LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows more homes sold during 2024 than 2023, with prices ending the year shy of their all-time high.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $475,000. That’s down slightly from the previous month, but up 5.6% from $449,900 in December of 2023 – and short of the all-time record of $482,000 set in May of 2022.
Meanwhile, the median price of local condos and townhomes sold in December was $290,000. That was down from the previous month and from the record high of $315,000 set in October. December’s median price was still up 7.4% from $270,000 in December 2023.
LVR President George Kypreos, a longtime local REALTOR® who took over as president of the association Jan. 1, said prospective buyers are benefiting from steady prices and an increase in the number of homes available for sale since last year.
“December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.”
By the end of December, LVR reported 4,965 single-family homes listed for sale without any sort of offer. That’s up 31.8% from one year earlier. The 1,763 condos and townhomes listed without offers in December represent a 55.6% increase from one year earlier.
LVR reported a total of 2,277 existing local homes, condos and townhomes sold in December. Compared to December 2023, sales were up 19.3% for homes and up 0.6% for condos and townhomes. The sales pace in December equates to a three-month housing supply. That’s up from last year at this time, when Southern Nevada had a supply of about two and half months.
LVR reported a total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During December, LVR found that 26.2% of all local property sales were cash transactions. That’s down from 28.8% one year ago and well below the December 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.6% of all existing local property sales in December. That compares to 1.2% one year ago, 0.7% two years ago, 0.4% three years ago, 0.9% four years ago, and 1.8% five years ago
These LVR statistics include activity through the end of December 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
- The total value of local real estate transactions tracked through the MLS during December was nearly $1.1 billion for homes and more than $144 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in December were up 27.7% for homes and up 4.9% for condos and townhomes.
- In December, 74.5% of all existing local homes and 75.8% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 78.5% of all homes and 82.9% of all local condos and townhomes sold within 60 days.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
