 2021 median sales price (resale) was $430,000. The median list price was $426,000.
January 2022 median sales price (resale) was $435,000. The median list price was $435,000.
February 2022 median sales price (resale) was $451.000. The median  list price was $450.000.
March 2022 median sales price (resale) was $465,000 The median list price was $450,000.
April 2022 median sales price (resale) was $479,000 The median list price was $470,000.

Prices show a 24 percent increase over the last 12 months. The raw data for this calculation is courtesy of the Greater Las Vegas Association of Realtors. What is important here is that historically, the Las Vegas area has shown around a 5% yearly increase in value.  Inventory has headed down over the last few months. Prices are still increasing somewhat.

Snapshot of the market as of May 8, 2022 shows 2,733 free standing homes on the market. Last month the figure was 2.050

New construction – The median new home price at the time of this writing is $450,000. There are now around 300 active subdivisions. Sounds like a lot, but in 2005-2006 there were around 1,200. New homes are now approximately 25% of the market. New home sales have increased approximately 36% over 2016. A few years ago new homes sold at about the same rate as re-sales. 40% of all listed properties are represented as vacant (note that historically, this figure has been in the 41% range for the last number of years). Just over 17% are tenant occupied.