Southern Nevada home sales up in 2024 but down from record highs

Home sales in Southern Nevada were up in 2024 compared to the previous year — the worst year for sales since 2008 — and prices could be starting to drop, according to new statistics from the Las Vegas Realtors.

A total of 31,305 existing homes, condos and townhomes sold during 2024, according to the latest data from LVR, which pulls its data from the Multiple Listing Service. That’s nearly an 8 percent increase from the previous year when 29,069 houses, condos and townhomes sold. Notably, 2021 was a record year when 50,010 properties sold and 35,584 sold in 2022.

New LVR President George Kypreos said he is optimistic 2025 can build on last year’s numbers.

Kypreos became LVR president last week after past president Merri Perry and president-elect for 2025 Joshua Campa both abruptly resigned.

The median price of an existing single-family house sold in Southern Nevada during December was down from November ($475,531) to $475,000, however is still up 5.6 percent from $449,900 in December 2023. The all-time record high was $482,000 set in May 2022.

The median price of condos and townhomes sold in December was $290,000, which was down from the previous month and from a record high of $315,000 set in October. December’s median price was still up 7.4 percent from $270,000 in December 2023.

“December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said in a statement. “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.”

At the end of December, LVR statistics had 4,965 single-family homes listed for sale without any offer, up 31.8 percent from one year earlier and the 1,763 condos and townhomes listed without offers last month represented a 55.6 percent increase from one year earlier.

The total dollar value of sales during December was close to $1.1 billion for homes and more than $144 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values last month were up 27.7 percent for homes and up 4.9 percent for condos and townhomes.

Last month, 74.5 percent of all existing houses in the market and 75.8 percent of condos and townhomes sold within 60 days.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.