End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV (Jan-Nov 2023)

Analyzing Trends in Las Vegas Real Estate Market

Introduction:
In this end-of-year report, we delve into the analysis of the Metro New Construction Median Sale Price Per Square Foot in Las Vegas, NV, from January to November 2023. Utilizing data provided by Zillow, we aim to offer insights into the market trends, highs and lows, quarterly averages, annual averages, and monthly percentage changes. Based on this analysis, we will provide recommendations for potential buyers and sellers, along with predictions for the market in 2024.

Data Analysis:
Below is the table representing the monthly median sale price per square foot in Las Vegas, NV, rounded off to two decimals:

MonthMedian Sale Price Per SF (US$)
January233.81
February233.64
March242.84
April250.65
May253.24
June247.98
July247.96
August251.64
September250.18
October249.19
November249.18

Trends and Relationships:
From the data, we observe fluctuating trends throughout the year. The prices started at around $233.81 in January, dipped slightly in February, and then experienced a gradual increase until May, reaching a peak of $253.24. However, there was a decline in June followed by a period of relative stability until September. The prices showed a minor increase in October and remained almost consistent in November.

Highs and Lows:

  • High: The highest median sale price per square foot was recorded in May at $253.24.
  • Low: The lowest median sale price per square foot was observed in February at $233.64.

Monthly Percentage Changes:
To better understand the monthly fluctuations, let’s calculate the percentage changes:

MonthPercentage Change (%)
January
February-0.07%
March+3.94%
April+3.21%
May+1.03%
June-2.08%
July-0.01%
August+1.48%
September-0.58%
October-0.40%
November-0.00%

Annual Average:
The annual average median sale price per square foot for 2023 is calculated as follows:

Annual Average = (Total of Monthly Prices) / (Number of Months)
Annual Average = ($2753.19) / (11)
Annual Average ≈ $250.29

Quarterly Averages:

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