Hi, my DS is 2.1 and hasn't got any proper words either!
We've had his hearing checked, which turned out to be fine, he's had an assessment by a SALT and we have now got an appointment at the child development centre as there are some concerns about his communication/social interaction in general, not just speech.
However, in the last couple of months there have been some encouraging developments - he now uses a couple of "made-up" words (e.g. he calls his doggy "hasse"), and we've been able to teach him a couple of baby signs, a particular useful one being "more".
I've done quite a bit of reading about speech delay, and while it can certainly be an indicator of a number of disorders (such as autism) and should definitely be investigated, it's also true that a majority of late speakers are just late bloomers who will catch up eventually (although apparently some of them go on to have problems with reading and writing later, and a lot of them are dyslexic).
I think for your own peace of mind you need to push for a hearing test (just because he dances to music doesn't mean he can hear all speech frequencies, IYSWIM), and possibly get him seen by a pediatrican. I was very pleasantly surprised that all the health professionals I've seen so far have taken my concerns very seriously and no-one has tried to fob me off with "wait and see"!