Prices of Las Vegas High-Rises Up as Sales Drop to Lowest Level Since 2020
LAS VEGAS, NV – The prices of residential apartment units in Las Vegas high-rise buildings have continued to rise considerably despite the market currently experiencing its lowest number of sales since the advent of the 2020 COVID-19 pandemic.
According to a new report released by Applied Analysis, there were 499 high-rise unit sales in the third-quarter of 2024, with only 149 of those sales taking place during the normally-busy period of time between July and September.
Those numbers represent the slowest third quarter for high-rise units in Las Vegas since 2020, when only 125 were sold in the midst of the pandemic. In contrast to 2024, the third quarter of 2023 saw an impressive 567 units change hands.
But despite the decreasing number of sales, prices of high-rise units in Sin City continue to rise. In the third quarter, the average price of a unit was $633,619, which represents a 5.7 percent jump year-over-year, with the average in the third quarter of 2023 being $579,147. In addition, the overall average price per square foot between the third quarters of 2023 and 2024 rose from $484 to $531, an increase of 8 percent.
Instead, as opposed to residential-only units, Las Vegas in the third quarter saw comparatively stronger sales in the condo-hotel market, with MGM seeing the most at 29 sales with an average price of $402,309, followed by a second-place tie between Trump Las Vegas and Palms Place, each of which saw 15 sales, with price averages of $349,200 and $365,859, respectively.
Third place was Turnberry Place with 13 sales with an average price of $929,611, followed by Turnberry Tower with 12 sales and a $528,541 average, Sky Las Vegas with 11 sales and a $630,073 average, and finally Veer Tower with 10 sales and an average price of $705,900.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.