Homie’s Las Vegas, Nevada Housing Market Update June 2020

When Homie launched in the first week of March, no one could have anticipated the world events that followed. Vegas was definitely hit hard and the real estate market took a dive in April and May. The June numbers have just come back and we are excited to share that the real estate market is starting to see a recovery. Here is the breakdown:

Monthly Sales

According to the data from the GLVAR® from May 2020, Las Vegas real estate experienced a whopping 48.1% decrease compared to May 2019.

Thankfully, we are starting to see a rebound in real estate closings in the Southern Nevada area. According to the data from the GLVAR® from June 2020, June 2020 saw a 44% increase compared to May 2020 and has almost recovered to 2019 levels with a 15% gap.

housing market comparison chart between single family homes and condos/townhomes

List Price

Average new list prices are up +7.7% year-over-year. The year-over-year median price is up +11.6%.

chart comparing average and median list price in S. NV from 2019 to 2020

*Data from the GLVAR® from June 2020 and June 2019.

Sale Price

Home values are staying strong, increasing 6.8% year over year.

chart comparing sales prices in S. NV in 2019 and 2020.

*Data from the GLVAR® from June 2020 and GLVAR® from June 2019.

Days on Market (DOM)

We saw the Average Cumulative Days on Market decrease in May 2020, averaging 63 days on market versus 87 Average Cumulative Days on Market in 2019.

chart comparing days on market between 2019 and 2020 in S. NV

*Data from the GLVAR® from June 2020 and GLVAR® from June 2019.

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