Experts Stunned by Las Vegas Luxury Summer Home Sales

by Bret Jenny

Luxury Resales Soar 37% in First Five Months of 2024, Outpacing Previous Years

In a scorching hot start to the summer, the Las Vegas luxury home market is shattering records, with luxury resales of $1 million and higher surging 37% through May 2024. This remarkable upswing is outpacing previous years, solidifying Las Vegas' status as a premier destination for high-end living.

Luxury Homes Flying Off the Market at Unprecedented Speed

Through May, a staggering 751 luxury resales were reported, eclipsing the 549 sales during the same period in 2023. The average price in May hit $2.05 million, with homes selling in a mere 51 days. Inventory is moving swiftly, with a six-month supply available.

Experts Weigh In on the Unstoppable Luxury Market

Industry insiders attribute the phenomenal growth to Las Vegas' emergence as a hub for entertainment, sports, and proximity to California. "The luxury market is on a tear this year," says Forrest Barbee, corporate broker with Berkshire Hathaway Home Services. "We've become a destination city for the high end."

New-Home Luxury Sales Remain Strong

In the first quarter, 109 luxury sales were reported, with Toll Brothers leading the pack. Christopher Homes' Skyvu development in MacDonald Highlands saw a $3.48 million sale, while Blue Heron's Lake Las Vegas property fetched $3.79 million.

Custom Lot Sales and New Construction Thrive

Dan Coletti, owner of Sun West Custom Homes, notes that demand for new homes remains high, particularly in the $5 million to $8 million range. Custom lot sales are also robust, with prices increasing due to dwindling inventory.

Realtors See Strong Demand from California Buyers

There was a strong first half of 2024, with buyers flocking from California to take advantage of Las Vegas' lower cost of living and no state income tax. Off market properties are selling too because buyers can't find what they're looking for on the market.

Inventory Depleted, But New Listings on the Way

Bret Jenny, a luxury Realtor with Simply Vegas, notes that inventory is depleted, but new listings are on the way. "We depleted everything we had last year and sold out," Jenny said. "If you're listing your house, it's selling."

Presidential Election Year May Impact Market

The presidential election year may impact the market, with some buyers waiting to see what happens before making a move. "I think there's a lot of pre-election thoughts going on for people wanting to see what's going to happen from capital gains and economic forecasts," Sher said.

Las Vegas Continues to Grow and Attract Global Attention

Bret Jenny believes Las Vegas will continue to grow and attract people on a global scale. "That stigma that Las Vegas used to have - that we can visit there but not live there - has gone away," Jenny said. "They would bypass Las Vegas and go to Arizona because it was more acceptable to live there, but Vegas continues to show what a beautiful city it is and cool people that live here. They tell their friends."

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Bret Jenny

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