Annual 2022 Las Vegas High Rise Luxury Real Estate Market Research
Market Report
Total Las Vegas High Rise*
• Total Las Vegas High Rise* sales changed by -20.7% year over year to 870.
• The highest sale price changed by -60.0% year over year from $16.25M to $6.50M, while the lowest sale price changed +31.3% year over year to $210K.
• Average days on market for Total Las Vegas High Rise* changed -34.2% year over year to 50 days.
• Total Las Vegas High Rise* average price changed +5.2% year over year to $614K, and the median price changed +3.3% year over year to $415K.
Total Properties Sold 870
-20.7% Year Over Year
Average Price $614K
+5.2% Year Over Year
Highest Sale $6.50M
-60.0% Year Over Year
Days on Market
50
-34.2% Year Over Year
Median Price $415K +3.3% Year Over Year
Lowest Sale $210K
+31.3% Year Over Year
Annual 2022 • Total
• Las
High Rise
Las Vegas High Rise*
Vegas
Waldorf-Astoria
• Waldorf-Astoria sales changed by -14.7% year over year to 29.
• The highest sale price changed by +16.7% year over year from $4.20M to $4.90M, while the lowest sale price changed +21.6% year over year to $1.02M.
• Average days on market for WaldorfAstoria changed -33.9% year over year to 52 days.
• Waldorf-Astoria average price changed +14.1% year over year to $2.44M, and the median price changed +15.0% year over year to $2.20M.
Total Properties Sold
29
-14.7% Year Over Year
Average Price $2.44M
+14.1% Year Over Year
Highest Sale $4.90M
+16.7% Year Over Year
Days on Market
52
-33.9% Year Over Year
Median Price $2.20M
+15.0% Year Over Year
Lowest Sale $1.02M
+21.6% Year Over Year
Annual 2022 • Waldorf-Astoria • Las Vegas High Rise
Turnberry Place
• Turnberry Place sales changed by -35.1% year over year to 61.
• The highest sale price changed by +132.1% year over year from $2.80M to $6.50M, while the lowest sale price changed +23.8% year over year to $390K.
• Average days on market for Turnberry Place changed -21.4% year over year to 58 days.
• Turnberry Place average price changed +28.6% year over year to $1.05M, and the median price changed +12.4% year over year to $700K.
Total Properties Sold
61
-35.1% Year Over Year
Average Price $1.05M
+28.6% Year Over Year
Highest Sale $6.50M
+132.1% Year Over Year
Days on Market
58
-21.4% Year Over Year
Median Price $700K +12.4% Year Over Year
Lowest Sale $390K +23.8% Year Over Year
Annual 2022 • Turnberry Place • Las Vegas High Rise
Park Towers
• Park Towers sales changed by -71.4% year over year to 2.
• The highest sale price changed by -52.7% year over year from $5.50M to $2.60M, while the lowest sale price changed +5.6% year over year to $950K.
• Average days on market for Park Towers changed -13.8% year over year to 115 days.
• Park Towers average price changed -9.0% year over year to $1.78M, and the median price changed +42.0% year over year to $1.78M.
Total Properties Sold
2
-71.4% Year Over Year
Average Price $1.78M
-9.0% Year Over Year
Highest Sale $2.60M
-52.7% Year Over Year
Days on Market
115
-13.8% Year Over Year
Median Price $1.78M +42.0% Year Over Year
Lowest Sale $950K +5.6% Year Over Year
Annual 2022 • Park Towers • Las Vegas High Rise
Turnberry Towers
• Turnberry Towers sales changed by -52.7% year over year to 43.
• The highest sale price changed by +10.0% year over year from $1.00M to $1.10M, while the lowest sale price changed +24.6% year over year to $319K.
• Average days on market for Turnberry Towers changed -46.8% year over year to 26 days.
• Turnberry Towers average price changed +24.5% year over year to $611K, and the median price changed +35.4% year over year to $650K.
Total Properties Sold
43
-52.7% Year Over Year
Average Price $611K
+24.5% Year Over Year
Highest Sale $1.10M
+10.0% Year Over Year
Days on Market
26
-46.8% Year Over Year
Median Price $650K +35.4% Year Over Year
Lowest Sale $319K +24.6% Year Over Year
Annual 2022 • Turnberry Towers • Las Vegas High Rise
Veer Towers
• Veer Towers sales changed by +13.3% year over year to 68.
