How ‘hot’ is the Las Vegas real estate market this year?
The Las Vegas Valley will have the 12th “hottest” real estate market in 2024, according to a new report from Zillow.
The online real estate brokerage ranked 50 major metropolitan areas in the U.S. according to forecasted home value appreciation, time on market and other factors.
The Las Vegas Valley could see a 1 percent drop in home prices in 2024 but an increase in sales from 2023, which was the worst year on record since 2008, according to Zillow.
The average home value in the Las Vegas Valley is currently $400,354, a 1 percent drop from this time last year, according to Zillow. The all-time high of $427,350 was set in August 2022.
Zillow ranked Buffalo, N.Y., as the hottest market of 2024 because of the high job growth in the area.
Las Vegas Realtors President Merri Perry said the valley’s housing market has always been an affordable alternative to Californians looking to relocate, and that will continue to drive sales this year.
“Las Vegas has been one of the nation’s hottest housing markets for most of its history,” she said. “As long as we are a better value and have a great quality of life compared to neighboring states, like California, we’ll continue to rank high on these lists.”
In 2023, the Las Vegas Valley ranked No. 27 on the list of hottest real estate markets.
“Las Vegas experienced a massive shift in the real estate market in 2022. Demand fueled by cheap leverage surged early in the year (2022), but price growth cooled rapidly as mortgage rates rose, and homes went from going pending in a week to well over a month by the end of the year,” Anushna Prakash, a data scientist for Zillow, said. “Listings’ time on market fell below pre-pandemic averages and promising signs of growth emerged.”
She said the valley’s real estate market is accelerating and that a potential drop in interest rates this year could help the local market take off again.
The top 12 metropolitan areas on this year’s list, according to Zillow:
1. Buffalo
2. Cincinnati
3. Columbus, Ohio
4. Indianapolis
5. Providence, R.I.
6. Atlanta
7. Charlotte, N.C.
8. Cleveland
9. Orlando, Fla.
10. Tampa Bay, Fla.
11. Philadelphia
12. Las Vegas
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.