Las Vegas Housing Market: Trends and Forecast 2025-2026

Thinking about buying or selling a home in Las Vegas? You're probably wondering what's going on with the Las Vegas housing market in 2025. In short, the market is shifting. Home prices are holding steady, but sales are down, and there are more homes available. Let's dive into the details and see what it all means for you!

Current Las Vegas Housing Market Trends in 2025:

Home Sales

Let's start with the most recent data. In May 2025, there were 2,087 single-family homes sold in Southern Nevada. Now, here's where it gets interesting:

• This is down 4% from April 2025.
• It's also down a significant 13.1% from May 2024.

To give you some context, here's a quick look at home sales in Las Vegas over the past few years:

Month	Home Sales (Single-Family)
May 2025	2,087
May 2024	2,401
May 2023	2,316
May 2022	2,907
May 2021	3,189

As you can see, sales are noticeably lower than in the past few years. What this means for you is less competition as a buyer.

Comparison with National Home Sales in the U.S. in May 2025

Nationally, home sales are also experiencing a slight dip. According to the National Association of Realtors (NAR), there was a 0.7% decrease year-over-year in May 2025. This means the slowdown isn't just a Las Vegas thing; it's happening across the country.

Home Prices

Now, let's talk money. The median sales price of previously owned single-family homes in Las Vegas remained at $480,000 in May 2025.

Are Home Prices Dropping?

The million-dollar question (or, well, the $480,000 question!): are home prices dropping? Not quite yet. While prices have held steady from April to May, they're still up 1.5% from May 2024.

Here's a look at the median sales price over the past few years:

Month	Median Sales Price (Single-Family)
May 2025	$480,000
May 2024	$473,000
May 2023	$442,120
May 2022	$482,000
May 2021	$385,000

Comparison with National Median Price in the U.S.

The national median home price in May 2025 was $422,800, with a year-over-year change of +1.3%. This means Las Vegas homes are still a bit pricier than the national average.

What About Condos and Townhomes?

If you're considering a condo or townhome, the median sales price increased from $302,700 to $307,000 which is down 1.4% from April and up 4.1% from the prior year. This is also about $12,000 increase from May 2024 to May 2025.

• May 2025: $307,000
• May 2024: $295,000

What About the Luxury Market in Las Vegas?

Want to live the high life? In May, 159 homes sold for $1 million or more, which is down 5 homes from April. The median sales price in the luxury market decreased to $1,370,000, a $25,000 decrease from April.

Housing Supply

One of the biggest shifts in the Las Vegas market is the increasing housing supply. In May 2025, there were 3,553 new listings, which is down 2% from April, but up 15% from May 2024. That's a significant jump!

Is It a Buyer's or Seller's Housing Market?

This is where it gets interesting. With more homes on the market and sales slowing down, the market is starting to lean towards buyers.

• There were 6,646 single-family houses listed without offers in May 2025.
• This is up 7% from the previous month and a whopping 71.8% from May 2024.

This means buyers have more options and more negotiating power.

Market Trends

So, what's driving these trends? Let's break it down:

• More inventory: Sellers are listing their homes at a higher rate than last year.
• Slower absorption: Buyers aren't snatching up homes as quickly.
• FOMO (Fear of Missing Out): Some sellers might be trying to list their homes while prices are still relatively high, hoping to capitalize on potential profits.

Months of Supply

Another key indicator is the months of supply, which tells you how long it would take to sell all the homes on the market at the current sales pace.

• In May 2025, Las Vegas had 3.2 months of supply.
• This is up 11.4% from April and a massive 97.6% from May 2024.

Here's a historical view:

Month	Months of Supply
May 2025	3.2
May 2024	1.6
May 2023	1.6
May 2022	1.2
May 2021	0.6

A balanced market typically has around 5-6 months of supply. We're not quite there yet, but we're moving in that direction.

How Fast Are Homes Selling?

Even with the increased inventory, homes are still selling relatively quickly.

• 61.3% of the closings in May 2025 were on the market for 30 days or less.
• While this is still a good pace, it's down from 70.9% in May 2024.

Impact of High Mortgage Rates

Of course, we can't talk about the housing market without mentioning mortgage rates. Higher rates make it more expensive to borrow money, which can cool down buyer demand.

Currently, the national average for a 30-year fixed mortgage rate is around 6.67%, and a 15-year fixed rate is about 5.8% (as of July 3, 2025). While rates have fluctuated a bit, most forecasts predict they'll remain around 6.0% to 6.5% for the rest of 2025.

