February Market Update – What You Need to Know!
Did the value of my home go up or down?
The median sales price of Las Vegas represents the middle point of all homes sold—half sold for more, half for less. This gives a better snapshot of market trends than averages, which can be skewed by high or low sales.
How long would it take for my home to sell?:
The median days on market shows how long its taking a home to go under contract.
What are interest rates these days?
Drive Safely, Las Vegas!Traffic deaths are surging in 2025, with 25 fatalities in just 38 days—double last year’s pace. Ten were pedestrians, many hit while jaywalking at night.
Nevada #1 in Car Ownership CostsNevadans pay the highest car costs in the U.S. at $6,120 per year, with insurance alone at $3,439. Florida and Louisiana follow closely, while New Hampshire is the cheapest.
A 30,000-square-foot Museum of Ice Cream opens at Area15 in 2026—triple the size of other locations. Expect unlimited ice cream, a sprinkle pool, and an ice-cream wedding chapel.
Nevada ranks 36th in the U.S. for healthy diets, with a 42.6 Healthy Diet Index score. Utah leads at 84.2, while Louisiana ranks last at 8.4. Time to eat more greens!
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That is it for this month! I hope you have enjoyed this month’s newsletter. If you’ve got questions about real estate or just want to catch up, don’t hesitate to reach out. Have a great day!
🎉 Monthly Las Vegas Market Update – January 2025 🎉
Here’s your monthly Las Vegas market update, along with some local highlights. Let’s dive in!
📊 Mortgage Rates:
💰 Median Sales Price:
📈 New Listings:
📅 Median Days on Market:
📦 Months Supply of Inventory:
🤔 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.
"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.
Mortgage rates remained steady above 7% this week.
For context:
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! 🏡
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.
Six local restaurants made Yelp’s Top 100 Chinese Cuisine list!
Check out these gems for a taste of Vegas’ vibrant Chinese food scene! 🥢
Historical extremes:
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! 💫
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!
Here's the latest market report (based on single family homes):
Mortgage Rates:
Median Sales Price:
New Listings:
Median Days on Market Until Sale:
Months Supply of Inventory: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!
Welcome to October!
Lots of things are going on in the world right now, to include Hurricane Milton and we keep those in Florida in our thoughts and prayers.
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: Median Sales Price: New Listings: Median Days on Market Until Sale: Months Supply of Inventory: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.
Second In-N-Out Burger Coming to the Strip: The popular burger chain, In-N-Out, is opening a second location on the Las Vegas Strip at the new BLVD development, across from City Center. Occupying 8,000 square feet indoors and 2,000 square feet on a third-floor patio, this will be the largest In-N-Out in the world. No opening date is set, but the BLVD is expected to debut in early 2025, with the restaurant taking up to nine months to complete.
Tropicana Imploded Early This Morning: The historic Tropicana hotel and casino was demolished in a dramatic implosion, marking the end of an era. Though the public couldn’t get close, several news outlets shared footage, with drone shots and fireworks lighting up the scene. Now, the question remains whether the A’s stadium or Bally’s new resort will take its place—only time will tell!
Nevada Ranks Second Most Expensive for Car Ownership: Nevada ranks as the second-most expensive state to own a car, according to Forbes. With used cars averaging $34,859 and full-coverage insurance costing $2,496 annually, only California is pricier. Seven of the top 10 most expensive states for car ownership are in the West, while the Midwest claims five of the least expensive states.
Roller-Skating Coming to the Venetian: This winter, the Venetian will introduce roller-skating at Tao Dayclub, thanks to Flipper’s Roller Boogie Palace. The 3,250-square-foot rink opens on November 17 and runs Thursdays through Sundays, offering skating sessions for $20 an hour or $75 for the day. Skaters can bring their own skates or rent them for the fun.
October Brings Ideal Vegas Weather: After the scorching summer, October in Las Vegas offers nearly perfect conditions. Highs typically range from 87°F at the start of the month to 74°F by the end, with lows cooling between 65°F and 53°F. Record highs include 103°F on October 1, 1978, while nights can get chilly, with record lows as cold as 26°F on October 30, 1971. It's the ideal time to enjoy cool evenings with the windows open, and typically no rain, just clear, sunny skies throughout the month!
Hurricane Milton Approaching: Hurricane Milton is intensifying and we are all keeping an eye on the news. Prayers go out to everyone in Florida and affected areas. If you have family or friends in the affected regions, urge them to prepare and stay safe. Evacuation plans and emergency supplies are critical right now as the storm’s potential impact could be devastating.
That is it for this month! I hope you have enjoyed this month’s newsletter. Have a great day!
Welcome to September!
Where nothing really changes weather-wise!
I hope you all are doing well. Isn’t it crazy how there are only 4 months remaining until 2025? Time is flying by!
Here are some data points from the past month:
Real Estate Update
Here's the latest market report (based on single-family homes):
Mortgage Rates:
Median Sales Price:
New Listings:
Median Days on Market Until Sale:
Months Supply of Inventory:
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.
