Las Vegas real estate inventory has climbed to a four-year high, with local realtors estimating between four and six months' worth of homes on the market. Nevada Real Estate Commissioner Forrest Barbee confirmed the last time inventory reached this level was October 22, 2022, just before that year's midterm elections.
Geoffrey Lavell, owner of The Brokerage, puts inventory at a minimum of four months and notes a significant gap between listing and selling prices. "Ending September of this year, we saw a median list price of $515,000 and a median sales price of $470,000," Lavell said. "So, clearly there's a $45,000 difference between the list prices and the sales prices."
Keller Williams realtors Cheryl Toste and Shane Beall report seeing 5% to 10% price reductions across the market as sellers adjust to attract buyers. Beall calculates roughly five months of inventory, while Las Vegas Realtors shows 4.6 months. "I've been doing this for eight years. So, it's been a long time since I've seen the numbers that high," Beall said.
High mortgage rates above 7% and seasonal winter slowdowns are compounding the inventory buildup. Lavell advises sellers to be serious about current market values: "This isn't the market to test your home price in. This isn't the market to try new things. This is the market to do. With certainty, with statistics on your side, don't test the market right now. Take your home off."
Realtors differ on whether politics influences the market. While Lavell calls the timing coincidental, Toste believes "politics always plays a part in everything that we're doing because people are nervous about who's going to be in power." Beall is advising clients to prepare for longer selling timelines, suggesting those hoping to move by mid-2025 should list in January.
Sources: 8 News Now
Original reporting: 8 News Now →
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