According to “Where are the most homes selling in Clark County?”Las Vegas Review-Journal
ZIP code 89135 led the way with most homes sold. This area is located in Summerlin South Las Vegas, Nevada with $45.9 million sold as of early 2024.
The area encompasses Summerlin South, below state Route 159, and is home to ultra-affluent communities such as The Ridges, a guard-gated community with a current average list price of $7.4M and a max list price of $21,5M, and The Summit Club, with prices starting at $7,9M and up to $30M.
The Las Vegas housing market exhibits resilience and adaptability, and prices have continued to rise in the face of the ever-evolving economic landscapes. Specific segments, particularly single-family homes, have experienced substantial growth in median prices, while the luxury market has remained relatively stable.
Las Vegas has about a two-month supply of available homes for sale, indicating relatively low inventory. This low inventory can lead to increased competition among buyers and potentially result in higher returns for sellers.
Market stats also show a 12-month change in months of inventory is down 20.7%, which means the market is tightening because the supply of homes for sale has decreased significantly over the past year. This trend suggests that it is a seller’s market.
This decrease in inventory can further drive up prices and ultimately create a seller’s market as more and more out-of-state buyers from high-priced markets such as CA are still relocating for the generous tax benefits and still reasonable real estate price points.
The median number of days homes are on the market in Clark County is 18 and 15 days for Las Vegas. In Summerlin South, 89135, the median days on the market is 15, which has increased 6.7% Month Over Month.
The Median Sold Price in this area is $740,000, indicating that homes are selling quickly. This quick turnover time can be attributed to the low inventory and high buyer demand.
The list-to-sold price percentage is 99%, showing that homes typically sell very close to their list price. This high percentage indicates strong buyer interest and competition, leading to sellers receiving offers close to their asking price.
The Median Sold Price in Las Vegas is $473k, reflecting a strong demand for homes in the current market. With homes selling quickly and close to the list, sellers can expect a good return on their investment.
This correlation between these real estate metrics paints a picture of a market with limited inventory, high demand, quick sales, and firm prices.
Buyers should be prepared to act fast and potentially pay close to the asking price. Sellers expect to see strong offers and a quick sale.
Contact me directly if you are ready to sell or buy real estate. All my information is in the description of this video. As always, thanks for watching. I hope you enjoyed this video, which provides more Las Vegas real estate updates and home tours. Be sure to subscribe to my channel.
Sources:
Las Vegas Review-Journal – By Patrick Blennerhassett Las Vegas Review-Journal February 13, 2024 GLVAR Las Vegas REALTORS, 2024
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