Las Vegas

Newsletter (May 2024) Las Vegas Real Estate Market Update: Latest Trends and Insights

May 21, 2024

Despite high interest rates, the Las Vegas real estate market is thriving. New listings are up 5.4% from March, exceeding 3,000. We’ve seen a 133% increase in closed sales, with the median sales price rising to $469,256, up from $425,000 last year—a 9% increase! Price per square foot is now $256, and the average days on market has dropped to 35 days.

Over 158,000 Californians have moved to Nevada since 2020, and Southern Nevada remains a top destination for relocating businesses.

The luxury market is also booming, with a 39% surge in sales and a median luxury sales price of $1.2 million.

In other news, Bright Line West broke ground on a high-speed rail project connecting Las Vegas to Southern California, set to complete by the 2028 Los Angeles Olympics.

Southwest Las Vegas Valley is experiencing a construction boom, driven by strong demand and an influx of new residents and businesses.

Also, The Mirage resort on the Strip is set to close, marking the end of an era but paving the way for new opportunities and attractions.

LUXURY CONDOS

AT CELLO AND VEER TOWERS IN DOWNTOWN LAS VEGAS

I recently filmed a video with my colleague, Ingrid Melton, at the new Cello Sales Center located in Symphony Park. We highlighted the lifestyle, amenities, and residences of both the new Cello Tower and Veer Towers on the Las Vegas Strip. Our goal was to show potential buyers the differences in these two living experiences, helping them decide which type of living situation would be the best fit for their needs.

When it comes to high-rise living in Las Vegas, you have two stunning options: the established Veer Towers and the soon-to-be-completed Cello Tower.

CELLO TOWER

SYMPHONY PARK | LAS VEGAS

Cello Tower: Designed by the acclaimed Perkins-Eastman, Cello Tower marks a new era of urban living in Las Vegas. Each of its 240 residences offers refined contemporary interiors with expansive floor-to-ceiling windows, providing stunning views of the Las Vegas skyline and mountains. With over 40,000 square feet of amenities spread across three floors and a vibrant retail destination at its base, Cello Tower is set to redefine modern luxury in Las Vegas.

The interiors, crafted by One Line Design Studio, are filled with natural light and

elegant details. Imagine living with expansive windows and Juliet balconies that frame breathtaking views. The gourmet kitchens feature striking waterfall islands, and the spa-like bathrooms come with rain showers and deep soaking tubs.

VEER TOWERS

CITY CENTER | LAS VEGAS

Veer Towers: In the heart of the Las Vegas Strip, Veer Towers stand boldly as an icon above the bright lights. The residences offer breathtaking views, world-class amenities, and legendary service. Just steps outside Veer Towers, you’ll find CityCenter’s retail and entertainment district, which boasts over 500,000 square feet of upscale retail, dining, and entertainment options. Crystals, a premier shopping destination within CityCenter, offers a luxurious shopping experience with an impressive collection of the world’s most elite retailers.

Whether you choose the established luxury of Veer Towers or the upcoming elegance of Cello Tower, both offer unparalleled living experiences in the vibrant heart of Las Vegas.