The average time it takes to sell a home in Nevada is 70 days, with 35 days to receive an offer and an additional 35 days to close. This is approximately 15.7% faster than the national average. When it comes to the Las Vegas real estate market, most of the cities that make up the metropolitan area have seen a large accumulation in their housing inventory year after year. Despite the slowdown in activity, the Las Vegas housing market remains tight, due to affordability issues.
Analyzing data from Redfin, it is clear that the real estate market in the Las Vegas metropolitan area has experienced a significant moderation in home prices compared to trends during the pandemic and before. In the center of the metropolitan area, the Las Vegas real estate market for the city proper also saw an increase in active housing, with price drops that increased year after year. The city with the highest percentage of active homes experiencing price drops in the Las Vegas metropolitan area is Henderson. The inventory trends in this area reflect a general slowdown, but inventory levels are still lower than those of pre-pandemic days.
The third real estate market in Las Vegas that has seen a growth in the number of homes with price drops of more than 100% is Whitney. The Las Vegas housing market is likely to stabilize or continue to slow down in terms of activity, but it seems very clear that home prices in the Las Vegas housing market before the pandemic are largely a thing of the past. In fact, all 12 major cities that make up the Las Vegas metropolitan area experienced a year-on-year decline in their sales to sales ratios.