2021 Las Vegas Real Estate Market Report

Welcome to the 2021 Las Vegas Real Estate Market Report! Here you will find the latest Las Vegas housing market forecast, trends and predictions for 2021. Start by taking a look below at what’s currently happening in the Las Vegas real estate market.

las vegas real estate market

Las Vegas Real Estate Market Update – March 2021

In March, the real estate market in Las Vegas continued its hot streak. Record selling prices and a shortage of inventory dominated the headlines.

The median sale price for a home in Las Vegas was $363,000, up from last month’s price of $355,000. This broke an all-time price record and reflected a 14% increase from March of last year.

The condo and townhome market stayed hot as well, with the median price ending the month at $194,000. This represented a 5% increase from March of 2020.

An astounding 3,726 single family homes were sold in March. With only 1,772 units available to end the month, there’s only 0.5 months of inventory on the market. That means it’s a very strong seller’s market, as 6 months of inventory suggests a balanced market.

If you’re thinking about selling your home now is a great time to list. In March, 74% of all homes sold were on the market for 30 days or less.

Las Vegas Real Estate Market Trends – March 2021

Is it a Buyers or Sellers Market in Las Vegas?

It’s a sellers market in Las Vegas! There's less than one month of inventory on the market. Anything less than six months of supply indicates a sellers market.

What is the Median Home Price in Las Vegas?

The median single family home sale price in Las Vegas was $363,000 in March 2021.

Are Houses in Las Vegas Cheap?

It depends. Compared to home prices in neighboring California, the houses in Las Vegas could be considered cheap. Overall, housing prices in Las Vegas are about equal to the average price across the U.S.

Are Home Prices Dropping in Las Vegas?

No, home prices are increasing in Las Vegas. As of March 2021, home prices increased 2% from the month prior and were up 14% from March 2020.

Is the Las Vegas Real Estate Market Going To Crash in 2021?

Real estate prices have continued to increase in Las Vegas, interest rates remain low and there's an inventory shortage, which makes it unlikely the Las Vegas housing market will crash in the near future.

Is it a Good Time to Sell a House in Las Vegas?

Yes, it’s a good time to sell your home in Las Vegas. Supply of houses for sale is very low and homes sell fast because of strong demand from buyers both locally and from out-of-state.

las vegas real estate market

Las Vegas Real Estate Market Update – February 2021

The housing market in Las Vegas is still red hot! In February we saw house prices hit another record high due to an inventory shortage. It’s a strong seller’s market with less than one month of inventory which means now is a great time to sell your home. The market is considered balanced when there is 6 months inventory available. Below 6 months indicates a seller’s market; more than 6 months indicates a buyer’s market.

If you’re buying, you need to be qualified and ready to submit a good offer quickly. You should be prepared for multiple offers and bidding wars. The Las Vegas real estate market continues to bring many out-of-state buyers from California and New York, among other places.

Las Vegas Housing Market Forecast

No one knows for sure what will happen in the future for the market. However, the market has remained hot during the pandemic and shows no signs of slowing. If the inventory of homes on the market in Las Vegas begins to increase, we could see a slowing of record breaking prices.

With ultra-low interest rates, it’s hard to imagine a major slow down in demand from buyers. Low interest rates cause lower monthly payments and allow buyers to afford more home for their money. While we can’t be certain what will happen in the future with interest rates, in February Federal Reserve Chairman Jerome Powell told Congress the central bank is in no hurry to raise rates.

Las Vegas Real Estate Market Trends - February 2021

Is it a Buyers or Sellers Market in Las Vegas?

It’s a strong sellers market in Las Vegas with less than one month of supply. Six months of supply or fewer indicates a sellers market.

What is the Median Home Price in Las Vegas?

The median home price in Las Vegas for sold single-family homes in February 2021 was $355,000.

Are Houses in Las Vegas Cheap?

It depends. Compared to home prices in neighboring California, the houses in Las Vegas could be considered cheap. Overall, housing prices in Las Vegas are about equal to the average price across the U.S.

Are Home Prices Dropping in Las Vegas?

No. As of February 2021, home prices increase 2.9% from the month prior and were up 12.3% from February 2020.

Is the Las Vegas Real Estate Market Going To Crash in 2021?

So far, housing prices and demand has continued to increase, which makes the market strong and unlikely to crash in the near future. No one knows for sure and making predictions would be reckless.

Is it a Good Time to Sell a House in Las Vegas?

