Overview

Las Vegas Nevada Real Estate Market Overview

This information has been updated as of July 7, 2020.

There are presently 6,793 properties listed for sale, inside the valley, with 5,237 properties in escrow and with 137 of those being short sales. It remains to be seen, the effect of the Covid-19 pandemic will have on this marketplace. In the blog associated with this web site, I will try to provide current information as to the effect on inventory, sales and pricing over the next several months.

2,747 properties closed escrow over the last 30 days. That is roughly 2.5 months inventory at the present rate of sale. The National Association regards a 5 to 6 month supply of inventory as about standard.

Foreclosure inventories are very low with only 57 currently on the market.  There are presently 64 short sales on the market. Around 1.8% of listed properties are distressed sales. This has been a shrinking figure and probably to be expected given the price increases of the last few years.

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.
September 2006 median home sale price (resale) $313,000 Median list price on these homes was $319,000.
October median 2006 home sale price (resale) $308,000 Median list price on these homes was $311,000.
November  2006 median home sale price (resale $306,000 Median list price on these homes was $310,000.
December 2006 median home sale price (resale) $305,000 Median list price on these homes was $310,000
January 2007 median home sale price ( resale) $309,000 Median list price on these homes was $312,000.
February 2007 median homes sale price (resale) $305,000 Median list price on these homes was $310,000.
April 2007 median homes sale price (resale) $304,000 Median list price on these homes was $310,000.
May 2007 median homes sale price (resale) $300,000 Median list price on these homes was $308,000.
July 2007 median home sale price (resale) $297,000 Median list price on these homes was $305,000.
September 2007 median sale price (resale) $295,000 Median list price on these homes was $300,000
October 2007 median sale price (resale) $283,000 Median list price on these homes was $290,000.
November 2007 median sale price (resale) $274,000 Median list price on these homes was $282,000.
December 2007 median sale price (resale) $263,000 Median list price on these homes was $270,000.
January 2008 median sale price (resale) $248,000 Median list price on these homes was $255,000.
February 2008 median sale price (resale) $243,000 Median list price on these homes was $248,000.
April 2008 median sale price (resale) $237,000 Median list price on these homes was $243,000.
May 2008 median sale price (resale) $235,000 Median list price on these homes was $ 239,000.
June 2008 median sale price (resale) $224,000 Median list price was $224,000.
July 2008 median sale price (resale) $216,000. Median list price was $215,000.
September 2008 median sale price (resale) $202,000. Median list price was $199,000
October 2008 median sale price (resale) $191,000. Median list price was $ $190,000.
November 2008 median sale price (resale) $180,000. Median list price was $180,000.
January 2009 median sale price (resale) $165,000. Median list price was $167,000.
February 2009 median sale price (resale) $153,000. Median list price was $155,000. .
March 2009 median sale price  (resale) $144,000. Median list price was $146.000.
April 2009 median sale price (resale) $141,000.  Median list price was $143,000.
June 2009 median sale price (resale) $139,000. Median list price was $140,000.
July 2009 median sale price (resale) $137,000. Median list price was $137,000.
August 2009 median sale price (resale) $135,000. Median list price was $135,000.
September 2009 median sale price (resale) $139,000. Median list price was $137,000.
October 2009 median sale price (resale) $141,000. Median list price was $139,000.
November 2009 median sale price (resale) $139,000. Median list price was $139,000.
January 2010 median sale price (resale) $136,000. Median list price was $134,000.
March 2010 median sale price (resale) $135,000. Median list price was $136,000.
April 2010 median sale price (resale) 143,000. Median list price was $144,000.
May 2010 median sale price (resale) $142,000. Median list price was $143,000.
June 2010 median sales price (resale) $138,000. Median list price was $139,000.
July 2010 median sales price (resale) $135,000. Median list price was $137,000.
September 2010 median sales price (resale) $135,000. Median list price was $139,000.
October 2010 median sales price (resale) $132,000. Median list price was $135,000.
November 2010 median sales price (resale) was $134,000. Median list price was $136,000.
December 2010 median sales price (resale) was $130,000. Median list price was $136,000.
February 2011 median sales price (resale) was $129,000. Median list price was $130,000.
March 2011 median sales price (resale) was $125,000. Median list price was $128,000.
April 2011  median sales price (resale) was $125,000. Median list price was $129,000.
May 2011 median sales price (resale) was $126,000. Median list price was $129,000.
July 2011 median sales price (resale) was $122,000. Median list price was $125.000.
August 2011 median sales price (resale) was $120,000. Median list price was $122,000.
September 2011 median sales price (resale) was $123,000. Median list price was $124,000.
December 2011 median sales price ( resale) was $119,000. Median list price was  $121,000.
February 2012 median sales price (resale) was $120,000. Median list price was $120,000.
March 2012 median sales price (resale) was $120,000. The median list price was $125,000.
April 2012 median sales price (resale) was  $128,000. The median list price was $129,000.
May 2012 median sales price (resale) was $130,000. The median list price was $130,000.
June 2012 median sales price (resale) was $132,000. The median list price was $134,000.
August 2012 median sales price (resale) was $139,000.  The median list price was $139,000.
September 2012 median sales price (resale) was $140,000.  The median list price was$140,000.
October 2012 median sales price (resale) was $140,000. The median list price was $140,000.
November 2012 median sales price (resale) was $149,000. The median list price was $149,000
December 2012 median sales price (resale) was $149,000. The median list price was $148,000.
January 2013 median sales price (resale) was $149,000. The median list price was $149,000.
February 2013 median sales price (resale) was $155,000. The median list price was $154,000.
March 2013 median sales price (resale) was $164,000. The median list price was $160,000.
April 2013 median sale price (resale) was $167.000. The median list price was $163,000.
June 2013 sales price (resale) was $175,000. The median list price was $172,000.
July 2013 sales price (resale) was $178,000. The median list price was $175,000.
August 2013 sales price (resale) was $183,000. The median list price was $180,000.
