Las Vegas Housing Market Update: Inventory and Sales Trends

January 2025:

The single-family residential (SFR) housing market in Las Vegas experienced subtle shifts over the past 30 days, reflecting seasonal patterns and market dynamics. Here’s a closer look at the key trends:

Slight Decline in SFR Inventory

The number of available single-family homes on the market saw a modest decrease, falling from 5,800 to 5,600 units.

Drop in Homes Sold

Closed sales also declined during the same period, with 1,500 homes sold compared to around 1,800 the previous month. This reduction in activity is partly attributed to seasonality.

Increase in Months of Inventory

As a result of slower sales and stable inventory, months of inventory rose from 3.2 to 3.7. This indicates a slightly slower market pace but also suggests more options for buyers.

Light New Inventory and Sales Activity

Both new listings and overall sales remained light throughout the past month. However, the market is already showing increased momentum as we move into the new year, signaling a promising start to 2025.

Prior month data is for reference:

December 2024:

SFR inventory decreased over the past 30 days from 6100 units to 5800 units. Units sold remained relatively flat at around 1800 units. With inventory of 5,800 units and units sold 1800 over the past 30 days, months of inventory dropped slightly from 3.2 months to 3.4 months.

November 2024:

SFR inventory and sales were flat over the past 30 days. Inventory is still around 6,100 units listed for sale, and units sold were about 1800 over the past 30 days, keeping the market at about 3.4 months of inventory.

October 2024:

SFR inventory continues to increase, and units sold continue to decrease. Inventory increased by about 200 units or about 3% over the past 30 days. About 6,100 units are listed for sale, up from 5,900 units 30 days ago. Units sold decreased again over the past 30 days. Around 1800 SFRs sold in the last 30 days compared to 1900 in the previous 30 days, equating to about 3.4 months of inventory currently, up from 3.1 months of inventory the 30 days prior.

September 2024:

Single Family Residential (SFR) inventory continues to increase, increasing by about 500 units or about 10% over the past 30 days. About 5,900 units are currently listed for sale, up from 5,400 units 30 days ago. Around 1900 SFRs have been sold in the last 30 days compared to 2086 in the previous 30 days, equating to about 3.1 months of inventory, up from 2.6 months of inventory the 30 days prior.

August 2024:

Single Family Residenital inventory continues to increase, increasing by about 600 units over the past 30 days, from 4,800 units to 5,400 units, or about 12.5%. 2086 SFRs have been sold in the last 30 days, equating to about 2.6 months of inventory, up from 2.25 months of inventory the 30 days prior.

July 2024:

Single Family Residenital inventory is around 4,800 active units, up about 20% over the last couple of months. 2145 SFRs have been sold in the last 30 days, equating to about 2.25 months of inventory.

Las Vegas: A Hotbed of Growth and Opportunity—Here’s What’s Coming

Las Vegas is rapidly transforming, and its future has never looked brighter. From cutting-edge space technology to a booming entertainment industry, this city is more than just a tourist destination—it’s becoming a powerhouse of economic growth. If you’re looking to invest in a region with unparalleled potential, Las Vegas is where opportunity and innovation converge.

What’s Next for Las Vegas? Space, Tech, and Entertainment

Las Vegas Spaceport: Las Vegas could soon join the likes of Florida, Texas, and California as a key player in the space economy. The proposed spaceport project would be a game-changer for the region, potentially tapping into a multi-billion-dollar industry and placing Nevada on the space frontier. Learn more about Nevada’s space economy.
Warner Bros.’ Massive Expansion: Warner Bros. has pledged an eye-watering $8.5 billion to expand its operations in Nevada over the next 17 years. This major investment solidifies Las Vegas as a growing entertainment hub, opening up new avenues for jobs and innovation.
Hollywood 2.0 in Summerlin: The entertainment industry is planting its roots in Las Vegas, with a $1.8 billion Sony movie studio (read more about Hollywood 2.0) backed by Mark Wahlberg on the horizon. This project alone could generate 16,000 jobs and contribute a staggering $1.2 billion to the state economy. Las Vegas is quickly becoming the new Hollywood.
Las Vegas’ Cultural Evolution: A long-awaited art museum and massive development projects like twin towers on the North Strip are reshaping the city skyline, making it not only a commercial hub but also a cultural one.

Long-Term Sustainability in Las Vegas

Clark County Population Boom: By 2042, Clark County is expected to hit 3 million residents—up from its current 2.41 million. This growth will spur demand for housing, services, and new infrastructure, creating more investment opportunities in the region.
Environmental Sustainability: The Strip is setting sustainability trends too. In a city often criticized for water consumption, a staggering 99% of the water used inside Strip casinos is recycled. Las Vegas is proving you can be a bustling metropolis while staying eco-conscious.

