Is Las Vegas a Buyer's or Seller's Market Right Now?

by Ryan Rose

Before you list your home, you need to understand who has the advantage in today's market. The answer affects everything from pricing to negotiation strategy to how long you should expect your sale to take.

The Quick Answer

Las Vegas is currently a balanced market leaning slightly toward buyers. We're not in a strong buyer's market, but the days of sellers holding all the cards are over.

How We Measure Market Type

Real estate professionals use "months of supply" as the primary indicator:

0-3 months: Seller's market (not enough homes, sellers have leverage)
4-6 months: Balanced market (equilibrium between buyers and sellers)
6+ months: Buyer's market (too many homes, buyers have leverage)

Las Vegas currently has approximately 5 months of housing supply. That puts us squarely in balanced territory, with buyers gaining ground.

Current Market Indicators

Indicator	What It Shows	Favors
7,000+ active listings	Up 26% from last year	Buyers
61% selling below asking	Most sellers negotiate down	Buyers
47-72 days on market	Longer than 2021-2022	Buyers
Prices near record highs	Values haven't dropped	Sellers
Low distressed sales (0.5%)	No foreclosure wave	Sellers

What This Means for Sellers

In a balanced-to-buyer's market, you should expect:

Competition. You're not the only option. With 7,000+ listings, buyers can be selective.

Negotiation. Most buyers will negotiate. Offers at or above asking price are uncommon. The average sale-to-list ratio is around 98.6%.

Concessions. Buyers often request seller concessions like closing cost credits or rate buydowns.

Patience. Expect 6-10 weeks to receive an acceptable offer, plus another 30-45 days to close.

Pricing precision. Overpricing is punished quickly. Buyers skip overpriced listings entirely.

How This Differs from a Seller's Market

In 2021-2022, Las Vegas was a strong seller's market:

Multiple offers were common
Homes sold in days, not weeks
Buyers waived inspections and contingencies
Sellers received above asking price
Buyers had almost no negotiating power

That's not today's reality. Adjusting your expectations is crucial for a successful sale.

Strategies for Selling in This Market

Price correctly from day one. You can't overprice and wait for the market to catch up. The market isn't moving that direction.

Make your home stand out. With more competition, presentation matters more than ever.

Be prepared to negotiate. Build negotiating room into your pricing if needed, but don't overprice.

Consider incentives. Offering to pay buyer closing costs or contribute to rate buydowns can attract more interest.

Stay flexible. On showing times, closing dates, and minor repair requests.

The Silver Lining for Sellers

Despite buyer advantages, sellers aren't in a bad position:

Prices haven't crashed. You're selling near peak values.
Serious buyers are still active. Homes are selling.
If you're buying locally, the market that hurts your sale helps your purchase.
No foreclosure wave is flooding the market with competition.

Neighborhood Variations

Market conditions vary by area. Some Las Vegas neighborhoods remain more competitive than others. Luxury markets (over $1 million) tend to favor buyers more heavily with longer days on market. Entry-level and mid-range homes in desirable areas may still see stronger seller conditions.

The Bottom Line

Las Vegas is a balanced market where buyers have gained leverage but sellers can still achieve successful sales. The key is realistic pricing, excellent presentation, and patience. Homes are selling. They're just selling differently than they did in 2021.

Want to understand how current conditions affect your specific home and neighborhood? Let's discuss your situation.

Las Vegas Real Estate Market FAQs: Buyer's vs Seller's Market Questions Answered

Q1: Is Las Vegas currently a buyer's or seller's market?

Las Vegas is currently a balanced market leaning slightly toward buyers. With approximately 5 months of housing supply, we're in equilibrium territory, though buyers have gained some leverage compared to the strong seller's market of 2021-2022.

Q2: How do you determine if it's a buyer's or seller's market?

Real estate professionals use "months of supply" as the primary indicator. A seller's market has 0-3 months of supply, a balanced market has 4-6 months, and a buyer's market has 6+ months. Las Vegas currently sits at about 5 months of supply.

Q3: What percentage of Las Vegas homes are selling below asking price?

Currently, 61% of homes in Las Vegas are selling below asking price. The average sale-to-list ratio is around 98.6%, meaning most sellers should expect some level of negotiation from buyers.

Q4: How long does it take to sell a home in Las Vegas right now?

Homes in Las Vegas are currently averaging 47-72 days on market, which is longer than the fast-paced 2021-2022 market. Sellers should expect 6-10 weeks to receive an acceptable offer, plus another 30-45 days to close.

Q5: How many active listings are currently on the Las Vegas market?

Las Vegas currently has over 7,000 active listings, which represents a 26% increase from last year. This increase in inventory gives buyers more options and increases competition among sellers.

Q6: Should I expect to receive multiple offers on my Las Vegas home?

Unlike the 2021-2022 seller's market, multiple offers are uncommon in today's balanced market. With increased inventory and buyer leverage, most sellers receive fewer offers and should expect negotiation on price and terms.

Q7: Are home prices dropping in Las Vegas?

No, prices haven't crashed. Las Vegas home values remain near record highs, which is a positive factor for sellers. The market has shifted in terms of negotiating power and time on market, but values have remained relatively stable.

Q8: What are seller concessions and should I expect to offer them?

Seller concessions are financial contributions sellers make toward buyer costs, such as closing costs or rate buydowns. In today's market, buyers often request these concessions, and offering them can make your home more attractive to potential buyers.

Q9: Do market conditions vary by neighborhood in Las Vegas?

Yes, market conditions vary by area. Luxury markets over $1 million tend to favor buyers more heavily with longer days on market. Entry-level and mid-range homes in desirable areas may still experience stronger seller conditions compared to the overall market.

Q10: What's the biggest pricing mistake sellers make in today's Las Vegas market?

The biggest mistake is overpricing from day one. In today's market, buyers skip overpriced listings entirely. You can't overprice and wait for the market to catch up—the market isn't moving in that direction. Pricing correctly from the start is crucial.

Q11: Is there a foreclosure wave affecting the Las Vegas market?

No. Distressed sales account for only 0.5% of the market, meaning there's no foreclosure wave flooding the market with competition. This is a positive factor for sellers, as it prevents excess inventory from driving prices down.

Q12: What strategies work best for selling in a balanced market?

Key strategies include pricing correctly from day one, making your home stand out through excellent presentation, being prepared to negotiate, considering buyer incentives like closing cost credits, and staying flexible on showing times and closing dates.