Las Vegas High-Rise Condo Prices Hit All-Time Record High in 2024 Despite Falling Sales
LAS VEGAS, NV – The average sales price of condominiums in Las Vegas in 2024 reached an all-time record high of nearly $700,000, despite the fact that sales dropped to their lowest level in the past five years, as per a new report released by research firm Applied Analysis.
Condo prices in Las Vegas in 2024 reached an average of $697,890, which is a record-setting amount for Southern Nevada; this represents a year-over-year increase of 19 percent over 2023’s $587,823, which is a whopping jump of approximately $110,000.
The previous average high condo price of $598,383 was originally set in 2022.
2024’s average price per square foot of $537 was also higher when compared to the year prior, when that amount was $501, a year-over-year increase of seven percent.
The upwards trajectory of condo prices in Sin City aren’t showing any signs of abating any time soon, either; Applied Analysis currently tracks the listings of 21 high-rise condo buildings in Vegas, and noted that the average price of the 297 listings currently available is a whopping $989,506, with a square foot price of $637.
But despite the increasing condo values, their overall sales appear to be dropping. There were 604 sales that were closed in 2024, which is an 18 percent drop over the 736 sold in 2023. Following an increase in sales after the end of the COVID-19 pandemic, a record number of condo sales was achieved in 2021, when 1,159 were purchased; sales have been trending downwards ever since, however, with 944 changing hands in 2022.
According to luxury condo realtor Frank Napoli, condo sales have declined recently because owners are increasingly holding onto their units for a variety of reasons, leading to an overall reduced inventory in Vegas.
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.
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.