Las Vegas high-rise sales in 2024 fell to their lowest level since 2020 but set an all-time high in average sales price by approaching $700,000 — a 19 percent year-over-year increase.
A report from Las Vegas research firm Applied Analysis said the average sales price in 2024 was $697,890, about $110,000 higher than the $587,823 in 2023. The previous market high in recent history was $598,383 in 2022.
Beyond the average sales price, a better gauge is price per square foot, which was $537 in 2024, surpassing the previous high of $501 in 2023. That’s a 7 percent increase year over year.
That price doesn’t appear to be showing signs of weakening in 2025. There were 297 listings in the 21 high-rises tracked by Applied Analysis, and the average price was $989,506. That comes to a price per square foot of $637.
Much of the price increase in 2024 was driven by the Waldorf Astoria that saw its 21 sales have an average price of $3.39 million or $1,520 per square foot. That’s up from $2.77 million in 2023 with a $1,238 per square foot. There were 23 sales in 2023.
As for sales that closed, there were 604 in 2024, a decline of 18 percent over the 736 in 2023. Sales have been trending down since the bounce-back from the pandemic when only 496 units were sold in 2020. The record was set in 2021 with 1,159 sales and followed by 944 in 2022.
The decline in 2024 wasn’t as steep as appears if sales of the MGM Signature condo-hotel were eliminated from the equation. MGM’s 170 sales in 2023 fell to 79 in 2023. Removing that property, the decline was only 7percent for the other 20 high-rises.
Frank Napoli, a luxury condo Realtor with Berkshire Hathaway Home Services, said sales numbers were down because there were fewer owners selling their units. Inventory is down in all buildings, especially at the Waldorf where there are about 10 units on the market of 225 units.
“What I’m noticing, now, is a lot of these people who have bought high-rises in the recent years are buying these for long-term hold, either for a Nevada address, occupying full time or as an investment property,” Napoli said.
High-rises have been in high demand, which Napoli said is why prices have jumped. The numbers go up when there’s a low supply and strong demand, especially for sought-after buildings like the Waldorf where buyers are willing to spend for that luxury, he added.
As for 2025, Napoli said he expects more of the same in terms of sales levels and continued appreciation because of limited inventory.
Of the top 10 sellers in 2024, only two saw a year-over-year increase. Trump Las Vegas went from 63 sales in 2023 to 66 in 2024 with an average price of $373,123 or $565 per square foot. That’s up from $299,783 and $500 per square foot in 2023. MGM Signature had an average price of $386,626 or $533 per square foot.
The other top 10 sellers to show an increase was Sky Las Vegas at the north end of the Strip with 28 sales in 2024, up from 20 in 2023. The others to show increases were lower on the list, including The Ogden with 20 sales, up from 15; Soho Lofts, eight, up from six; Newport Lofts, seven, up from two; Park Towers, seven, up from four; and Metropolis with six, up from two in 2023.
Following MGM Signature with 79 sales and Trump Las Vegas with 66, The Palms, another condo-hotel was third with 59 sales. It had an average price of $439,058.
In fourth place was Turnberry Place with 56 sales. It had an average price of $962,238 or $398 per square foot.
Panorama Towers and Turnberry Towers both had 41 sales. The average price for the Panorama units were $953,598 or $567 per square foot while Tunberry had an average price of $504,207 or $455 per square foot.
Veer Towers had 38 sales with an average price of $706,116 or $760 per square foot.
Juhl had 36 sales with an average price of $403,478 or $379 per square foot.
Sky Las Vegas has 28 sales with an average price of $696,579 or $459 per square foot.
Allure, which tied with the Waldorf Astoria, had 21 sales with an average price of $435,309 or $325 per square foot.
The Ogden had 20 sales with an average price of $487,863 or $347 per square foot.
One Las Vegas had 19 sales with an average price of $437,863 or $567.
Platinum had 13 sales with an average price of $285,915 or $296 per square foot.
Vdarra has 11 sales with an average price of $794,127 or $1,146 per square foot.
Boca Raton had nine sales with an average price of $261,889 or $297 per square foot.
Park Towers, the luxury condo at Hughes Center, had seven sales with an average price of $1.54 million or $611 per square foot.
Condo project update
The $1.3 billion Four Season Private Residences Las Vegas in MacDonald Highlands in Henderson has surpassed $585 million in sales, setting a new benchmark for the destination and brand. Some 62 percent of the 171 units have been sold since launching in May 2023
The project sold the largest number of units globally across the Four Seasons portfolio in 2024 with multiple penthouses selling for more than $20 million in early 2024. Some $70 million in sales took place between December and Feb. 4. Prices start at $3.95 million. About 70 percent of buyers are from outside Nevada.
The foundation is being dug and completion is expected by the second quarter of 2027.
The project is a development of Las Vegas- and Mexico-based Azure Resorts & Hotels and Canada-and New York-based Luxus Development. In 2024, they announced a partner in Two Roads Development, a South Florida-based real estate development firm.
“The luxury high-rise market in Las Vegas is evolving, with buyers seeking residences that offer convenience, exceptional service and a distinct lifestyle,” said Jim Reilly, president of Azure Resorts & Hotels. “Four Seasons Private Residences Las Vegas provides just that, offering a level of exclusivity and sophistication that sets it apart in the city’s competitive market. With its prime location in Henderson, panoramic Strip views, unparalleled amenities and exceptional culinary offering from Wolfgang Puck Fine Dining Group, we expect to continue to see unprecedented demand for this lock-and-leave lifestyle in Las Vegas.”
The 32-story Cello Tower project with 240 units in downtown Las Vegas is part of a larger project, Origin at Symphony Park with 6 acres of 54,000 square feet of retail and dining space, and 48,000 square feet of office space.
There have been $120 million in condo sales with a starting price from $761,00 for residences while penthouses start at $7.4 million. Two penthouses have sold for just under $9 million each. The majority of buyers are Las Vegas residents.
Cello Tower is expected to be completed in 2027. The Origin at Symphony Park retail will be completed in the fourth quarter of 2026.
