As of May 2024, the Las Vegas real estate market is experiencing notable growth and stability. The median home price has risen to around $450,000, marking a 3.7% increase from the previous year. This upward trend is reflected in the high sale-to-list price ratio of 99.23%, showing that homes are generally selling for their asking prices.

The market is balanced, with supply and demand levels being roughly equal. Homes are now typically sold within 35 days, a shorter period compared to past months and years. Additionally, the median price per square foot has increased to $261, underscoring the rise in property values.

Recent sales data reveal diverse transactions, with some homes selling up to 6% above their list prices while others sell slightly below. The housing inventory remains strong, featuring 7,142 homes currently for sale, including 775 new listings in the last week. The rental market is also active, offering over 5,164 rental homes to suit various budgets.

In summary, the Las Vegas real estate market in May 2024 is characterized by increasing home prices, a balanced market, and a healthy inventory, making it appealing for both buyers and sellers.