Las Vegas Market Recap for July + News!

[Josh Edelman]

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report for July 2023 (single family homes) 📊:

💰 Median Sales Price: $450,000 (June: $450,000)

📈 New Listings🔽: 1,544 (June:1,713)

📅 Median Days on Market Until Sale🔽: 14 (June: 15)

📦 Months Supply of Inventory🔽: 1.9 (June: 2.2)

🤔 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.

🏙️ Las Vegas Tops List for Relocating Home Buyers: A recent study by Redfin, the online real-estate broker, reveals that Las Vegas has become the most sought-after destination for homebuyers relocating from one city to another. This marks the first time Las Vegas has claimed the top spot on the list. The primary driving factor behind this trend is the affordability of homes in the city. Phoenix and Tampa secured the second and third positions, while Florida emerged as the state with five of the top 10 most popular relocation destinations.

💔 Nevada Fourth for Shortest Marriages: Known for its stringent divorce laws, Nevada has earned a reputation for short-lived marriages. According to a CNBC study based on data from the Centers for Disease Control and Prevention and the Census, Nevada ranks fourth for the shortest average duration of marriages in the nation, standing at 17.7 years. Washington, D.C., takes the lead with an average of 10.5 years, followed by Alaska (16.8) and Texas (17.6). Utah occupies the fifth position with marriages lasting approximately 18 years. Utah also stands out as the state where people tend to get married at the youngest age (25.8), while Washington, D.C., reports the oldest average age for marriage (just under 32). Interestingly, West Virginia boasts the longest-lasting marriages, with an average duration of 22.6 years, alongside several other states.

🍔 Whataburger To Open, VegeNation Closes: Las Vegas witnessed the closure of VegeNation, a long-time vegetarian restaurant located downtown near Fremont Street, with no official reason given for its sudden shutdown. After operating for eight years, the restaurant may have faced challenges in sustaining its business, primarily due to its location, which posed difficulties in attracting foot traffic. However, amidst this closure, there's some exciting news on the horizon. The popular Texas-based Whataburger chain has announced its plan to open a Las Vegas location later this year at City Center, adjacent to the Waldorf Astoria. The two-story restaurant will also feature Parry's Pizzeria, a chain with multiple locations in the Southwest. It is set to be open 24 hours a day, every day except Christmas, bringing a new culinary addition to the city's diverse dining scene.

🛫 Las Vegas 12th Busiest Airport in the World in 2022: The Airports Council International (ACI) has released its annual World Airport Traffic Dataset, ranking the world's top-20 busiest airports based on passenger, freight, and "airport movements" data. In 2022, Atlanta Hartfield-Jackson retained its position as the world's busiest airport for passengers, serving a staggering 94 million travelers. Dallas Fort Worth, Denver, and Chicago O'Hare followed, accommodating millions of passengers each. Dubai was the only non-U.S. airport in the top five, with 66.06 million passengers. Notably, Las Vegas secured the 12th spot on the list, with a total of 52.7 million passengers. However, in the movements category (runways and taxiways usage), Las Vegas climbed to the fifth position, surpassing Dubai. Atlanta led the movements rankings with nearly 725,000 takeoffs and landings, while Las Vegas recorded just over 581,000.

🌡️ July Hottest on Record: Las Vegas experienced its hottest month ever in July, with an average daily temperature of 97.3 degrees Fahrenheit. This surpassed the previous record of 96.2 degrees set in 2010, establishing a new high in the 87-year history of temperature records in the city. The last two weeks of July were particularly scorching, with the average daily temperature reaching 100.7 degrees, the average high reaching 112.3 degrees, and the average low settling at 89.1 degrees. Meanwhile, Phoenix's unrelenting heatwave finally ended, breaking a record with 31 consecutive days of temperatures at or above 110 degrees. The new record extended 12 days beyond the previous longest streak.

I hope you enjoyed your monthly update!