Las Vegas Housing Market Jan 2024 Update

Feb. 5, 2024
5 min read
Team skills.ai

Author

Team skills.ai

Executive summary

  • The median listing price for properties in Las Vegas-Henderson-Paradise, NV has increased over the past 13 months, peaking at $482,123 in September 2023 and settling at $460,000 in January 2024.

  • The active listing count has shown a downward trend from 8406 in January 2023 to 4804 in January 2024, with a significant spike in May 2023 at 8169 listings.

  • Median days on market and median listing price have a strong negative correlation of -0.807594, implying that higher-priced properties tend to sell faster, while lower-priced properties stay longer on the market.

  • There's a generally positive correlation between the number of new listings and the median price per square foot, with exceptions in May and October 2023.

  • In terms of price changes, there are consistently more instances of price reduction compared to price increase across all months. Despite this, there is a downward trend in the number of price reduction instances from January 2023 to January 2024.


About the data

Last 13 months of historical monthly house inventory data for Las Vegas-Henderson-Paradise, NV metro area. Data source: realtor.com.


Analytics

1. Median listing price trends over the last 13 months

  • The median listing price for properties has increased over the past 13 months, from $445,462 in February 2023 to $460,000 in January 2024.
  • There was a peak in September 2023, where the median listing price reached its highest at $482,123.
  • This was followed by a slight decrease in the subsequent months, with the median price falling to $459,900 in December 2023.
  • Despite the slight fluctuations, the overall trend indicates a growth in the property market over this period.
  • The lowest median price recorded during this period was in February 2023 at $445,462, while the highest was in September 2023 at $482,123.

2. Active listing count fluctuations and seasonality.

  • The active listing count exhibits a downward trend from January 2023 (8406 listings) to April 2023 (6537 listings).
  • A significant increase is noted in May 2023, reaching 8169 listings, followed by a slight decrease in June and July.
  • The count continues to drop until reaching its lowest point in September 2023 (5012 listings).
  • A gradual recovery is observed from October to November, followed by a slight drop in December.
  • The lowest number of listings for the two-year period is seen in January 2024 (4804 listings).

3. Correlation between median days on market and median listing price.

  • The data analysis reveals a strong negative correlation of -0.807594 between median days on market and median listing price.
  • This implies that as the median listing price increases, the median days on market decreases significantly.
  • Conversely, lower median listing prices tend to stay longer on the market.
  • Therefore, properties with higher prices tend to sell faster, while those with lower prices take longer to sell.
  • This could be influenced by factors such as property quality, location, or market demand, which are not captured in this correlation analysis.

4. Impact of new listings on median listing price per square foot.

  • The data suggests a generally positive correlation between the number of new listings and the median price per square foot.
  • As the number of new listings increased from 2718 to 3140 between January and April 2023, the median price per square foot also observed a consistent rise from $248 to $251.
  • Conversely, when the number of new listings fell to 1796 in December 2023, the median price remained stagnant at $257, suggesting that fewer new listings could stagnate the growth of median price.
  • However, there were exceptions such as May 2023 and October 2023 where despite a drop in new listings, the median price either remained constant or increased.
  • Overall, while the general trend suggests a positive impact of new listings on median price per square foot, other factors may also influence price stability or increase.

5. Price increased count versus price reduced count analysis.

The data analysis indicates the following:

  • There is a consistent trend of more instances of price reduction compared to price increase across all months.
  • The highest count of price increase was observed in January and July 2024, each with 200 instances, while the lowest occurred in December 2023 with 96 instances.
  • On the contrary, the count of price reduction was highest in January 2023 with 2896 instances and lowest in June 2024, with 1446 instances.
  • Despite some fluctuations, there is a clear downward trend in the number of price reduction instances from January 2023 to January 2024.
  • In comparison, the count of price increases shows lesser variation and does not follow a clear trend during the same period.

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