Las Vegas’s housing inventory is currently experiencing a seller’s market. This means there are more buyers looking for homes than there are houses available for sale. Here’s a breakdown of what we know:
Low Inventory: As of February 2024, listings data suggests there are around 6,690 active homes on the market [Source 2]. This translates to roughly 2.5 months of inventory at the current sales pace [Source 4]. In simpler terms, if no new houses were listed today, it would take about 2.5 months to sell all the currently available homes.
Decreasing Supply: The number of new listings has been dropping. In December 2023, there were 1,500 new listings, which is a 23.8% decrease from the previous month and a 10.6% decrease compared to December 2022 [Source 4]. This trend of fewer new listings coming onto the market contributes to the tight supply.
Fast Sales: Homes are selling quickly. The average Las Vegas home is selling after just 42 days on the market in February 2024, compared to 73 days last year [Source 2]. This rapid sales pace further tightens the available inventory.
What this means for home buyers: Be prepared to act quickly if you find a house you like. You might face competition from other interested buyers and may need to submit a strong offer to secure the property.
What this means for sellers: It’s a good time to list your home for sale if you’re considering it. With high demand and low inventory, you’re likely to receive multiple offers and potentially sell your home for a good price.
