Despite a general slowdown in sales, the Las Vegas high-rise condo market in 2023 not only held its ground but saw historical highs in terms of price per square foot, signaling a robust demand and a potentially lucrative future for investors and homeowners alike.
A Closer Look at the Numbers
In 2023, the total sales of high-rise condos in Las Vegas totaled 736 units, a decrease from the 944 sales in 2022. However, the average price per square foot reached a record-setting $501, surpassing the previous year’s $493. This indicates that while fewer units were sold, those on the market fetched higher prices, reflecting a strong valuation of high-rise properties in the area.
The overall average price paid for these units was $587,823 in 2023, slightly down from $598,383 in 2022. This minor drop in average price coupled with a higher price per square foot suggests a market shift toward more premium, smaller units being favored over larger, less expensive ones.
Record-Breaking Sales
The year kicked off with an impressive sale at the Waldorf Astoria on the Las Vegas Strip—a penthouse unit on the 43rd floor sold for $9.5 million, breaking the building’s record at $2,422 per square foot. This sale highlights the high-end potential of the Las Vegas high-rise market and the appeal of luxury living spaces with premium amenities.
Market Dynamics and Buyer Behavior
Frank Napoli, a Realtor with Berkshire Hathaway Home Services, notes the Las Vegas market set a record in 2023 for the average price per square foot and anticipates this trend will continue into 2024. The strong start to the year and ongoing buyer interest suggest a bullish outlook for the high-rise market, particularly if the right inventory becomes available.
The unique lifestyle offered by high-rise living in Las Vegas continues to attract out-of-state buyers looking for secondary homes. These properties offer a convenient, low-maintenance option for those who want a part-time residence that allows them to enjoy the entertainment and luxury lifestyle that Las Vegas has to offer.
Inventory and Future Outlook
The consistent demand and subsequent rise in prices have been partly due to the limited availability of units. Notably, properties such as the MGM Signature and Trump Las Vegas led the market in sales volume, with the former leading with 170 sales in 2023.
As the market adjusts to economic influences and buyer preferences, the limited inventory continues to be a critical factor driving price increases. High-end units, especially those offering unique views and amenities like those at the Waldorf Astoria, remain particularly in demand.
For those considering investment in Las Vegas real estate, especially in high-rise condos, the market dynamics suggest a strong investment opportunity, albeit one where timing and access to the best available properties will be crucial. At The WG Team, we’re poised to provide our clients with expert guidance and insights into the Las Vegas high-rise market. Whether you’re looking to buy or invest, our understanding of market trends and dedication to service can help you make informed decisions in this exciting real estate landscape. Contact us today to discover how we can assist you in navigating this dynamic market and securing your next luxury property in Las Vegas.
