The Las Vegas housing market is experiencing notable changes amid a broader national trend of rising home prices and listings. According to a recent Redfin report, home prices in the Las Vegas Valley have increased by 0.62 percent from January to early February and by 5.67 percent since January 2024, both surpassing the national average.
Despite these price hikes, the median time a home stays on the market has extended to 57 days, four days longer than the previous year. The number of homes sold in 2025 has decreased by 2 percent compared to the same period last year, with approximately 23 percent of current home sales involving a price drop.
Nationally, the housing market has seen an increase in supply, with a five-month inventory of homes available—the highest since early 2019. New listings have also risen by 7.4 percent year-over-year during the four weeks ending in early February, reaching a peak since 2022.
In Las Vegas, sellers are motivated to list their homes despite record high prices and a dip in sales. Some sellers are opting to move to less expensive homes due to slower-than-expected value appreciation, while others, particularly retirees, are downsizing. High mortgage rates, which have not dipped below 6 percent since August 2022, and economic uncertainties are keeping many buyers on the sidelines, though there are signs some are re-entering the market.
The median sale price for homes in Southern Nevada hit a record $485,000 in January, marking a 9 percent increase from the previous year. The number of homes listed without offers has also surged, with a 46.9 percent rise for homes and a 66.9 percent increase for condos and townhomes compared to last year.
While Las Vegas sees climbing prices, other cities like Tampa, Dallas, and Oakland have experienced declines in home prices. Conversely, cities such as Pittsburgh, Nassau County, and West Palm Beach have recorded significant year-over-year price increases. San Jose leads in new listings, with Oakland and Phoenix following.
Redfin’s Senior Economist Sheharyar Bokhari notes that the national housing market is facing challenges from various factors, affecting the pace of price growth and the dynamics of home sales. Homes are sitting longer on the market and selling at discounts, indicating a potential slow down in price escalation.