September 2013 sales price (resale) was $186,000.  The median list price was $188,000.
November  2013 sales price (resale) was  $184,000. The median list price was $184,000.
December 2013 sales price (resale) was $184,000. The median list price was $185,000.
January 2014 sales price (resale) was $185,000. The median list price was $186,000.
February 2014 sales price (resale) was $190,000. The median list price was $195,000.
March 2014 median sales price (resale) was $195,000. The median list price was $199,000.
April 2014 median sales price (resale) was $193,250. Median list price was $195,000.
May 2014 median sales price (resale) was $196,000. Median list price was $199,000.
June 2014 median sales price (resale) was $200,000. Median list price was $200,000.
July 2014 median sales price (resale) was $203,000 Median list price was $206,000
August 2014 median sales price (resale) was $201,000 Median list price was $201,000.
September 2014 median sales price (resale) was $205,000. Median list price was $207,000.
October 2014 median sales price (resale) was $200,000. Median list price was $200,000.
November 2014 median sales price (resale) was $203,000. The median list price was $206,000.
December 2014  median sales price (resale) was $205,000. The median list price was $209,000.
January 2015 median sales price (resale) was $200,000. The median list price was $205,000.
February 2015 median sales price (resale) was $208,000. The median list price was $210,000.
March 2015 median sales price (resale) was $205,000. The median list price was $210,000.
April 2015 median sales price (resale) was $213,000. The median list price was $218,000.
May 2015 median sales price (resale) was $211,000. The median list price was $215,000
June 2015 median sales price (resale) was $220,000. The median list price was $223,500.
July 2015 median sales price (resale) was $218,000. The median list price was $220,000.
August 2015 median sales price (resale) was $220,000. The median list price was $224,900.
September 2015 median sales price (resale) was $220,000. The median list price was $225,000.
October 2015 median sales price (resale) was $220,000. The median list price was $225,000.
November 2015 median sales price (resale) was $220,000. The median list price was $225,000.
December 2015 median sales price (resale) was $232,000. The median list price was $238,000.
January 2016 median sales price (resale) was $219,900. The median list price was $223,600.
February 2016 median sales price (resale) was $223,000. The median list price was $225,000.
April 2016 median sales price (resale) was $222,000. The median list price was $225,000.
June 2016 median sales price (resale) was $235,000. The median list price was $240,000.
July 2016 median sales price (resale) was $237,000. The median list price was $240,000.
August 2016 median sales price (resale) was $235,000. The median list price was $239,900.
September 2016 median sales price (resale) was $234,000. The median list price was $238,000.
October 2016 median sales price (resale) was $234,000. The median list price was $237,800
November 2016 median sales price (resale) was $240,000. The median list price was $242,000.
December 2016 median sales price (resale) was $235,000. The median list price was $239,000.
January 2017 median sales price (resale) was $239,000. The median list price was $240,000.
February 2017 median sales price (resale) was $240,000. The median list price was $245,000.
March 2017 median sales price (resale) was $235,000. The median list price was $240,000.
April 2017 median sales price (resale) was $249,000. The median list price was $250,000.
May 2017 median sales price (resale) was $250,000. The median list price was $255,000.
June 2017 median sales price (resale) was $260,000. The median list price was $260.000.
July 2017 median sales price (resale) was $260,000. The median list price was $263,000.
August 2017 median sales price (resale) was $262,000. The median list price was $265,000.
September 2017 median sales price (resale) was $265,000. The median list price was $266,000.
October 2017 median sales price (resale) was $265,000. The median list price was $269,000.
November 2017 median sales price (resale) was $262,000. The median list price was $265,000.
December 2017 median sales price (resale) was $270,000. The median list price was $272,000.
January 2018 median sales price (resale) was $265,000. The median list price was 270,000.
February 2018 median sales price (resale) was $275,000. The median list price was $279,000.
March 2018 median sales price (resale) was $280,000. The median list price was $280,000.
April 2018 median sales price (resale) was $290,000. The median list price was $290,000.
May 2018 median sale price (resale) was $295,000. The median list price was $299,000.
June 2018 median sales price (resale) was $293,000. The median list price was $295,000.
July 2018 median sales price (resale) was $290,000. The median list price was $290,000.
August 2018 median sales price ( resale) was $296,000. The median list price was $299,000.
September 2018 median sales price (resale) was $300,000. The median list price was $300,000.
October 2018 median sales price (resale) was $298,000. The median list price was $300,000.
November 2018 median sales price (resale) was $298,000 The median list price was $300,000.
December 2018 median sales price (resale) was $295,000. The median list price was $300,000.
January 2019 median sales price (resale) was $304,000. The median list price was $305,000.
February 2019 median sales price (resale) was $298,000. The median list price was $300,000.
March 2019 median sales price (resale) was $303,000. The median list price was $305,000.
April 2019 median sales price (resale) was $303,000. The median list price was $303,000.
May 2019 median sales price (resale) was $301,000. The median list price was $305,000.
June 2019 median sale price ( resale) was $305,000. The median list price was $310,000.
July 2019 median sale price (resale) was $305,000. The median list price was $310,000.
August 2019 median  sale price (resale) was $305,000. The median list price was $310,000
September 2019 median sales price (resale) was $315,000. The median list price was $318,000.
October 2019 median sales price (resale) was $310,000. The median list price was $315,000.
November 2019 median sales price (resale) was $308,000. The median list price was $310,000.
December 2019 median sales price (resale) was $315,000. The median list price was $319,000.
January 2020 median sale price (resale) was $305,000. The median list price was $310,000.
February 2020 median sales price (resale) was $317,000. The median list price was $320,000.
March 2020 median sales price (resale) was $320,000. The median list price was $322,000.
April 2020 median sales price (resale) was $310,000. The median list price was $315,000
May 2020 median sales price (resale) was $318,000. The median list price was $321,000.
June 2020 median sales price (resale) was $329,000. The median  list price was $330,000.