What Does This Mean for Buyers and Sellers?

• Buyers: You have more options, more time to make a decision, and potentially more negotiating power. Don't be afraid to shop around and make reasonable offers.
• Sellers: It's crucial to price your home competitively and make it as appealing as possible to potential buyers. Work with a real estate agent who understands the current market dynamics.

In summary, the Las Vegas housing market is definitely in a state of transition. While prices haven't dropped significantly, the increase in inventory and slower sales pace suggest a shift towards a more balanced market. As a buyer, this means you have more opportunities. As a seller, it means you need to be strategic.

Las Vegas Housing Market Forecast 2025-2026

You're probably wondering, “Where will the Las Vegas housing market head in the next year or two?” The quick answer is, according to the latest forecast, a slight dip is expected in the short term, but not a dramatic crash, followed by a possible surge in demand in 2026. Let's dive into the details.

First, let's see where we are now. As of today, the average home value in Las Vegas-Henderson-Paradise is $440,327. Which is up 2.6% over the past year. It is important to consider that the “Las Vegas housing market” comprises Single Family Homes, Condo and Townhouses.

Las Vegas Housing Market Prediction

Zillow's predictions offer insights into the near future. Here's what you might expect for the Las Vegas area related to this “housing market forecast.”

Region	Area Type	State	Forecast Date	Price Change by June 30, 2025	Price Change by August 31, 2025	Price Change from May 2025 to May 2026
Las Vegas, NV	MSA	NV	May 31, 2025	-0.1%	-0.3%	-0.4%

So, what does this mean?

• Short-Term Dip (June & August 2025): Zillow forecasts a slight decrease in home values in Las Vegas, with a 0.1% dip by the end of June 2025 and an additional 0.3% decrease by the end of August 2025. This suggests a cooling-off period in the summer.
• Slight Decline Over the Year (May 2025 – May 2026): Looking at the longer view, Zillow predicts a 0.4% drop in home values from May 2025 to May 2026. This isn't catastrophic, but it signals that prices are unlikely to skyrocket in the coming year.

How Does Vegas Compare to Other Nevada Markets?

It's always good to compare regional trends within a state. Here's how Las Vegas stacks up against other Nevada metro areas:

Region	Area Type	State	Forecast Date	Price Change by June 30, 2025	Price Change by August 31, 2025	Price Change from May 2025 to May 2026
Reno, NV	MSA	NV	May 31, 2025	-0.3%	-0.9%	-1.6%
Fernley, NV	MSA	NV	May 31, 2025	-0.2%	-0.7%	-1.9%
Carson City, NV	MSA	NV	May 31, 2025	0%	-0.4%	-1.1%
Elko, NV	MSA	NV	May 31, 2025	0.2%	0%	-1.3%

As you can see, many Nevada markets are expecting similar or even larger declines. Elko stands out as a spot where prices are either stable or even growing slightly.

What About the National Picture?

To get a broader perspective, let's look at what's happening nationally. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), expects a somewhat brighter picture nationwide:

• Existing Home Sales: Expected to increase 6% in 2025 and a significant 11% in 2026.
• New Home Sales: Predicted to rise 10% in 2025 and another 5% in 2026.
• Median Home Prices: Forecast to increase 3% in 2025 and 4% in 2026.
• Mortgage Rates: Anticipated to average 6.4% in the second half of 2025 and drop to 6.1% in 2026.

This positive national outlook contrasts slightly with Zillow's more subdued forecast for Las Vegas, where prices are expected to either dip slightly or stay flat.

So, Will Home Prices Drop or Crash in Las Vegas? 

Based on the data, a housing market crash in Las Vegas seems unlikely for 2025. The forecasts point toward a moderate adjustment rather than a sharp downturn. However, it all comes down to how much more supply is injected in the market.

What Happens in 2026?

Looking ahead to 2026, if the national trends hold true for Las Vegas, we might see a rise in home sales and moderate price increases. What the forecast from major financial institutions has shown is that mortgage rates are expected to decline, which will increase buyer affordability and demand. But until then, it is all in speculation, until new data emerges.

My Thoughts as a Real Estate Professional

In my experience, the Las Vegas market is unique. It's heavily influenced by tourism, entertainment, and overall economic activity in the region. While national trends are important, local factors heavily sway Las Vegas's market. Keep in mind that these are predictions, not guarantees. The housing market can be impacted by many things such as interest rates, migration patterns to the area, or even unforeseen economic shifts.

Should You Invest in the Las Vegas Real Estate Market in 2025?

