Good morning ARG Team!

Happy Friday!! Below is a quick update on the Las Vegas housing market and current mortgage rates/trends. 

Las Vegas market data: 

The Las Vegas housing market in February 2025 shows a median home sold price of $436,512, up 7.7% from the previous year, with a median price per square foot of $256. The market is currently in a buyer's market with a 99% sale-to-list price ratio, meaning homes are selling slightly below asking price. 

Here's a more detailed breakdown of the Las Vegas housing market:

• Median Home Price: The median home sold price in February 2025 was $436,512, a 7.7% increase compared to the previous year. 
• Price per Square Foot: The median price per square foot in Las Vegas was $256. 
• Market Type: Las Vegas is currently considered a buyer's market, with a 99% sale-to-list price ratio, meaning homes are selling slightly below asking price. 
• Days on Market: Homes in Las Vegas, NV, sell after 44 days on average. 
• Inventory: Single-family home inventory continues to increase, with around 5,900 units currently listed, up from 5,400 units 30 days ago. 
• Sales Volume: Total sales volume increased in 2024, with 31,305 existing homes, condos, and townhomes sold throughout the year, an almost 8% increase compared to 2023. 
• Condos and Townhomes: The median price for condominiums and townhomes was $293,000 in January, up 6.5% from January a year ago. 
• Overall Growth: The Las Vegas housing market experienced significant growth during 2024, with median home prices increasing for both single-family homes and condos/townhomes. 

Mortgage Rates Hold Steady Amid Uncertainty

With a market that is short on clarity and high on anxiety, mortgage rates were little changed over the week, still not far from December’s lows. The recent dip in rates could start the home shopping season slightly earlier than normal.

Read more | March 26, 2025

February 2025 NAR Existing Home Sales Not Keeping Up with Growing Inventory

• Existing home sales lifted by 4.2% in February to a seasonally adjusted annual rate (SAAR) of 4.26M. That’s a 1.2% drop from February 2024, according to the National Association of Realtors (NAR).
• Total housing inventory at the end of February increased to 1.24 million units up from 1.18 million units in January, up 17% from a year ago.
• The median existing-home sales price in February was $398,400, up 3.8% from a year ago.

Read more | March 20, 2025

Expect lower mortgage rates to energize home buyers and sellers

• Well over 1 million homes are available to buyers, the most for this season in five years
• Annual home value growth has slowed to an 18-month low of 2.1%, helping buyers make up ground on affordability.
• Listings are going pending in 23 days, more slowly than in recent years. 
• A total of 1.04 million homes were on the market in February, the most for this time of year since 2020.

Read more | March 17, 2025

Keep on selling and let me know if you need anything at all! 

Ehren & Leadership Team