Las Vegas Nevada Housing Market Update May 2021

In May, prices continued to soar, but there are some promising signs for our buyers out there that things might be in the early stages of leveling out. After months of many sitting out of the seller’s game with fear of missing out, homes are starting to hit the market. As a result, we’ve had four straight months of increasing inventory, with more entering the market every day.

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Here’s the full breakdown:

Monthly Sales

According to the data from the GLVAR® from May 2021, Las Vegas saw nearly 3,200 homes sold, down 14% over the last two months.

graph showing monthly units sold at 3189 compared to 2418 last year

*Data from the GLVAR® from June 2019 to May 2021.

Sale Price

Average sales prices are still on the rise, up more than 18% YoY. A third of that price rise has occurred over just the last two months. I should note that the Las Vegas Rental market has also seen massive spikes and has had the second-highest rent increase YoY in the country at 17.3%.

graph showing median sales price at $385k compared to $315k last year

*Data from the GLVAR® from June 2019 to May 2021.

Inventory

Inventory is still pretty scarce, but we have now seen an uptick in inventory for four straight months, a sign that the market has, at least, begun its shift.

graph showing 2031 as number of housing inventory compared to 5799 last year

*Data from the GLVAR® from June 2019 to May 2021.

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