Nevada Real Estate Market Trends

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Q1

2021

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Our Nevada real estate market data is updated quarterly to aid in your real estate forecasts. Historical Nevada real estate data and trends are included below the latest update. We break down our data by areas within Clark County, but we cover most cities in this county including Las Vegas, Henderson, North Las Vegas, and Paradise.

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Q1 2021 Gardner Report

Nevada
Real Estate Market Update

by Matthew Gardner

Below is the latest Nevada housing market trends analysis. Additional links:

Historical Nevada Data
Utah Data
Southern CA Data
Other Regional Data

 

The following analysis of the greater Las Vegas real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

Regional Economic Overview

Needless to say, the Las Vegas job market was hit hard by COVID-19. Fortunately, the recovery continues, with more than 142,000 jobs returning. That said, total employment is still 138,000 below the pre-pandemic peak of 1.054 million jobs. With jobs returning, it is natural to see the unemployment rate improve. It has now fallen below 10%, standing at 9.3% in February. There is still a long way to go before the area gets back to full employment, but things are heading in the right direction. New COVID-19 infection rates were fairly stable in the first quarter but increased in April. That said, they are significantly lower than last winter. Moreover, the rapid increase in vaccinations is likely to lead to more travel, and that can significantly impact the Las Vegas job market. I hope this trend continues.

nevada Home Sales

❱ A total of 9,709 homes sold in the first quarter of 2021, an increase of 23.3% compared to the same period a year ago but down 3% from the fourth quarter of 2020.

❱ Pending sales, which are an indicator of future closings, rose 16.8% compared to the fourth quarter of last year, suggesting that closings in the second quarter of 2021 will likely be positive. Pending sales were also 40.2% higher than they were a year ago.

❱ Sales rose in every market other than Northeast Las Vegas, which had a very modest drop. The Anthem area saw significant growth in sales, but it is worth noting that all but two markets saw double-digit growth in sales.

❱ Listing activity is still very low, with the average number of homes for sale down 52.2% compared to a year ago and 43.9% lower than in the fourth quarter of 2020.

A bar graph showing the annual change in home sales for the Greater Las Vegas, Nevada area.

nevada Home Prices

A chart showing the sub-market areas and their corresponding zip codes in the Greater Las Vegas, Nevada area.

❱ With sales rising and so few homes for sale, it’s not surprising that home prices continue to rise. The average sale price in the first quarter rose 21.1% year over year to $396,020. Prices were also up by 3.3% compared to the final quarter of 2020.

❱ Despite rising mortgage rates, price growth continues at well above average levels. It’s unclear at the moment when this might change.

❱ Prices rose in every sub-market compared to the same quarter last year. All but four neighborhoods experienced double-digit gains.

❱ The takeaway is that demand still exceeds supply, and this is causing prices to continue to rise rapidly.

A bar graph showing the annual change in home sale prices in the Greater Las Vegas, Nevada area.

Days on Market

❱ The average time it took to sell a home in the region dropped ten days compared to the first quarter of 2020.

❱ It took an average of 39 days to sell a home in the first quarter of 2021, which was two more days than in the prior quarter.

❱ Days on market dropped in all but two neighborhoods contained in this report compared to a year ago. The exceptions were Queens Ridge (+1 day) and The Lakes/Section 10 (+3 days).

❱ The greatest drop in market time was in the Summerlin market, where the length of time it took to sell a home dropped 18 days compared to a year ago.

A bar graph showing the average days on market for homes in the Greater Las Vegas, Nevada area.

Conclusions

A speedometer graph indicating a seller's market in the Greater Las Vegas, Nevada area.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The Las Vegas economy continues to improve from the impact of COVID-19, and demand for housing remains very strong. Even in the face of rising mortgage rates and limited options of homes for sale, buyers remain engaged. Naturally, these conditions favor home sellers, so I am moving the needle a little more in their favor.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

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Major Nevada cities covered in this report:

Las Vegas

North Las Vegas

Henderson

Paradise

Spring Valley

Sunrise Monitor

Enterprise

Whitney

Winchester

Sandy Valley

Moapa Valley

Boulder City

Summerlin

Mesquite

Laughlin

Bunkerville

>

Nevada counties covered in this report:

Clark

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Gardner Report Archive

Nevada
Historical Reports

2021
Q1 2021 Nevada Market Trends

Q1 2020
POST | (PDF)

2020
                    Nevada Real Estate Market Update

Q1 2020
POST | (PDF)

                    Nevada Real Estate Market Update

Q2 2020
POST | (PDF)

Market Trends Report Nevada Q3 2020. Click to view full report.

Q3 2020
POST | (PDF)

Q4 2020 Nevada Market Trends

Q4 2020
POST | (PDF)

2019
                    Nevada Real Estate Market Update

Q1 2019
POST | (PDF)

                    Nevada Real Estate Market Update

Q2 2019
POST | (PDF)

                    Nevada Real Estate Market Update

Q3 2019
POST | (PDF)

                    Nevada Real Estate Market Update

Q4 2019
POST | (PDF)

2018
                    Nevada Real Estate Market Update

Q1 2018
POST | (PDF)

                    Nevada Real Estate Market Update

Q2 2018
POST | (PDF)

                    Nevada Real Estate Market Update

Q3 2018
POST

                    Nevada Real Estate Market Update

Q4 2018
POST | (PDF)

2017
                    Nevada Real Estate Market Update

Q1 2017
POST | (PDF)

                    Nevada Real Estate Market Update

Q2 2017
POST | (PDF)

                    Nevada Real Estate Market Update

Q3 2017
POST | (PDF)

                    Nevada Real Estate Market Update

Q4 2017
POST | (PDF)

These Nevada real estate reports, data, forecasts, and market trends are provided for informational use. If you find it useful, please properly attribute this resource with a link. This region of Nevada is also referred to as the Clark County, Vegas, Las Vegas Valley, Las Vegas Metro, and the Valley.