Las Vegas is a bustling city that has seen a population surge over the past decade, with around 2.3 million people now living in the area. It is a popular tourist destination, and its diverse economy offers low-skilled but well-paying jobs in the entertainment, hospitality and service industries. This has led to an increase in demand for real estate in the area, and the market remains a strong seller's market. Real estate market reports are calculated by Rocket Homes Real Estate and are based on information from the MLS. At the end of March, there was less inventory available on the market compared to last month, with 0.6 months of inventory in the market.
This is down 11.5% from February. The average size of an apartment in Las Vegas is 893 square feet, with studio apartments being the smallest and most affordable; 1-bedroom apartments are closer to average, while 2- and 3-bedroom apartments offer a larger floor space. The time to market has also increased slightly, as less than half of the homes listed sold in 30 days or less. We began to see signs of a shift from a strong seller's market to a more buyer's market in June, with more inventory coming to the market and a slight drop in the average price of housing. Despite this slight increase in inventory compared to last month, Las Vegas is still a seller's market with homes that sell quickly. The median list price for real estate in Las Vegas is currently $320,000.
This is a slight pause in the price rise that was seen during the Great Recession when Las Vegas went from having one-fifth of its residents renting to nearly two-fifths. While data provides a valuable basis for understanding the real estate market, working with an experienced real estate professional can provide you with nuanced and specific information for your situation.