H
ome sales in Las Vegas surged in 2024, with prices nearing record highs. According to data from the Las Vegas Realtors (LVR), the median price for existing single-family homes sold through their Multiple Listing Service (MLS) was $475,000 in December, a 5.6% increase from $449,900 in December 2023. However, it remains below the record high of $482,000 set in May 2022.

    Condo and townhome prices also rose, with a median price of $290,000 in December, a 7.4% increase from $270,000 in December 2023. Despite this, condo prices declined from November's all-time high of $315,000.

    LVR President George Kypreos noted that steady prices and increased inventory make it a stable market for buyers. "December is traditionally one of the slowest months of the year for housing, but these statistics suggest a relatively healthy market as we move into 2025," he said.

    The number of homes listed without offers rose by 31.8% to 4,965 in December, while condos and townhomes available without offers increased by 55.6%. A total of 2,277 existing homes were sold in December, with sales up 19.3% compared to the previous year.

    In 2024, a total of 31,305 existing homes, condos, and townhomes were sold, surpassing the 29,069 sold in 2023. Cash transactions accounted for 26.2% of December sales, down from 28.8% the previous year. Distressed sales remained near historic lows at 0.6%.

    Transaction values reached nearly $1.1 billion for homes and over $144 million for condos and townhomes in December, a 27.7% year-over-year increase for homes and a 4.9% rise for condos and townhomes. The speed of sales slowed slightly, with 74.5% of homes and 75.8% of condos and townhomes selling within 60 days.