Here Comes I-11: Workers are preparing for a major road project to update panels on 1,075 signs between the Henderson Spaghetti Bowl and the Kyle Canyon Road interchange. This will mark the extension of Interstate 11 for 30.5 miles up to Kyle Canyon, with a $3 million effort expected to take 7-8 months. Eventually, I-11 will stretch from Nogales, Arizona, to Reno.
Hottest Meteorological Summer Ever: Las Vegas recorded its hottest summer on record, with an average daily temperature of 96.2 degrees from June through August. The summer also saw the highest average low temperature of 84.8 degrees and 36 days where temperatures hit 110 or above. Additionally, it was unusually dry, with only .13 inches of rain recorded during monsoon season.
Nevada Leads Nation in Online-Dating Dangers: Nevada ranks as the most dangerous state for online dating due to high instances of identity theft, romance scams, and fraud. Alaska, Georgia, Florida, and Arizona round out the top five, while Vermont ranks as the safest state.
Travel Abroad from Vegas: Las Vegas' Reid International Airport now offers direct flights to 10 international destinations, including cities in Canada, Mexico, El Salvador, Panama City, Ireland, the UK, the Netherlands, Switzerland, Germany, and South Korea. This is the highest number of direct international flights ever from the city.
Supply of Vegas Rentals Outpacing Demand: The vacancy rate for rental properties in Las Vegas is nearly 7%, driving rents down across the city. As 6,000 new units are added by the end of the year, renters are benefiting from lower costs, signing bonuses, and waived fees, despite home prices nearing their all-time highs.
The Strip: Ninth Most Popular U.S. Street: The Las Vegas Strip ranked as the ninth most popular street in the U.S. based on social media activity, with 90,000 Google searches, 1 million Instagram posts, and 233,000 Flickr images. Fremont Street also made the list, placing 18th with notable activity across various platforms.
I hope you enjoyed this month’s newsletter. Have a great day!
Welcome to August! Things are getting interesting with the upcoming elections and interest rate drops this past week. Here are some data points below from the past month:
🏠📈 Real Estate Update 📉🏠
Here's the latest market report (based on single family homes):
🏡 Mortgage Rates:
30-year conventional rate today is 6.63%
30-year VA rate today is 6.20%
💰 Median Sales Price:
May: $475,995
June: $485,000
July: $487,483
📈 New Listings:
May: 2,141
June: 1,920
July: 2,032
📅 Median Days on Market Until Sale:
May: 12
June: 13
July: 14
📦 Months Supply of Inventory:
May: 2.4
June: 2.3
July: 2.6
Happy Monday!
I hope you had a great 4th of July weekend and enjoyed the fireworks around the city. Last month I warned you of the coming heat. Are you feeling it yet?! Record highs. But good news is only 169 days until Christmas!…
Here's the latest market report (based on single family homes):
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.
Record Smashed: Yesterday at 2:35 p.m., Reid International hit an unprecedented 118.4°F, breaking the all-time high since records began in the 1930s. By 3:15 p.m., the National Weather Service recorded 119°F, peaking at 120°F by 4 p.m. This marks July 7, 2024, as Las Vegas' hottest day ever. With Tuesday's forecast nearly as hot and excessive heat warnings in place until at least Wednesday, the record might stand for a couple of days.
Adele: Most Expensive Ticket in U.S.: Forbes reveals that Adele's shows at Caesars Palace had the highest average ticket price in the U.S. for the first half of 2024, at $1,462. Phish's residency at Sphere was second at $1,228, and U2 also at Sphere was third at $831. SeatGeek data suggests Taylor Swift's Eras tour could overtake Adele's spot in the fall, with The Eagles at Sphere also potentially ranking in the top three.
All-MLB Weekend Returns to Las Vegas in November: The second annual All-MLB Weekend will be held in Las Vegas from Nov. 13-17. This event celebrates baseball's elite, featuring interactions with legends, stars, and industry leaders. Awards like the Hank Aaron Award and others will be announced live from The Chelsea at the Cosmopolitan on Nov. 14 on MLB Network. Pre-sale tickets start June 26, with general sales beginning June 28 at 10 a.m. PT.
I-15 To Close -- Again! -- for a Bit: Besides ongoing construction at I-15 and Tropicana Avenue, a six-mile stretch of I-15 will completely close later this month and early next for repaving. Northbound lanes between Warm Springs and Flamingo will close from 9 p.m. Friday, July 26, to 5 a.m. Monday, July 29. The following weekend, August 2-5, southbound lanes in the same area will follow the same schedule. While the timing favors commuters over visitors, expect heavy traffic on detour routes during these weekends.
I hope you’ve enjoy this month’s newsletter. Have a great day!
Quite informative. Do you share such data every month? Thank you!
I do! I send out a monthly newsletter. If you'd like to receive it please let me know!
Good stuff here Josh.
How normal are the 'median days on market' data? Is between 12 and 16 days sort of a normal situation in Vegas currently? Just curious how that compares to last summer or even 6-8 months ago.
It's definitely speeding up a bit. We are seeing buyers jump in a bit more recently. Now interest rates staying flat hasn't helped too much, but we are in the higher season of people moving/finishing school/etc. 6-8 months ago was a bit slower.