August 2023—what a month for the luxury market in Las Vegas! A sale for $21.25 million in The Summit Club in Summerlin led Las Vegas’ existing home luxury market and recorded its best August in history. Plus, the luxury market had its highest number of sales since June 2022.
The Summit Club sale was the only one above $10 million; however, Las Vegas had six other closings above $6 million in August, as per the Las Vegas Realtors Association Multiple Listing Service.
The month of August saw 152 sales of $1 million or higher. The previous Las Vegas record for August closings was 122 in 2021.
The home in the Summit Club, an ultra-luxury resort community, measures 8,419 square feet with six bedrooms, eight baths, and a three-car garage. It sits on 0.65 acres and has a swimming pool. The two-story home was built in 2022.
As for why Las Vegas set a record for luxury sales in August 2022, the market was challenged with interest rate hikes and a fluctuating stock market that created uncertainty. Now the higher rates and fluctuations are no longer new, and people have accepted these conditions. The same conditions driving people here from California aren’t going away.
The second-highest price paid for a home in August was $8.45 million on Dragon Peak in the MacDonald Highlands. This is a one-story home that sits on 0.56 acres and was built in 2023. It has four bedrooms, 5½ baths, and a four-car garage. It measures 7,628 square feet. The home has a movie theater, a game room, two bars, a wine cellar, and a gallery wall. On the outside, it has a covered patio, an outdoor kitchen, an infinity pool and spa, and fire lounges.
The third highest sale was for $8.17 million in The Ridges in Summerlin. The one-story home built in 2021 measures 10,090 square feet and has seven bedrooms and 11 baths. It sits on 0.64 acres. The open floor plan is designed for an indoor/outdoor lifestyle. There are 34-foot-wide motorized pocket doors that disappear, connecting the expansive great room to the pool deck. There’s also a walkout basement with a media room, a wet bar, and a chilled display case for wine.
Contact the Smith King Team if you are interested in purchasing a luxury home in the Las Vegas Valley. You can reach us at 702-460-5080. We can help you with all your housing needs.
Keep in mind that whether you are interested in buying a home or selling a home, a realtor should represent you. This person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both new and resale homes for over thirty years.
We are here to answer any questions you might have; just email Jennifer at smithteamlasvegas.com.
Thanks, and make it a terrific day. The Smith King Team