Las Vegas Housing Market: Trends and Forecast 2025-2026

So, you're wondering what's happening with the current Las Vegas housing market? Well, as of April 2025, the Las Vegas housing market is showing some interesting trends. The median home price is holding steady, sales are up, and new listings are also increasing, while the months of supply have decreased. Let's dive into the details and see what it all means for you, whether you're a buyer or a seller.

Current Las Vegas Housing Market Trends in 2025:

Home Sales

Let's talk about sales. In March 2025, there were 2,142 single-family houses sold. That's a 20.3% increase from February and a 2.9% increase from March 2024.

Here's a quick look at how sales have been trending over the past few years:

Month	Single-Family Home Closings
March 2025	2,142
March 2024	2,082
March 2023	2,361
March 2022	3,272
March 2021	3,726

As you can see, while sales are up compared to last year, they're still not quite at the levels we saw in the booming market of 2021 and 2022.

Home Prices

Now, let's get to the big question: what's happening with home prices? The median sales price of previously owned single-family homes in March remained at $485,000. This is the third month in a row at this level. It is still our all-time record high, first set in May 2022 at $482,000.

Here's a look at how the median price has changed over the years:

Month	Median Price (Single-Family)
March 2025	$485,000
March 2024	$465,000
March 2023	$425,000
March 2022	$460,000
March 2021	$363,000

We had a $20,000 median price increase in single-family homes year of year.

For condos and townhomes, the median sales price went from $303,000 to $306,495, which is up 1.2% from February and up 8.5% from the prior year. That's a $23,995 median price increase in condos/townhomes from March 2024 to March 2025!

Are Home Prices Dropping?

This is the question on everyone's mind, right? The median home price in Las Vegas has been consistent for the last three months at $485,000. Which is up 4.3% from the prior year. While we're not seeing prices skyrocket like we did a few years ago, they aren't dropping either. It seems the Las Vegas housing market is finding a more stable point.

Comparison with Current National Median Price

Nationally, the median home price is around $398,400 as of February 2025 (Year-over-Year Change +3.8%). So, the Las Vegas median home price of $485,000 is significantly higher than the national average. This could be due to a number of factors, including the desirability of the area, limited land for new construction, and the overall economic conditions in Southern Nevada.

Housing Supply

The number of homes available for sale is a key indicator of market health. In March 2025, there were 3,340 new listings, which is up 19.3% from February and up 22.6% from the prior year.

Here's the breakdown of new listings over the past few years:

Month	New Listings
March 2025	3,340
March 2024	2,724
March 2023	2,565
March 2022	3,526
March 2021	3,566

There were also a total number of 5,416 single-family houses listed without offers in March, which is up 3.6% from the previous month and up 63% from the prior year.

The increase in listings is definitely giving buyers more options and could potentially cool down the market a bit.

Is Las Vegas a Buyer's or Seller's Housing Market?

To determine whether it’s a buyer's or seller's market, we need to look at the months of supply. This refers to how long it would take to sell all the homes currently on the market if no new homes were listed.

In March 2025, we were at 2.5 months of supply. This is down 13.9% from February but up 58.4% from the prior year.

Here's how the months of supply have looked in recent years:

Month	Months of Supply
March 2025	2.5
March 2024	1.6
March 2023	1.8
March 2022	0.6
March 2021	0.5

Generally, less than 4 months of supply favors sellers, while more than 6 months favors buyers. With 2.5 months of supply, we're still leaning towards a seller's market, but not as strongly as we were a year or two ago.

Market Trends

56.9% of the closings for the month of March were on the market 30 days or less. In February this number was at 53.2%, and in March 2024, 62.5% of the homes were on the market 30 days or less.

The Las Vegas housing market is still moving at a reasonable pace, though the pace has slowed slightly in the past year.

Impact of High Mortgage Rates

Mortgage rates play a huge role in the housing market. Right now, in April 2025, the average 30-year fixed mortgage rate is around 6.83%, and the 15-year FRM is about 6.03%.

