December Market Trends in Las Vegas Real Estate & What to Expect in 2025
The Las Vegas real estate market is closing out 2024 with notable momentum, solidifying the city’s reputation as a hub for both buyers and investors. Platinum Group Companies dives into the November and December market trends and offers a glimpse of what to expect in 2025.
November and December 2024 Recap:
December is a month of dynamic shifts in the Las Vegas real estate market, with median home prices steadily climbing and rental demand showing no signs of slowing.
Median Home Prices: The median sold price for homes in Las Vegas reached $431,527 in November 2024, marking a 7.9% year-over-year increase.
Price Per Square Foot: The average price per square foot was $254, indicating robust demand across various property types.
Inventory Trends: Active inventory decreased by approximately 5% over the past 30 days, dropping from 6,100 to 5,800 units, suggesting a tightening of available single-family homes for sale. Rental properties see a 10% rise in demand, driven by population growth and low inventory.
Sales Volume: Despite the drop in inventory, single-family home sales remained steady at approximately 1,800 transactions over the last month, indicating consistent buyer demand.
Days on Market: Homes spent an average of 39 days on the market in November 2024, a 29.2% increase compared to the same period last year, suggesting a potential shift towards a more balanced market.
Predictions for 2025:
Market Stabilization: Analysts anticipate that the Las Vegas housing market will stabilize throughout 2025, with home prices remaining relatively steady and home price appreciation slowing to a more sustainable 3-5% annually.
Continued Rental Demand: The rental market is expected to remain strong, driven by economic growth, population influx, and limited housing supply, making Las Vegas an appealing place for real estate investment. Additionally, affordability challenges push more residents toward leasing.
Investment Opportunities: Las Vegas presents several attractive opportunities for both international and domestic real estate investors, with the average home value experiencing a 7.1% rise from last year, indicating a healthy return on investment. Opportunities in multi-family units and short-term rental properties are expected to grow.
The Las Vegas real estate market is poised for continued strength in 2025, offering opportunities for buyers, sellers, and investors alike. Whether you're looking to purchase a new home or expand your investment portfolio, Platinum Group Companies is here to provide expert guidance tailored to your needs.
Visit centurion-platinum.com to learn more about how we can assist you in navigating the dynamic Las Vegas real estate market.
