Where are homes selling in the Las Vegas Valley?

So far this year roughly 827 homes have sold across the Las Vegas Valley, with the most closing over the last week in Henderson West, according to the latest data from Redfin and Clark County.

The median sale price in the valley is $426,500, a 10.8 percent increase year over year, according to Redfin, which gets its data from the Multiple Listing Service. A home sits on the market for sale an average of 51 days, a 20-day drop from this time last year.

And most of the people moving to Las Vegas from December 2023 to February are from Los Angeles (6,135), followed by San Francisco (1,762), Seattle (1,155) and San Diego (705), according to Redfin. For people who are leaving Las Vegas, the most popular destination is Phoenix (266).

From March 11 to 18, the most homes were sold in the West Henderson ZIP code of 89052, with 21. Sales volume for the area totalled $17.1 million for the area, which encompasses parts of Henderson West, along with parts of the city east of the St. Rose Parkway including Seven Hills by Black Mountain.

Summerlin South, which encompasses The Ridges, a guard-gated community with some of the most expensive homes in the valley, sold a combined $26 million over the same time period spread over 16 homes.

Home sales in the Las Vegas Valley showed signs of life in February as the Las Vegas Realtors reported the number of single-family homes sold in February was up 28.2 percent from January of this year, according to Multiple Listing Service data. Sales also were up 10.1 percent from February 2023.

In its latest market report, Redfin said the market still remains constrained by a large chunk of homebuyers who got into the market during the ultra-low interest rate period during the pandemic.

“Mortgage rates remain elevated, but they’re not nearly as volatile as they were before, which has helped stabilize home price growth. And while elevated mortgage rates have taken a bite out of homebuyer demand, that’s not translating into lower home prices today because there still aren’t enough homes for sale—even as new listings rebound. New listings rose to the highest level in nearly a year and a half last month as the mortgage rate lock-in effect eased, but housing supply was still far below pre-pandemic levels.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.