Las Vegas Market + News for November

[Josh Edelman]

Happy Holidays!

While the real estate market usually slows down this time of year, we are seeing a lot of buyers taking advantage of homes that have been sitting on the market longer. It’s creating some great opportunities for those ready to make a move. As always, we are here to help you navigate it all, whether you’re buying, selling, or just curious about what’s out there. Let’s end the year strong together!
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From the previous month, below are some real estate updates, data points, and current events!

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

🏡 Mortgage Rates:
30-year conventional rate today is 6.72%
30-year VA rate today is 6.15%
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💰 Median Sales Price:
Sept: $490,000
Oct: $485,000
Nov: $484,995
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📈 New Listings:
Sept: 1,910
Oct: 1,959
Nov: 1,481
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📅 Median Days on Market Until Sale:
Sept: 20
Oct: 22
Nov: 24
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📦 Months Supply of Inventory:
Sept: 3.3
Oct: 3.3
Nov: 3.0

🤔 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.

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📢 Second Largest In-N-Out Burger Confirmed
In-N-Out is bringing a retro vibe to the Strip! The iconic burger chain has confirmed plans to open its second-largest location at the BLVD shopping complex across from Aria. Spanning more than 8,000 square feet, this outlet will feature a large outdoor patio overlooking the Strip and a unique company store selling exclusive merchandise alongside your favorite burgers. The highly anticipated location is set to open in 2026, so stay tuned for updates!
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🚀 New Attraction Announced for Area15
Get ready for a journey to the 26th century! Area15 has unveiled its newest attraction, Interstellar Arc, set to open next fall in a 20,000-square-foot venue. Designed by Montreal-based Felix & Paul Studios, known for their award-winning VR experiences, this immersive attraction will transport guests on a deep space mission. Construction has already begun, so mark your calendars for a groundbreaking adventure.

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🍴 Havana 1957 Opening at Flamingo
Cuban cuisine is coming to the Flamingo! The new Havana 1957 restaurant is almost ready to debut in the space formerly occupied by the Tropical Breeze Cafe. Known for its South Florida locations, this will be the first Havana 1957 beyond Miami. The menu offers Cuban favorites like tamales, empanadas, yucca fries, ceviche, and traditional entrees like mojo pork and whole fried snapper, with prices ranging from $12 to $95. It's the perfect spot to experience upscale Cuban flavors in Las Vegas.
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📊 Nevada Tops the Unemployment Chart
Nevada's unemployment rate stands at 5.7%, the highest in the nation, tied with Washington, D.C., and well above the national average of 4.1%. California follows at 5.4%, with Illinois, Kentucky, and Michigan trailing behind. As the state tackles economic recovery, this statistic serves as a call to action for local businesses and policymakers alike.
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🌄 Henderson Is Hot
Just outside Las Vegas, Henderson is stealing the spotlight! A recent article on Islands.com highlights Henderson's charm, from its historic petroglyphs and post-WWII transformation to its thriving arts scene, boutique shops, and outdoor adventures. For insider tips, check out blog posts by local favorite Bobby Vegas, who shares all the best spots, including the Rainbow Club and Emerald Island casinos.
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🎄 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 it—tickets are on sale now!
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That is it for this month! I hope you have enjoyed this month’s newsletter. Have a great day!