‘Stagnant’: Many Las Vegas homes sitting on market for more than a month

Close to 60 percent of the homes for sale in the Las Vegas Valley have been on the market for more than a month, according to a new report from Redfin.

Shay Stein, a Redfin real estate agent based in the valley, said overall the market could be described as “stagnant,” adding that there is a disconnect between home sellers and home buyers right now.

“There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high,” she said. “A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high.”

As of the end of June, 59.4 percent of the homes for sale in the valley had been on the market for more than a month, which is a 1.1 percent drop from the same time last year.

Nationwide, however, the residential real estate market is trending in the opposite direction.

Around two-thirds of the homes for sale in the U.S. have been on the market for more than a month, which is a whopping 60 percent increase from June of last year, according to Redfin.

Stein said that more affordable homes in popular neighborhoods and luxury homes that are “priced fairly” are still getting multiple offers and selling quickly. Las Vegas also has the biggest year over year increase of new listings on the market for any major metro at 17.5 percent, beating San Jose (17.3 percent).

Redfin’s report detailed that homes for sale are continuing to pile up across the country.

“June was the fourth straight month in which the portion of homes sitting on the market for at least one month ticked up on a year-over-year basis. Less-desirable listings are sitting on the market, causing unsold inventory to pile up,” read the report.

The median sale price for a single-family home in the valley currently sits at $450,000, which is a 7.2 percent increase from this time last year, and 875 homes have been sold as of June, a 14.5 percent drop from the same period a year ago. Last year was the worst year for real estate sales in the Las Vegas Valley since 2008 according to MLS statistics obtained by the Las Vegas Realtors. The median amount of days a home typically sits on the market in the valley is 37 days, a 3 percent drop year-over-year.

More than a quarter (27 percent) of the homes sold in the valley are selling above the initial listing price, a 2.4 percent increase year-over-year, while 24.9 of the homes sold have dropped their prices, a 2.3 percent increase from June 2023. The average home in the valley sells for about 1 percent below its initial list price.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.