Welcome to August in Las Vegas. School is back in session, temperatures are still blazing, and the local real estate market is entering one of its most pivotal shifts in years.
Whether you’re buying, selling, or simply watching the Las Vegas housing market, here’s what you need to know.
Las Vegas Real Estate Trends: Supply Is Up, Prices Are Steady
In June, available single-family homes on the market without offers jumped nearly 70 percent year over year. Over 6,900 homes are sitting unsold, and condos and townhomes are following the same trend, with inventory up nearly 88 percent.
Despite the flood of listings, Las Vegas home prices remain steady, with the median price of a single-family home holding at $485,000 matching the all-time high reached earlier in 2025. That’s a 2.1 percent increase from last summer.
Why Aren’t Home Prices Dropping in Las Vegas?
It’s a perfect storm: demand from out-of-state buyers (especially Californians), limited new home construction, and homeowners sitting on ultra-low mortgage rates from recent years. These forces are keeping prices high, even as inventory climbs.
So, while buyers finally have more options and less competition, many sellers are hesitant to adjust prices unless they’re serious about moving.
A Window of Opportunity for Buyers
The Las Vegas housing market is entering a more balanced phase, with around four months of inventory available. That gives buyers time to breathe and negotiate.
In fact, roughly 27 percent of homes for sale in Las Vegas have seen price cuts, compared to about 21 percent nationally. If you’re a buyer, now is the time to look for smart deals and homes priced to sell.
Home Affordability Still a Major Challenge
Even with more homes on the market, affordability is still a major issue for many Las Vegas locals. Home prices have outpaced wage growth, especially in service-based industries.
As I shared with News 3 Las Vegas, “The biggest change has been the increasing number of homes available for sale, which is good for buyers. It should also be prompting sellers to be realistic when pricing their properties.”
Expert Advice: What to Know if You’re Buying or Selling in Las Vegas
If You’re Buying a Home in Las Vegas:
- Be selective. More inventory gives you more power. Focus on well-priced listings in desirable areas.
- Watch interest rates. Many buyers are exploring ARMs around 6 percent, but consider long-term risks.
- Think long-term. Not in a rush? You may have more negotiating power heading into fall.
If You’re Selling a Home in Las Vegas:
- Price to move. Homes are sitting longer. Don’t let ego get in the way of a realistic sale.
- Stay flexible. If you’re not getting showings or offers, respond to the market quickly.
- Know your next move. If you’re locked into a low-rate loan, make sure selling truly makes financial sense.
What’s Next for the Las Vegas Market?
Analysts expect home prices in Las Vegas to hold or dip slightly if mortgage rates stay around 7 percent and inventory keeps rising.
But a full market correction? Unlikely. Las Vegas still faces long-term housing supply constraints due to land restrictions and limited new development.
Final Thoughts from George
This isn’t 2008. This is a new era of balance, patience, and informed strategy.
Whether you’re looking for your dream home, thinking of selling, or trying to understand where the Las Vegas market is heading next, I’m here to guide you with facts, strategy, and experience.
Want to explore your options? Let’s talk today.
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George Kypreos
Real Estate Expert | Founder of GK Properties