Las Vegas has experienced a remarkable price rise over the past five years. Starting from $7M in 2019, the market climbed steadily to a record sales price average of $14.4M in 2024. The 2021 ‘boom’ year delivered peak pricing and exceptional sales velocity, with average property sales going from $9.03M in 2020 to $12.58M in 2021. Since then, the market has seen more steady, normalized increases with 2024 being the peak sales year. Days On Market (DOM) is also the lowest it’s ever been at200 days.
Highlights
Record-breaking $14.4M average sales price in 2024
Five-year price growth of 107% from 2019 to 2024 peak
Market sales have steadily increased since 2019 dip
Wrong Bets in 2019
2018-2019 proved challenging years for Las Vegas sellers who consistently overvalued their properties, achieving only 70% of the list price on average. This pricing disconnect started to corrected in 2020, with the ratio normalizing to 81%. It has since bounced back and forth between the low 90s high 80s, before settling at 88% in 2024. The current market demonstrates typical luxury dynamics where timing significantly impacts price. Properties selling within 180 days sell at a 10% premium in sales-to-list price ratio compared to those lingering longer on the market. The sales-to-list price ratio seems to have stabilized following the unusual dip in 2018 and 2019. The DOM is also at an all-time low of 200, undercutting the US average of 319 days, suggesting a market that has found its stride.
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