Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
The Greater Las Vegas real estate market remained slower in July – leaving 2025 closed units 7.2% behind 2024 and closed volume down 4.3% from 2024.
- the Median price of SFR held at $485,000.
- the Average price an SFR closing dropped from $ 637,777 to $608,935 – a 4.5% downturn from June.
The luxury market led the July market with 171 closings above $1 Million, including 19 above $3 Million. The lower end luxury market remains the strongest market segment and running ahead of 2024 at this point. The luxury market closings put less pressure on the average closed sales price in July – an thus gap between the median sales price and average sales price narrowed a bit this past month.
Months of single family residential inventory decreased to 4.3 months due to more closed sales with not much improvement in new listings. Meanwhile, condo and townhome inventory shot up to 6 months. There were 4,482 residential listings taken in July compared to 4,454 in July. 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!
First, inventory is sitting on the market longer, but price drops are not keeping pace with the languishing inventory. Consequently, the Over Pricing Index has risen to 51% and still climbing. 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. 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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