Most experts think these rates will stay around this level for a while. Unlike last year, when many thought rates would go down, the feeling now is that they'll stay higher for longer. This could affect both buyers and sellers.

Last year, some buyers and sellers might have waited for rates to drop before making a move. But this year, they might decide to act sooner since they don't expect rates to get much better.

My Opinion

From my experience working in the Las Vegas real estate market, I believe we're entering a period of greater stability. The frantic bidding wars and rapidly rising prices of the past few years are behind us. Now, buyers have more negotiating power, and sellers need to be realistic about pricing their homes. I think buyers should also consult the best realtors in the Summerlin villages.

The higher mortgage rates are definitely impacting affordability, but they're also helping to keep prices in check. The Las Vegas market is still desirable with lot of things to do in Summerlin and other areas, and I expect it to remain relatively strong.

Las Vegas Housing Market Forecast 2025-2026

Based on the latest data, it seems like we might see a slight dip in home values over the next year. But let's dive into the details, and I'll share my thoughts on what this could mean for you.

Right now, the average home value in the Las Vegas-Henderson-Paradise area is around $435,599. That's a 4.3% jump from last year, which shows the market has been pretty hot. Homes are also going under contract fairly quickly, in about 32 days on average (Source: Zillow). This tells me there's still demand out there.

However, looking ahead, Zillow's forecast gives us a closer peek at where things might be heading. Here’s what their numbers from March 31, 2025, suggest:

• Near-Term Outlook (April 2025): They predict a small decrease of about 0.2% in home values by the end of April 2025.
• Mid-Term View (June 2025): The forecast indicates a slightly larger drop of around 0.6% by the end of June 2025.
• One-Year Prediction (March 2025 – March 2026): Over the next year, Zillow anticipates a further decline of approximately 1.3% in the Las Vegas housing market. (Source: Zillow Data)

Now, it's important to put this into perspective. A 1.3% decrease over a year isn't what I'd call a market crash. It feels more like a gentle cooling off after a period of strong growth. Several factors could be contributing to this, like interest rates, the overall economy, and just the natural ebb and flow of the market.

How Does This Compare to Other Nevada Areas?

It's interesting to see how the housing market forecast varies across Nevada. Here’s a quick look at Zillow's predictions for some other metropolitan areas:

Area	Predicted Value Change by Late April 2025	Predicted Value Change by Late June 2025	Predicted Value Change Over Next Year (by Late March 2026)
Las Vegas	-0.2%	-0.6%	-1.3%
Pahrump	0.1%	-0.2%	-1.1%
Winnemucca	-0.3%	-0.9%	-1.1%
Fallon	0%	-0.7%	-1.6%
Carson City	-0.1%	-0.9%	-2.2%
Reno	-0.3%	-1.0%	-2.3%

(Source: Zillow Data)

As you can see, most of these areas are also expected to see some level of price softening over the next year, with Reno and Carson City potentially seeing slightly larger declines than Las Vegas. Pahrump is a bit of an outlier in the very short term, with a small predicted gain by late April 2025.

Will Las Vegas Home Prices Drop Significantly or Even Crash?

Based on the data I'm seeing, and my experience in following this market, I don't believe we're heading for a major housing market crash in Las Vegas. A gradual decrease, like the one predicted, is more likely a correction than a collapse. The fundamentals of the Las Vegas housing market, such as population growth and the allure of the city, are still pretty strong.

My Thoughts on the Forecast and Beyond (2026)

Predicting the market beyond a year is always tricky. However, if the trend of a slight cooling continues into 2026, we might see a more stable market where price growth is more moderate, or even flat. For buyers, this could mean more negotiating power and less intense competition. For sellers, it emphasizes the importance of pricing their homes competitively from the start.

It's crucial to remember that these are just forecasts, and the real estate market can be influenced by many unexpected events. However, staying informed and understanding these trends is a great first step whether you're looking to make a move now or in the future.

Should You Invest in the Las Vegas Real Estate Market?

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.