Las Vegas, NV

Las Vegas

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 $15M in 2023, before sliding to $14M in 2024. The 2023 ‘boom’ year delivered peak pricing and exceptional sales velocity, with properties changing hands in under 100 days on average. Last year, the market normalized with Days On Market (DOM) returning to more typical levels above 200.

Highlights

• Record-breaking $15M average sales price in 2023

• Five-year price growth of 103% from 2019 to 2023 peak

• Market correction in 2024 brought a healthier equilibrium

Wrong Bets in 2022

2022 proved challenging for Las Vegas sellers who consistently overvalued their properties, achieving only 61% of the list price on average. This pricing disconnect somewhat corrected in 2023, with the ratio normalizing to 92%, before settling at 83% in 2024. The current market demonstrates typical luxury dynamics where timing significantly impacts price. Properties selling within 180 days sell at a 12% 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 2022. The DOM of 281 days now more closely aligns with the US average of 319 days, suggesting a market that has found its equilibrium after the volatility of recent years.