• The highest sale price changed by +3.3% year over year from $2.90M to $3.00M, while the lowest sale price changed +11.3% year over year to $290K.
• Average days on market for Veer Towers changed -10.1% year over year to 89 days.
• Veer Towers average price changed -5.8% year over year to $667K, and the median price changed -3.1% year over year to $548K.
Total Properties Sold 68 +13.3% Year Over Year
Days on Market
89 -10.1% Year Over Year
Average Price $667K -5.8% Year Over Year
Median Price $548K -3.1% Year Over Year
Highest Sale $3.00M +3.3% Year Over Year
Lowest Sale $290K +11.3% Year Over Year
Annual 2022 • Veer Towers • Las Vegas High Rise
Panorama Towers
• Panorama Towers sales changed by -16.7% year over year to 60.
• The highest sale price changed by -41.7% year over year from $3.00M to $1.75M, while the lowest sale price changed +15.7% year over year to $295K.
• Average days on market for Panorama Towers changed -34.1% year over year to 43 days.
• Panorama Towers average price changed +2.4% year over year to $613K, and the median price changed +9.3% year over year to $522K.
Total Properties Sold
60
-16.7% Year Over Year
Average Price $613K
+2.4% Year Over Year
Highest Sale $1.75M
-41.7% Year Over Year
Days on Market
43
-34.1% Year Over Year
Median Price $522K +9.3% Year Over Year
Lowest Sale $295K +15.7% Year Over Year
Annual 2022 • Panorama Towers • Las Vegas High Rise
The Martin
• The Martin sales changed by -59.6% year over year to 19.
• The highest sale price changed by -74.0% year over year from $16.25M to $4.22M, while the lowest sale price changed +57.4% year over year to $465K.
• Average days on market for The Martin changed -53.2% year over year to 32 days.
• The Martin average price changed -25.3% year over year to $822K, and the median price changed +14.3% year over year to $560K.
Total Properties Sold
19
-59.6% Year Over Year
Average Price $822K
-25.3% Year Over Year
Highest Sale $4.22M
-74.0% Year Over Year
Days on Market
32
-53.2% Year Over Year
Median Price $560K +14.3% Year Over Year
Lowest Sale $465K +57.4% Year Over Year
Annual 2022 • The Martin • Las Vegas High Rise
Sky Las Vegas
• Sky Las Vegas sales changed by -64.6% year over year to 17.
• The highest sale price changed by -78.2% year over year from $4.35M to $950K, while the lowest sale price changed +24.0% year over year to $315K.
• Average days on market for Sky Las Vegas changed -46.6% year over year to 38 days.
• Sky Las Vegas average price changed -6.1% year over year to $497K, and the median price changed +9.9% year over year to $470K.
Total Properties Sold
17
-64.6% Year Over Year
Average Price $497K
-6.1% Year Over Year
Highest Sale $950K
-78.2% Year Over Year
Days on Market
38
-46.6% Year Over Year
Median Price $470K +9.9% Year Over Year
Lowest Sale $315K +24.0% Year Over Year
Annual 2022 • Sky Las Vegas • Las Vegas High Rise
Allure
• Allure sales changed by -15.9% year over year to 53.
• The highest sale price changed by +25.0% year over year from $920K to $1.15M, while the lowest sale price changed +25.2% year over year to $228K.
• Average days on market for Allure changed -43.1% year over year to 34 days.
• Allure average price changed +15.3% year over year to $381K, and the median price changed +9.5% year over year to $345K.
Total Properties Sold
53
-15.9% Year Over Year
Average Price $381K
+15.3% Year Over Year
Highest Sale $1.15M
+25.0% Year Over Year
Days on Market
34
-43.1% Year Over Year
Median Price $345K
+9.5% Year Over Year
Lowest Sale $228K +25.2% Year Over Year
Annual 2022 • Allure • Las Vegas High Rise
• Signature MGM sales changed by -13.0% year over year to 147.
• The highest sale price changed by +2.6% year over year from $780K to $800K, while the lowest sale price changed +29.1% year over year to $238K.
• Average days on market for Signature MGM changed -38.2% year over year to 48 days.
• Signature MGM average price changed +24.0% year over year to $385K, and the median price changed +21.8% year over year to $335K.
Total Properties Sold
147 -13.0% Year Over Year
Average Price $385K +24.0% Year Over Year
Days on Market
48 -38.2% Year Over Year
Median Price $335K +21.8% Year Over Year
Highest Sale $800K +2.6% Year Over Year
Lowest Sale $238K +29.1% Year Over Year
Annual 2022 • Signature MGM • Las Vegas High Rise
Signature MGM
Vdara
• Vdara sales changed by -6.3% year over year to 15.
