Las Vegas luxury home market defies trends: Prices soar by 107%

The average price of a luxury home in the Las Vegas Valley has more than doubled since 2019, a new study says.

The valley has seen a 107 percent jump in the average price of an “ultra luxury” home from 2019 through 2024, according to the study from Concierge Auctions, which pulls data from the Multiple Listing Service. Concierge defines “ultra luxury” home sales as the 10 most expensive in each market.

The average price of a Las Vegas Valley luxury home was $6.94 million in 2019, $9 million in 2020, $12.5 million in 2021, $12.7 million in 2022, $13.6 million in 2023 and $14.4 million last year, the study said.

Daniel Sparkman, chief operating officer of Concierge, said the valley is defying the odds in the high-end residential market.

“Vegas is one of a few luxury markets that shows consistent growth, even post-COVID-19,” he said. “Many markets in our research peaked in 2021 and 2022 and have since begun to taper off. Vegas, on the other hand, has shown steady growth since its dip in 2019, with its strongest year in both average sales price and average (days on market) having just taken place in 2024.”

Home prices in the valley hit a record high to start the year and have stayed at $485,000 this year, according to Las Vegas Realtors. A recent report from Zonda has the valley as the eighth-hottest market for luxury homebuyers, beating out Los Angeles and Boston.

Clark County is adding approximately 115 residents a day to its population, according to projections, with about a third of those coming from California. The county is growing faster than the national average for large metropolitan areas and is expected to break 3 million residents by 2042.

Sparkman said this is a remarkable rise for a city that was overvaluing its luxury real estate five years ago. He said just before and at the start of the pandemic (2019-2020) was a challenging time for the valley’s luxury market as sellers were consistently overvaluing their properties.

“Those years, sellers achieved only 70 percent of list price on average. This pricing disconnect started correcting surrounding the COVID-19 pandemic beginning in 2020 with the market seeing a massive increase in average sales and a consistent decrease in days on market,” he said. “Overall, Las Vegas has consistently experienced a remarkable price rise over the past five years, which we expect to continue, albeit not as dramatically.”

However, demand for luxury properties in the valley has boomed, and Sparkman pointed to a number of factors fueling this trend.

“Strong population growth, no state income tax, and, of course, a thriving tourism scene,” he said. “Following the trend line of our Luxury Homes Index, we expect the luxury market here to remain strong, but not grow dramatically. Because of the relatively short housing supply and lower than average (days on market) compared to the rest of the U.S., it continues to be a seller’s market. And, when you also factor in the reasonable cost of living, strong job market and 300 plus days of sunshine a year, Las Vegas seems like a good bet.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.