Homes sitting on market longer than average in Las Vegas Valley, study says

Homes in the Las Vegas Valley are sitting longer on the market than the national average, according to a new report.

A home for sale in the valley sat on the market an average of 44 days last year, according to a study from Clever Real Estate.

Vegas tied with Memphis and Dallas for the 13th-longest time on market among the 50 biggest U.S. metropolitan areas in the study, which used 2024 data from Redfin, Zillow, the Bureau of Labor Statistics and the Census’ American Community Survey.

The average time on market for the 50 biggest metropolitan regions was 37 days.

Miami had homes sitting on the market the longest (69 days), following by Austin, Texas (66), Jacksonville, Florida (63), and San Antonio (62).

Homes in Grand Rapids, Michigan, spent the shortest time on the market (13 days), followed by Buffalo, New York (14) and Seattle (15).

Nicole Lehman, a public relations staffer at Clever, said Las Vegas saw a 4.9 percent increase in homes sold from 2023 to the end of last year, which brought it down in the rankings compared with other cities with similar rankings.

Las Vegas has “significantly less housing supply” than Memphis or Dallas, “which shows that there’s more demand for homes in Vegas,” she said. “Again, showing demand for homes, even if they take longer to sell.”

Nationally, home sales increased 1.7 percent from 2023 to the end of last year, and Lehman said Las Vegas is a unique market, given its relative constraints on home supply and building caused by a number of factors, including a lack of land (the federal government controls almost all of the land in the valley), elevated mortgage rates and heightened building, construction and labor costs.

“Generally, homes that are in the slower markets have a weak buyer demand shown by most of them seeing declines in home sales and large amounts of housing inventory,” she said. “However, in Vegas, it’s more likely due to factors like very high home prices compared to income levels.”

The Las Vegas Valley had approximately 2.8 months supply of homes on the market in 2024, the same as the average for the biggest 50 metropolitan areas in the country.

Redfin reported that pending home sales in the Las Vegas Valley dropped 13.4 percent year over year through the end of March. Only Miami (17.4 percent) and Fort Lauderdale, Florida (16 percent), had steeper drops. Houston (12.3 percent) and West Palm Beach, Florida (8.7 percent) rounded out the top five.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.