• The highest sale price changed by +29.5% year over year from $965K to $1.25M, while the lowest sale price changed +28.8% year over year to $470K.
• Average days on market for Vdara changed -78.6% year over year to 44 days.
• Vdara average price changed +22.9% year over year to $629K, and the median price changed +19.3% year over year to $560K.
Total Properties Sold
15
-6.3% Year Over Year
Average Price $629K
+22.9% Year Over Year
Highest Sale $1.25M
+29.5% Year Over Year
Days on Market
44
-78.6% Year Over Year
Median Price $560K +19.3% Year Over Year
Lowest Sale $470K +28.8% Year Over Year
Annual 2022 • Vdara • Las Vegas High Rise
Trump Tower
• Trump Tower sales changed by -2.4% year over year to 82.
• The highest sale price changed by +183.7% year over year from $920K to $2.61M, while the lowest sale price changed +31.3% year over year to $210K.
• Average days on market for Trump Tower changed -34.7% year over year to 77 days.
• Trump Tower average price changed +25.4% year over year to $356K, and the median price changed +20.3% year over year to $273K.
Total Properties Sold
82
-2.4% Year Over Year
Average Price $356K
+25.4% Year Over Year
Highest Sale $2.61M
+183.7% Year Over Year
Days on Market
77
-34.7% Year Over Year
Median Price $273K
+20.3% Year Over Year
Lowest Sale $210K +31.3% Year Over Year
Annual 2022 • Trump Tower • Las Vegas High Rise
Palms Place
• Palms Place sales changed by +9.1% year over year to 72.
• The highest sale price changed by -7.7% year over year from $595K to $549K, while the lowest sale price changed +19.4% year over year to $215K.
• Average days on market for Palms Place changed -11.0% year over year to 50 days.
• Palms Place average price changed +21.4% year over year to $342K, and the median price changed +26.1% year over year to $309K.
Total Properties Sold
72
+9.1% Year Over Year
Average Price $342K +21.4% Year Over Year
Days on Market
50 -11.0% Year Over Year
Median Price $309K +26.1% Year Over Year
Highest Sale $549K -7.7% Year Over Year
Lowest Sale $215K +19.4% Year Over Year
Annual 2022 • Palms Place • Las Vegas High Rise
Newport Lofts
• Newport Lofts sales changed by -60.9% year over year to 9.
• The highest sale price changed by -37.5% year over year from $840K to $525K, while the lowest sale price changed +38.2% year over year to $300K.
• Average days on market for Newport Lofts changed - 48.6% year over year to 19 days.
• Newport Lofts average price changed -13.8% year over year to $379K, and the median price changed -18.4% year over year to $347K.
Total Properties Sold 9 -60.9% Year Over Year
Days on Market
19 -48.6% Year Over Year
Average Price $379K -13.8% Year Over Year
Median Price $347K -18.4% Year Over Year
Highest Sale $525K -37.5% Year Over Year
Lowest Sale $300K +38.2% Year Over Year
Annual 2022 • Newport Lofts • Las Vegas High Rise
Soho Lofts
• Soho Lofts sales changed by -47.4% year over year to 10.
• The highest sale price changed by +46.7% year over year from $465K to $682K, while the lowest sale price changed +16.8% year over year to $382K.
• Average days on market for Soho Lofts changed -52.6% year over year to 26 days.
• Soho Lofts average price changed +25.5% year over year to $488K, and the median price changed +27.2% year over year to $484K.
Total Properties Sold 10
-47.4% Year Over Year
Average Price $488K
+25.5% Year Over Year
Highest Sale $682K
+46.7% Year Over Year
Days on Market
26
-52.6% Year Over Year
Median Price $484K +27.2% Year Over Year
Lowest Sale $382K +16.8% Year Over Year
Annual 2022 • Soho Lofts • Las Vegas High Rise
Juhl
• Juhl sales changed by +26.1% year over year to 87.
• The highest sale price changed by +2.4% year over year from $1.10M to $1.13M, while the lowest sale price changed +10.2% year over year to $217K.
• Average days on market for Juhl changed -32.8% year over year to 19 days.
• Juhl average price changed +2.5% year over year to $386K, and the median price changed -12.8% year over year to $340K.