Sports and Innovation Drive Las Vegas’ Future

NBA Expansion: Las Vegas is “definitely on the list” for NBA expansion, according to Commissioner Adam Silver. Combine this with the MLB’s approval of the Oakland A’s move to Vegas, and the city’s sports future looks just as bright as its entertainment scene. A brand-new ballpark for the A’s is set to open in 2028.
Brightline West Rail Project: Traveling to Vegas is about to get a high-speed upgrade. The U.S. DOT recently approved $2.5 billion in bonds for the Brightline West rail project, connecting Las Vegas to Southern California with a high-speed train. The future of travel just got faster, greener, and more exciting. Check out cabin seat designs here.

Henderson’s Industrial Surge

Biotech and Manufacturing: The biotech industry is expanding in Las Vegas, while the Haas Automation facility in West Henderson begins construction this fall, further solidifying the region as a tech and manufacturing hub.

Institutional Investors: Laser-Focused on Vegas

Following the aftermath of the 2008 financial crisis, corporations and institutional investors sought to increase their acquisitions of residential real estate, including single-family rentals (SFRs).

Investors have purchased approximately 131,710 homes in the Las Vegas Valley since the start of 2000, according to recent data. Las Vegas saw the nation’s largest surge in investor home purchases in Q3 compared to the same period last year, with a 27.6% increase, according to Redfin’s economic research lead. Investor activity peaked in Q2 2022, with 4,229 homes acquired, and currently, investors account for roughly 23% of all home sales in the area.

However, concerns are emerging that history could repeat itself. According to a report from MetLife Investment Management in 2022, within a span of just seven years, up to 40% of single-family rental homes could be owned and controlled by Wall Street entities.

This situation could potentially present challenges not only for regular renters but also for the broader economy.

An excellent read on this topic was authored by Ryan Dezember, a book called Underwater. Single family home landlords are shifting from “mom and pop” operations to Wall St. titans – virgin territory among financial authors. In Las Vegas, a few hedge funds have setup shop.

They’re vacuuming-up all the investment houses and inflating prices. As a result, the traditional “buy-and-hold” SFR rental model is topsy-turvied. This model is replicated across the country, and has portentous omens for the future of residential real estate. (The “Great Recession – Part Deaux!”).

Since the early 2010s, Tricon Residential, Progress Residential, American Homes 4 Rent and Invitation Homes have each bought thousands of homes. They’ve also added to the housing supply in some cases with built-for-rent communities.

What about these entire purpose-built “build to rent” (BTR) neighborhoods across Las Vegas? Think apartment buildings but single-family home neighborhoods instead….every neighbor is a renter.

Why did Las Vegas housing demand surge during the pandemic?

Shortage of new homes built during the recession of 2008-2012.
Increase in household formations during the pandemic due to the need for more space, work-from-home trends, pandemic separations, divorces, etc.
Mass migration to the sunbelt states like Las Vegas due to a once-in-a-lifetime pandemic.
Institutional investors swooped into our market and purchased many entry-level single family homes.
Individual investors entered our market from 2010-2024. Cash investors own many detached single-family homes, and Tenants occupy these rental houses.
Governor mandated eviction moratorium through May 31st, 2021. Landlords could not serve eviction notices to get Tenants out, which limited the housing supply. This was extended multiple times but is no longer in effect.
Governor limited property rights in 2020 and 2021 by forbidding landlords from serving 30-day “no cause” notices to vacate if a tenant was delinquent on rent. Landlords were having difficulty gaining control of their properties, which limited supply
Pandemic Migration: Many houses were rented to people moving to Las Vegas from out of state for remote work or other reasons. Las Vegas saw an unprecedented increase in demand.
Historically low interest rates in 2021 and 2022.

This was Las Vegas in 1947.

This was Las Vegas in 1955.

The Future of Las Vegas... our city continues to grow.

Hollywood 2.0

Hollywood 2.0: Summerlin Las Vegas, NV: Nevada has always been known for its entertainment scene, but with Warner Bros. announcing an $8.5 billion film studio expansion and Sony’s $1.8 billion Summerlin movie studio getting the green light (backed by Mark Wahlberg, no less), the state is about to experience a serious upgrade. This isn’t just a big win for the film industry—it’s a major shift for Southern Nevada’s economy and a golden opportunity for property investors. Read additional insights as to how Hollywood 2.0 will impact the local real estate market.

Las Vegas is expected to grow its portfolio of pro sports teams to include MLB and NBA in the near future.

Rice Real Estate & Property Management: Investing in Residential Real Estate is what we do.

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