LAS VEGAS — Although one report calls it “bizarre,” the Las Vegas luxury home market is a bright spot on the nation’s real estate landscape, reporting strong sales for the first half of 2024, with luxury resales of $1 million+ up 37% through the first five months of 2024.
According to the Las Vegas Review Journal, there were 751 luxury resales in Las Vegas through the end of May, the second best start to the year in history. The average price as of May was $2.05 million with those sold in May on the market an average of 51 days.
Ivan Sher, the owner of IS Luxury and a luxury realtor, told the Review-Journal that people are leaving high-tax states and coming to Las Vegas to enjoy sports teams, entertainment and proximity to California.
New home construction is also performing well with 109 luxury sales in the first quarter of 2024. The sales do not include custom-built homes. Additionally, condominium communities like Cello Tower, adjacent to World Market Center/Las Vegas Market, are reporting strong sales with 39 of the 240 units already sold before construction starts this fall for a late 2026 opening and reservations for another 90 residences.
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