Las Vegas Market + News for November

[Josh Edelman]

Here's the latest market report (based on single family homes):

• Mortgage Rates:
  • 30-year conventional rate today is 6.92%
  • 30-year VA rate today is 6.32%
• Median Sales Price:
  • August: $480,000
  • Sept: $490,000
  • Oct: $485,000
• New Listings:
  • August: 2,198
  • Sept: 1,910
  • Oct: 1,938
• Median Days on Market Until Sale:
  • August: 16
  • Sept: 20
  • Oct: 22
• Months Supply of Inventory:
  • August: 3.1
  • Sept: 3.3
  • Oct: 3.1

What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

Election Over! What Happens to the Market Now?
Mortgage rates dropped below 7% after the election, sparking optimism among buyers. However, new tariffs proposed by Trump on imports from countries like China, Japan, and Mexico may lead to inflation. These tariffs, ranging from 10-20%, could increase consumer prices, adding uncertainty to the mortgage market. Economists project a rise in home sales by 13% nationally in 2025, driven by pent-up demand and low supply. If you're considering buying, waiting for lower rates or prices might not pay off. Momentum is building, and a strong real estate market could be ahead.

Lee Canyon Opens Early for Its 60th Season!
Lee Canyon ski resort, just 50 miles from downtown Las Vegas, kicked off its 60th-anniversary season earlier than ever! Thanks to November’s cold snap, the snow-making team has prepared two beginner slopes, with nightly efforts building a foot-deep base across an acre. Get your gear and hit the slopes—winter fun is officially here!

Houses Down, Condos Way Up
Las Vegas housing trends are shifting! The median price for single-family homes dipped slightly in October, while condos and townhomes set a record at $315,000—a 15% year-over-year increase. With condos soaring in popularity, now might be the time to explore options in this hot market.

Nevada Still Ranks 4th for Alcohol Consumption
The Silver State holds steady at fourth place in U.S. alcohol consumption, with residents drinking an average of 3.66 gallons per year. Although the ranking is unchanged, the National Institute of Alcohol Abuse and Alcoholism notes a steady decline from the peak of 6.32 gallons in 1977. Visitors contribute heavily to Nevada’s numbers, while Utah trails with the lowest per capita consumption at 1.36 gallons.

Enchant Christmas Returns to Las Vegas!
Get ready, Las Vegas! The World’s Largest Christmas Light Maze is back for its third consecutive season at the Las Vegas Ballpark. From November 22 to December 29, step into a dazzling winter wonderland featuring twinkling lights, stunning larger-than-life sculptures, an ice-skating trail, and visits with Santa. Enjoy live music, explore the festive Village, and capture magical memories with endless photo opportunities. Perfect for all ages, this enchanting event is the highlight of the holiday season. Don’t miss the opening day celebration.

That is it for this month! I hope you have enjoyed this month’s newsletter. Have a great day!