Las Vegas Market + News for December

[Josh Edelman]

🎉 Monthly Las Vegas Market Update – January 2025 🎉

Here’s your monthly Las Vegas market update, along with some local highlights. Let’s dive in!

🏡 Real Estate Market Report (Single-Family Homes)

📊 Mortgage Rates:

• 30-Year Conventional: 7.10%
• 30-Year VA: 6.45%

💰 Median Sales Price:

• October: $485,000
• November: $484,995
• December: $484,500

📈 New Listings:

• October: 1,959
• November: 1,498
• December: 1,175

📅 Median Days on Market:

• October: 22 days
• November: 24 days
• December: 29 days

📦 Months Supply of Inventory:

• October: 3.3 months
• November: 3.2 months
• December: 2.7 months

🤔 What Does "Months Supply of Inventory" Mean?
It’s the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market typically has around 6 months of inventory, so anything lower suggests a seller’s market with limited inventory.

🎆 Las Vegas Rings in 2025 with a Bang!

"America’s Party 2025" was a huge success! Fireworks lit up the Strip from nine hotels, with over 400,000 attendees celebrating peacefully. Cleanup crews worked overnight to remove 12 tons of trash and reopen the Boulevard.

📈 Interest Rates Update

Mortgage rates remained steady above 7% this week.

For context:

• 2017–2021 rates: 3.65%–4.87%
• Pre-pandemic average: 4.16%

While today’s rates are higher, Las Vegas home prices continue to rise. Sellers are offering incentives like paid closing costs, and with homes sitting longer on the market, buyers have more room to negotiate! 🏡

💥 Tesla Cybertruck Explosion

A tragic incident occurred outside the Trump International Hotel involving a Tesla Cybertruck explosion, resulting in one fatality and seven injuries. Authorities are investigating this as a potential terrorist attack. Updates to follow as the story develops.

🥡 Las Vegas’ Chinese Food Scene Shines!

Six local restaurants made Yelp’s Top 100 Chinese Cuisine list!

• #1 in Vegas / #8 Nationally: China Mama
• Other Top Spots:
  • Shàng Artisan Noodle
  • Magic Noodle
  • Yun Noodle & Dumplings
  • Big Dan Shanxi Taste
  • Noodlehead

Check out these gems for a taste of Vegas’ vibrant Chinese food scene! 🥢

🌦️ January Weather in Vegas

• Highs: 56°F–60°F
• Lows: 38°F–41°F

Historical extremes:

• Warmest: 77°F (Jan 26, 1975)
• Coldest: 8°F (Jan 13, 1963; Jan 25, 1937)

Average January precipitation is just over 0.5 inches. Be prepared for Vegas’ unpredictable winter weather! ❄️

That’s it for this month!

If you have questions about real estate, want to chat, or know someone looking to buy or sell a home, don’t hesitate to reach out. I’m always happy to connect and assist!

Here’s to a fantastic year ahead! 💫