Las Vegas, known for its glitz and glamour, also offers intriguing possibilities for real estate investors. This section explores the current Las Vegas housing market to help you decide if it aligns with your investment goals.

The Las Vegas real estate market has seen significant movement. While sales activity slowed last year, new listings also declined, creating a more balanced market compared to prior periods. This doesn't necessarily signify a downturn; it suggests a shift from a seller's market to a more neutral environment.

While some price moderation might have occurred, affordability remains a challenge due to limited inventory. So, competition can be intense, particularly for desirable properties.

Reasons to Invest in Las Vegas Real Estate

Las Vegas offers potential advantages for long-term investors:

1. Steady Growth

The Las Vegas metro area boasts impressive growth, attracting new residents thanks to its diversified economy. Tourism, entertainment, gaming, along with technology, healthcare, and education contribute to a stable income base for the population.

2. Rental Market Strength

Las Vegas enjoys a robust rental market, with many residents choosing to rent. This presents opportunities for investors to generate consistent rental income, especially in popular neighborhoods and areas near employment hubs.

3. Proven Resilience

Las Vegas has a history of bouncing back from economic downturns, as evidenced by its recovery from the 2008 recession and the COVID-19 pandemic. The city continues to see revitalization efforts through new projects and initiatives.

4. Strong Economy and Population Growth

Las Vegas has been experiencing consistent population growth due to its economic opportunities, affordable cost of living, and desirable lifestyle. A growing population creates sustained demand for housing, making it an attractive option for long-term investors.

Las Vegas is a shining beacon in the desert for those fleeing California or simply hoping to make it big. Many others simply come to earn a living serving the many tourists who visit here each year or work at the firms relocating to this tax haven. All of this gives the Las Vegas real estate market a bright future.

The Las Vegas Valley was the 30th fastest-growing metro in the country last year, according to new data from the U.S. Census Bureau. Last year the valley added 14,038 new residents, a 0.6 percent increase over 2022, according to the census, and has added 71,098 residents since 2020.

5. Infrastructure Development

Las Vegas has ongoing infrastructure development projects, including new roads, public transportation, and community amenities. These investments can enhance the quality of life and property values, making it an appealing choice for long-term real estate investors.

Several significant projects are shaping Las Vegas's future:

• The Resorts World Las Vegas: A $4.3 billion mega-resort opened in June 2023, offering over 3,500 rooms, a casino, a theater, and more.
• The MSG Sphere at The Venetian: A $1.8 billion entertainment venue expected to open in late 2023 or early 2024, featuring a spherical shape and state-of-the-art technology.
• The Las Vegas Convention Center Expansion: A $980 million project added 1.4 million square feet of space, enhancing the city's event capabilities.
• The Allegiant Stadium: A $1.9 billion stadium that opened in July 2020 as the home of the NFL's Las Vegas Raiders and host for events and concerts.
• The Boring Company's Loop System: A $52 million underground transportation system connects various locations in Las Vegas using autonomous electric vehicles.

6. Economic Diversification

Las Vegas has diversified its economy beyond the entertainment and tourism sectors. The city now boasts thriving industries in technology, healthcare, and manufacturing. Economic diversification contributes to stability and long-term growth potential in the real estate market.

7. Appreciation Potential

The Las Vegas real estate market has historically shown the potential for property appreciation. As the city continues to grow and evolve, property values may increase over time, providing long-term investors with capital gains opportunities.

8. Low Property Taxes

Nevada is known for its favorable tax climate. The state has no personal income tax, and property taxes are relatively low. This can translate into better returns for real estate investors, making long-term ownership more attractive.

9. Tourism and Hospitality

Las Vegas remains a global tourist destination, and the hospitality industry continues to thrive. This ensures a steady flow of short-term rental and vacation rental opportunities, which can be a lucrative segment for long-term investors, especially in the right locations.

10. Education and Workforce

The city has been making investments in education and workforce development. A well-educated and skilled workforce can attract businesses and professionals, leading to increased demand for housing and real estate investment potential in the long term.

11. Wealth of Investment Options

Las Vegas offers a wide range of real estate investment options, from single-family homes to multi-unit properties and commercial real estate. Diversifying your portfolio with different types of properties can provide a solid foundation for long-term financial growth.

Before investing in Las Vegas real estate for the long term, it's crucial to conduct thorough research, understand market conditions, and consult with local real estate experts to make well-informed investment decisions. Long-term real estate investment can be a promising path to building wealth and financial security in this dynamic and growing city.