Yes, it’s a good time to sell your home in Las Vegas. Supply of houses for sale is very low and houses sell fast because of strong demand from buyers both locally and from out-of-state.

Las Vegas Real Estate Market Data

Home prices in Las Vegas hit a record high in February. There were 2,767 single family homes sold at a median price of $355,000, up 12.3% from the prior year. Coming onto the market were 3,017 new listings at a median price of $362,000. With less than 1 month (0.6) of available inventory, the shortage of homes for sale is creating competitive conditions for buyers. Meanwhile, it’s an awesome time for sellers.

The Las Vegas condo and townhome market saw 722 units sold at a median price of $197,500, up 12.9% from the prior year. 831 new listings came onto the market at a median price of $195,500. Again, there’s less than 1 month (0.9) of inventory available. If you have a condo to sell, now’s a good time to put it on the market.

February 2021 Las Vegas Real Estate Market
las vegas housing market

Single-Family Housing Market Trends in Las Vegas

real estate market trends las vegas single family homes

Condo & Townhome Market Trends in Las Vegas

las vegas housing market trends condos

February 2021 Real Estate Market Update Summary

No one knows for sure just how long the market will stay hot. It’s not recommended to look too much into housing market forecasts for the future, as there are no guarantees which way the market will go.

However, if you’re a buyer, the current low interest rates make a compelling case for purchasing a home. After all, if rates begin to climb you could be faced with more expensive payments and less ability to buy into a larger, more expensive house. If you’re a seller, now is an amazing time to sell. There are far less homes on the market than usual and selling prices are at record levels.

That’s all we have for this month’s Las Vegas housing market report. Whether you’re thinking about buying or selling, it’s a good idea to consult with a licensed Las Vegas real estate agent. Stay tuned for next month’s real estate market report for Las Vegas!

Las Vegas Homes and Neighborhoods

Las Vegas Real Estate Market Update – January 2021

January continued to prove just how hot the housing market is in Las Vegas. Sales and home prices increased, while available inventory and months supply decreased to very low levels. Property values have continued to soar.

This indicates it’s a strong sellers market and now is a great time to sell! See how much you can sell for by getting a Free Home Valuation from a local expert.

Here’s a snapshot of the Las Vegas Real Estate and Housing Market data for January 2021.

las vegas housing market january 2021
las vegas real estate market january 2021

Las Vegas Home Prices & Market Data

• Median Home Price: $315,000
• Average Home Price: $370,626
• Price Per Square Foot: $180
• New Listings: 2,808
• Homes for Sale: 3,863
• Closed Sales: 2,264
• Days on Market: 20
• Months Supply: 1.6

Henderson Home Prices & Market Data

• Median Home Price: $374,900
• Average Home Price: $524,552
• Price Per Square Foot: $198
• New Listings: 625
• Homes for Sale: 738
• Closed Sales: 633
• Days on Market: 22
• Months Supply: 1.1

North Las Vegas Home Prices & Market Data

• Median Home Price: $309,100
• Average Home Price: $311,878
• Price Per Square Foot: $165
• New Listings: 380
• Homes for Sale: 340
• Closed Sales: 361
• Days on Market: 14
• Months Supply: 0.9

New Construction Housing Market Report

Las Vegas New Home Prices & Market Data

• Median Home Price: $392,969
• Average Home Price: $370,626
• Price Per Square Foot: $189
• New Listings: 1,611
• Homes for Sale: 321
• Closed Sales: 1,271
• Days on Market: 33
• Months Supply: 3.0

Henderson New Home Prices & Market Data

• Median Home Price: $398,855
• Average Home Price: $617,824
• Price Per Square Foot: $199
• New Listings: 619
• Homes for Sale: 122
• Closed Sales: 498
• Days on Market: 35
• Months Supply: 3.2

North Las Vegas New Home Prices & Market Data

• Median Home Price: $313,805
• Average Home Price: $321,565
• Price Per Square Foot: $167
• New Listings: 676
• Homes for Sale: 81
• Closed Sales: 633
• Days on Market: 21
• Months Supply: 1.7

55+ Community Real Estate Market

• Median Home Price: $365,000
• New Listings: 78
• Homes for Sale: 156
• Closed Sales: 147

Condo & Townhome Market – Greater Las Vegas Area

housing prices in las vegas january 2021

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The information provided on this page is deemed reliable, but is not guaranteed and should be independently verified. Use at your own risk.
*Data Provided by InfoSparks, Courtesy of Las Vegas REALTORS®.
*Median & Average Home Price Data Reflects Sales Price

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