Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The Greater Las Vegas real estate market stalled again in June – noticeably, leaving 2025 closed units 6.9% behind 2024 and closed volume down 3.4% from 2024.
- the Median price of SFR returned to $485,000.
- the Average price an SFR closing also improved from $595,395 to $ 637,777 – a 7.1% uptick from May.
The luxury market led the June market with 165 closings above $1 Million, including 29 above $3 Million. The luxury market remains the strongest market segment and running ahead of 2024 at this point. The luxury market closings is keeping upward pressure on the average closed sales price and that creates the ever widening gap between the median sales price and average sales price as seen in the chart above.
Months of residential inventory increased to 4.6 months due to fewer listings taken and fewer closed sales than normal for June. There were 4,454 residential listings taken in June compared to 5,014 in May. Closings are never uniform across the Las Vegas area. Be sure to look at the “selected communities” report and notice that months of inventory range from three to nineteen months – depending on the community.
Market Changes Ahead!
Where do we go from here! I’m still expecting that we will have more of the same through the third quarter of 2025, partly because the Federal fiscal year only begins on October 1st each year. Consequently, much of what is in the budget bill that passed today will not be available until the fourth quarter. Then there’s the Fed! Now who knows why the Fed is sitting on their hands at a time when it’s obvious to everyone else that rate cuts would be welcome across the board.
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