IS Luxury held off a hard-charging Simply Vegas to capture the highest dollar volume of luxury home sales in 2024.
The numbers compiled by BrokerMetrics showed there were 1,178 transactions of single-family homes, condos, and townhomes over $1 million, a 27 percent increase over the 1,395 in 2023. The total value of those luxury transactions in 2024 was $7.1 billion, 33 percent higher than the $5.32 billion in 2023.
The luxury market made a comeback in 2024 after its decline in 2023 from $6.38 billion in 2022 as part of the wave of sales following the pandemic.
No. 1
IS Luxury recorded $541.5 million in sales in 2024, up from $533.1 the year before. The firm’s average transaction was $3.4 million, easily beating the rest of the brokerages.
No. 2
Simply Vegas recorded $539.5 million up from $372.4 million in 2023. Its average transaction was $1.9 million.
No. 3
Berkshire Hathaway Home Services was third with $489 million, up from $391.5 million in 2023.
No. 4
Realty One Group was fourth with $339.3 million, up from $313.8 million in 2023.
No. 5
Las Vegas Sotheby’s International was fifth at $333.4 million, up from $201.2 million. It had the second-highest average sales price at $2.29 million.
No. 6
Douglas Elliman was sixth with $301.6 million, up from $224.9 million in 2023.
No. 7
Huntington & Ellis was seventh with $288 million, up from $204 million in 2023.
No. 8
Urban Nest was eighth with $221.1 million, up from $217.6 million.
No. 9
Luxury Estates was ninth with $178.7 million, from up $133.2 million in 2023.
No. 10
Coldwell Banker came in 10th place with $150.2 million after being outside the top 10 in 2023.
The Agency just missed out on the top 10 with $140.4 million in transactions of $1 million and higher.
Others in the top 20 included Keller Williams Market Place, $139.3 million; Real Broker LLC, $124.5 million; eXp Realty, $120.2 million; Signature Real Estate, $98.3 million; Luxury Homes of Las Vegas, $92.2 million; Platinum R.E. Professionals, $86 million; Virtue Luxury R.E. Group, $84.2 million; Life Realty District, $83.7 million; and Award Realty, $77.6 million.
Market insights
IS Luxury owner Ivan Sher said 2025 is even stronger than 2024 for his boutique firm of 22 agents that recently opened an office in Newport Beach to handle transactions from those Southern Californians buying in Las Vegas and Southern Nevada residents buying a property there.
“Our market is unique in that the last few years the first half of the year (was strong), and it slows down the second half of the year because of interest rates or politics,” Sher said. “Assuming my market continues the way it started, we are way ahead of where we started last year.”
Sher said he’s seeing a lot of interest with the $10 million and higher market by closing sales and deals under contract. He said he’s closed three sales over $10 million and two under contract.
Sher said he opened the Newport office because it’s been his greatest feeder market for buyers wanting to purchase in Las Vegas and vice versa.
Simply Vegas owner Gavin Ernstone said while 2024 was a great year for his brokerage, he added that 2025 is even stronger. He said he personally closed about $60 million in the first quarter.
“We’re seeing a lot of strength in the luxury market,” Ernstone said. “I don’t know if that will hold throughout the year. There’s a lot of volatility in the markets in general and lots of questions from that standpoint. The last quarter of 2024 really made my year, and that’s continued with lots of buyers but not enough inventory. I put a home on the market at $7 million for 5,200 square feet, and it sold in two weeks. It got gobbled up because there’s no good inventory.”
Ernstone said overall his brokerage cleared $2 billion in 2024 when including all product types, placing his firm second to Realty One. Berkshire Hathaway Home Services was ranked third in overall home sales.
Forrest Barbee, corporate broker for Berkshire Hathaway Home Services said the higher end of the luxury market of $3 million and above shows the demand is even stronger than it was previously.
“The super luxury end of the market is still taking off and has some momentum,” Barbee said.
Barbee said he’s not concerned about the stock market turmoil and concerns about tariffs, interest rates or a possible recession that’s been talked about in news coverage. That tends to be overblown and a new presidential administration should be judged as the year goes on and the budget is in place.
“It’s crazy times, but all is good,” Barbee said.
Kuba Jewgieniew, CEO and founder of Realty One Group, said he expects over the next couple of years as the real estate market gets out of its soft cycle, that its in a good spot with “tremendous wealth creation” likely that will roll into the luxury market.
“The rich and ultra rich will be buying fourth, fifth and sixth homes, and Vegas has always been a big tax advantage for the wealthy from our neighboring state of California,” Jewgieniew said. “That will amplify in the second of the year, and there will be the start of a skyrocket in transaction volume in luxury and price over the next three or four years.”
Realty One Group, which has branched outside Nevada since its founding in 2005, operates in 50 states and 30 countries.
Las Vegas Sotheby’s President and corporate broker Randy Char said they are pleased with the results and their agents performed well. He said they’ve been focused on using their brand to deliver the experience for them and the clients.
Char called the luxury market growing and the momentum is continuing with relocations, and it helps that people know the brand and that carries a lot of weight.
“We expect to see continued growth,” Char said. “We’re seeing the growth of not just $1 million listings but $3 million, $5 million, $10 million and $20 milion sales. They want the ultimate lifestyle.
Don Kuhl, broker of record for Douglas Elliman, said the luxury segment has outperformed the overall market. They’ve had buyers come in from Washington state once that state introduced a capital gains tax. Florida has also become an area of migration to Las Vegas.
“We’re off to a great start in 2025 with two of the highest sales in February and March,” Kuhl said. “There are a lot of people interested and bullish on Las Vegas, and we are as well.”