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Current Las Vegas Market Individual Charts

Current Las Vegas Market Report

Market Overview

The Greater Las Vegas real estate market remains stuck in the slow lane as we enter into September – leaving 2025 closed units 8.2% behind 2024 and closed volume down 5.2% from 2024.

• the Median price of SFR retreated from $485,000 and landed at $480,000.
• the Average price an SFR closing dropped sharply from $608,935 to $586,070 – an additional drop of 3.8% in addition to the 4.5% downturn last month.

The luxury market led the August market with 145 closings above $1 Million, including 14 above $3 Million. The lower end luxury market remains the strongest market segment and running ahead of 2024 at this point. However, even the higher end of the luxury market has cooled off – taking more pressure off price increases. Consequently, the gap between the median sales price and average sales price narrowed further in August..

Months of single family residential inventory increased to 4.9 months due to fewer closed sales with not much improvement in new listings. 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 seventeen months – depending on the community. Market performance has become increasingly localized, with supply and demand very different from one community to the other. This must be taken into consideration when preparing seller CMAs!

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.