Homes in the Las Vegas Valley are staying on the market longer than the national average, with an average of 44 days compared to the national average of 37 days. This places Las Vegas, along with Memphis and Dallas, at the 13th longest time on market among the 50 largest U.S. metropolitan areas.
Miami tops the list with homes sitting for 69 days, followed by Austin, Jacksonville, and San Antonio. In contrast, Grand Rapids, Michigan, records the shortest time on market at 13 days, followed by Buffalo and Seattle.
Despite the extended market time, Las Vegas experienced a 4.9% increase in home sales from 2023 to the end of last year, which is higher than the national increase of 1.7%. This growth, according to Nicole Lehman from Clever, is attributed to a high demand for homes despite longer selling times, driven by factors such as limited housing supply, federal land control, elevated mortgage rates, and rising construction costs.
The Las Vegas Valley had a housing supply of approximately 2.8 months in 2024, aligning with the average for the largest metropolitan areas. However, pending home sales in the region saw a significant decline of 13.4% year over year through March, one of the steepest drops among major cities. This decline is surpassed only by Miami and Fort Lauderdale. The reduced sales in Las Vegas are attributed more to high home prices relative to income levels rather than weak buyer demand, setting it apart from other slower markets.
