Luxury sales had a real showdown in 2024 as IS Luxury managed to hold off a hard-charging Simply Vegas to capture the highest dollar volume of luxury home sales. The numbers, according to BrokerMetrics, showed a total of 1,178 transactions of single-family homes, condos, and townhomes over $1 million. This represented a 27 percent increase from the 1,395 transactions in 2023. The total value of these luxury transactions in 2024 reached a staggering $7.1 billion, marking a 33 percent increase from the $5.32 billion recorded in 2023.
The luxury market experienced a significant comeback in 2024 after a decline in 2023 from $6.38 billion in 2022, which was attributed to the wave of sales following the pandemic.
IS Luxury took the top spot with $541.5 million in sales in 2024, slightly up from $533.1 million the previous year. The firm boasted an average transaction of $3.4 million, surpassing all other brokerages in the competition.
Simply Vegas came in second with $539.5 million in sales, a notable increase from $372.4 million in 2023. The average transaction for Simply Vegas stood at $1.9 million.
Following closely behind was Berkshire Hathaway Home Services, securing the third spot with $489 million in sales, up from $391.5 million in 2023.
Realty One Group claimed the fourth spot with $339.3 million in sales, an improvement from $313.8 million in 2023. Las Vegas Sotheby’s International rounded out the top five with $333.4 million in sales, showing a significant jump from $201.2 million in the previous year. Las Vegas Sotheby’s International also recorded the second-highest average sales price at $2.29 million.
Other notable mentions in the top 10 included Douglas Elliman, Huntington & Ellis, Urban Nest, Luxury Estates, and Coldwell Banker.
Market insights from industry leaders provided a glimpse into the future of the luxury real estate market. IS Luxury owner Ivan Sher expressed confidence in the market’s strength in 2025, especially with a growing interest in the $10 million and higher market segment.
Simply Vegas owner Gavin Ernstone echoed a positive outlook for 2025, emphasizing the strength of the luxury market. Ernstone highlighted a surge in buyer demand but noted a scarcity of inventory, driving quick sales in the market.
Forrest Barbee, corporate broker for Berkshire Hathaway Home Services, commented on the increasing demand in the luxury market, particularly for properties valued at $3 million and above.
Kuba Jewgieniew, CEO of Realty One Group, projected a promising future for the luxury market, anticipating substantial wealth creation that would fuel the market’s growth in the coming years.
Las Vegas Sotheby’s President Randy Char highlighted the brand’s role in delivering a premium experience for clients and agents, contributing to the market’s continued growth.
Don Kuhl, broker of record for Douglas Elliman, emphasized the outperformance of the luxury segment compared to the overall market. Kuhl noted a trend of buyers relocating to Las Vegas from states with unfavorable tax policies, contributing to the market’s momentum.
In conclusion, the luxury real estate market in Las Vegas exhibited resilience and growth in 2024, with industry leaders expressing optimism for the future. The competitive landscape, coupled with increasing demand and limited inventory, sets the stage for a dynamic market in the years to come.