Total Properties Sold
87
+26.1% Year Over Year
Average Price $386K
+2.5% Year Over Year
Highest Sale $1.13M
+2.4% Year Over Year
Days on Market
19
-32.8% Year Over Year
Median Price $340K
-12.8% Year Over Year
Lowest Sale $217K +10.2% Year Over Year
Annual 2022 • Juhl • Las Vegas High Rise
• The Ogden sales changed by +14.7% year over year to 39.
• The highest sale price changed by -9.4% year over year from $850K to $770K, while the lowest sale price changed +16.9% year over year to $290K.
• Average days on market for The Ogden changed -14.8% year over year to 65 days.
• The Ogden average price changed +15.9% year over year to $468K, and the median price changed +14.6% year over year to $427K.
Total Properties Sold
39 +14.7% Year Over Year
Days on Market
65 -14.8% Year Over Year
Average Price $468K +15.9% Year Over Year
Median Price $427K +14.6% Year Over Year
Highest Sale $770K -9.4% Year Over Year
Lowest Sale $290K +16.9% Year Over Year
Annual 2022 • The Ogden • Las Vegas High Rise
The Ogden
One Las Vegas
• One Las Vegas sales changed by -54.5% year over year to 30.
• The highest sale price changed by -21.5% year over year from $1.30M to $1.02M, while the lowest sale price changed +4.6% year over year to $285K.
• Average days on market for One Las Vegas changed -46.1% year over year to 51 days.
• One Las Vegas average price changed +3.6% year over year to $460K, and the median price changed +1.9% year over year to $426K.
Total Properties Sold
30
-54.5% Year Over Year
Average Price $460K +3.6% Year Over Year
Highest Sale $1.02M
-21.5% Year Over Year
Days on Market
51
-46.1% Year Over Year
Median Price $426K +1.9% Year Over Year
Lowest Sale $285K +4.6% Year Over Year
Annual 2022 • One Las Vegas • Las Vegas High Rise
One Queensridge
• One Queensridge sales changed by -22.9% year over year to 27.
• The highest sale price changed by -2.2% year over year from $4.50M to $4.40M, while the lowest sale price changed +20.8% year over year to $755K.
• Average days on market for One Queensridge changed -42.5% year over year to 65 days.
• One Queensridge average price changed +7.6% year over year to $1.83M, and the median price changed +34.0% year over year to $1.68M.
Total Properties Sold 27
-22.9% Year Over Year
Average Price $1.83M
+7.6% Year Over Year
Highest Sale $4.40M
-2.2% Year Over Year
Days on Market
65
-42.5% Year Over Year
Median Price $1.68M +34.0% Year Over Year
Lowest Sale $755K +20.8% Year Over Year
Annual 2022 • One Queensridge • Las Vegas High Rise
Top Las Vegas Migratory States*
Top 10 Las Vegas Local Migratory Markets*
Local Migratory Market Comparative Economic Data**
*Source: 2019-2020 Migration Data, IRS
**Source: Las Vegas Global Economic Alliance
Las Vegas Economic Information
Las Vegas Los Angeles San DiegoSan FranciscoRiversideChicagoPhoenix Payroll Tax 1.38%6.6%6.6%6.6%6.6%4.95%5.1% Corporate Income Tax Rate (Top Bracket) 0%8.84%8.84%8.84%8.84%9.5%4.9% Individual Income Tax Rate (Top Bracket) 0%13.3%13.3%13.3%13.3%4.95%4.5% Sales Tax Rate (State Minimum) 6.85%7.25%7.25%7.25%7.25%6.25%5.6% Property Tax Rate 0.6%0.73%0.73%0.73%0.73%2.05%0.65% Cost of Living Index 99.5152.5147.4182.8116.1117.1105.8 Housing Opportunity Index 21.93.6 6.9 7.5 13.951.422.5
Rank County of Origin State % of Inflow 1 Los Angeles County CA 13.3% 2San Diego County CA 3.5% 3San Bernardino County CA 3.3% 4Orange County CA 3.3% 5Riverside County CA 2.9% Rank County of Origin State % of Inflow 6Honolulu CountyHI2.5% 7Maricopa CountyAZ2.3% 8 Cook County IL1.7% 9Santa Clara County CA 1.4% 10Alameda County CA 1.2% Top 5 Top 10 Top 15
December 2022 Migratory Market Comparative Listing Prices*
2022 Migratory Market Comparative Sale Prices**
Migratory Market Pricing Information *Source: Realtor.com Local Data, December 2022 **Source: Zillow Group, MSA Area, Single Family Homes, Annual 2022
Area Median Listing Price (Dec '22)+/- Las Vegas Median Price Las Vegas, NV $428,000 Clark County $435,000 +1.64% Los Angeles County $824,900 +92.73% San Diego County $849,900 +98.57% San Bernardino County $490,000 +14.49% Orange County $999,900 +133.62% Riverside County $593,000 +38.55% Honolulu County $719,000 +67.99% Maricopa County $480,000 +12.15% Cook County $299,900 -29.93% Santa Clara County $1,400,000 +227.10% Alameda County $904,000 +111.21%
