What a difference a year makes for the new-home market in Las Vegas as 2024 has gotten off to a strong start for builders as lower mortgage rates brought more buyers off the sidelines.
While Nevada’s economy is in good shape, the second half of 2023 saw demand for commercial and industrial real estate soften in the Las Vegas Valley despite strong employment growth, but demand could pick up in 2024, especially on the retail front that recorded one of its lowest vacancy rates since before the Great Recession, according to a report from commercial real estate brokerage Colliers International — Las Vegas.
The PENTA Building Group wrapped up an annual, multicity safety tour, hosting three major events that brought together thousands of construction professionals.
Demand for new luxury homes in the Las Vegas Valley remains strong and builders and developers expect a great 2024 coming off a Super Bowl that saw members of the Kansas City Chiefs rent out multi-million-dollar homes with displays on social media.
Lennar maintained its top position of the annual builder rankings for 2023 as the Las Vegas market recorded a 22.5 percent increase in net sales year-over-year.
The Las Vegas luxury home market got off to a strong start in 2023 by securing the second highest number of sales in history to begin the year, culminating in a $19 million sale at the Summit Club in Summerlin to close January.
Sales of high-rise condos in Las Vegas slowed in 2023 compared to the previous two years but sellers willing to put them on the market were rewarded by the highest price per square foot paid in the valley’s history.
The Super Bowl has served as a boon for the ultra luxury home rental market in Las Vegas with one MacDonald Highlands estate in Henderson going for $100,000 in February, matching a record set in November for the same house.
A recent Las Vegas Realtors report shows 2024 began with home prices higher and the housing supply lower than the same time last year, with signs that home sales could start to bounce back from a slow year.