Prices show a 7.8% 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. Sales and inventory are both down from June a year ago, but prices are escalating somewhat, probably due to reduced supply of homes available.

Snapshot of the market as of July 7, 2020 shows 5,054 free standing homes on the market. May, 2009 the figure was 13,346. The rate of sales has increased substantially over the last couple of years with the inventory shrinking considerably, however the inventories seem to be growing somewhat over the last few months, with sales slumping.  Good potential news for buyers.

New construction – 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.

Millie Fine, Realtor, ABR, SRES

Elite Realty | Realtor, Elite Realty. Lic # S-0021078

Call: 702-363-5599

8625 S. Eastern Ave. - Las Vegas, NV 89123 - Contact Me

Recent Articles

Las Vegas Real Estate Coronavirus Update –

May 11, 2020 Posted by: Millie Fine

Sales of  resale homes, as well as listings in April were down around 30% from the previous month. New home contracts written, were down 50% from the... Read More

Posted In: Uncategorized

Las Vegas Real Estate in the age of Covid-19.

April 14, 2020 Posted by: Millie Fine

Las Vegas is a factory town, perhaps the last factory town in the country.  The industry is the resort complex with the associated gambling, shopping... Read More

Posted In: Uncategorized

Del Webb Lake Las Vegas

April 1, 2019 Posted by: Millie Fine

PulteGroup will be developing a new age restricted community in Lake Las Vegas. 400 home will be built on 120 acres. It should have typical Del Webb a... Read More

Posted In: Uncategorized