Area 2022 Median Sale Price +/- Las Vegas Median Price Las Vegas, NV $440,000 Los Angeles, CA $900,000 +104.55% San Diego, CA $849,000 +92.95% Riverside, CA $542,250 +23.24% Honolulu, HI $975,000 +121.70 Phoenix, AZ $467,153 +6.17% Chicago, IL $290,000 -34.09 San Jose, CA $1,500,000 +240.91%
High Rise Sales: Under $1M
High Rise Sales: $1M+ Luxury
Las Vegas Historical Sales Data *Source: Las Vegas Multiple Listing Service
350 2018 2019 2020 2021 2022 Q4 Q3 Q2 Q1 Total 250 150 100 50 Total: 693 YoY: +4.68% Total: 466 YoY: -32.76% Total: 375 YoY: -19.53% Total: 906 YoY: +141.60% Total: 758 YoY: -16.34% Total Homes Sold
Total: 52 YoY: +6.12% Total: 44 YoY: -15.38% Total: 33 YoY: -25.00% Total: 79 YoY: +139.39% Total: 82 YoY: +3.80% 2018 2019 2020 2021 2022 35 30 25 20 10 5 Total Homes Sold Q4 Q3 Q2 Q1 Total
Segment
200 300 15
Las Vegas, Nevada
Methodology
Our market report offers current and valuable information regarding the local market. Each region reported on is broken down by neighborhood and contains specific details and insights related to that market.
Metrics
Total Properties Sold: The total number of properties that closed within the time period reported.
Highest Sale: The highest priced property that was sold in the area being reported on during the time period reported.
Lowest Sale: The lowest priced property that was sold in the area being reported on during the time period reported.
Average Price: The price calculated by dividing the combined prices of properties by the amount of sold properties in that same area.
Median Price: The middle or midpoint price where half of sales fall below and half fall above this number.
Days on Market: Averages how long a unit takes to sell and is calculated from subtracting the list date from the date of close.
*Total: Areas defined with the context of " *Total" are the combined totals of all areas reported within this report.
Source
Figures in this report are based on publicly reported closed sales information via the Multiple Listing Service. All community pages for Single Family Residential properties reflect a sale of $1M or higher.
Definitions
Payroll Tax: Local and other imposed payroll tax, as reported by individual jurisdictions.
Corporate Income Tax: An income tax is a government levy imposed on individuals or entities that varies with the income or profits of the taxpayer. Details vary widely by jurisdiction.
Individual Income Tax: An income tax is a government levy imposed on individuals or entities that varies with the income or profits of the taxpayer. Details vary widely by jurisdiction.
Sales Tax Rate: Sales tax rates vary among districts within local jurisdictions and at the state-level.
Property Tax Rate: Figures are mean effective property tax rates on owner-occupied housing (total real taxes paid / total home value). As a result, the data exclude property taxes paid by business men, renters, and others.
Cost of Living Index (US=100): The index reflects cost differentials throughout geographical areas in the United States and is based on prices in different categories of consumer expenditures (e.g., housing, utilities, grocery, transportation, health care). The national average index value is 100.
Housing Opportunity Index: Index represent the share of homes sold in a given area that meet the criteria of affordability based on local median income and a standard mortgage underwriting criteria.
©
NV 89135. NV B.1001894. All worldwide rights reserved. All material presented herein is intended for information purposes only. Based on information from multiple listing service. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings should be verified by your own attorney, architect or zoning expert. If your property is currently listed with another real estate broker, please disregard this offer. It is not our intention to solicit the offerings of other real estate brokers. We cooperate with them fully. Equal housing opportunity.
2023 Douglas Elliman Real Estate. 10845 Griffith Peak Dr. #2, Las Vegas,
