The Las Vegas real estate market is holding strong—and I’m not surprised.
For the third month in a row, home prices in our city have stayed at a record high. According to a recent article from the Las Vegas Review-Journal, the median price for a single-family home is sitting at $465,000, matching the all-time peak we hit last May and again in December. Condos and townhomes are also at a record high of $285,000. These numbers aren’t just statistics—they reflect the strength and resilience of our market.
Read the full article in the Las Vegas Review-Journal here.
So, what’s keeping prices up despite higher interest rates?
The answer is simple: inventory. Or more accurately, the lack of it. We’ve been seeing fewer listings, and a lot of homeowners are holding on to their properties because they’re locked into ultra-low mortgage rates from the past few years. That limited supply continues to push prices upward, even with rates hovering around 6.6%.
At GK Properties, we’re seeing this play out every day. Buyers are still very active. In fact, as the RJ reported, nearly 72% of homes sold last month closed within 30 days—a clear sign that demand is still there. People are motivated to buy—they just have to act quickly when the right home hits the market.
We had about 3,600 single-family homes available at the end of last month, and just under 1,800 closed during that time. That’s roughly a two-month supply. In real estate terms, that’s still very much a seller’s market.
Now, is this market the same as the frenzy we saw during the pandemic? No. And that’s a good thing. We’re in a much more stable, sustainable place right now. Prices aren’t skyrocketing overnight, but they’re holding—and in this interest rate environment, that’s a win.
Here’s what I always remind clients and agents: this isn’t a market you time—this is a market you work. Whether you’re buying your first home, selling an investment, or looking to move up, it comes down to understanding your goals and being strategic.
If you’ve been waiting for a major price drop, you might be waiting a while. With builders still catching up and resale inventory this tight, I don’t see a dramatic shift coming any time soon.
Las Vegas remains one of the most desirable markets in the country. People are moving here for opportunity, lifestyle, and affordability compared to other metros. And as long as that continues, our market will stay competitive.
If you’re thinking about making a move, or you’re an agent guiding your clients through this—stay sharp, stay informed, and stay ready.