Las Vegas Housing Market Forecast 2025: What Buyers Should Expect

Current Market Snapshot (November 2025)

Based on the latest Las Vegas Realtors data:

• Single-family median price: $488,995 (+1.9% year-over-year)
• Condo/townhouse median: $303,750 (+0.8% year-over-year)
• Available inventory: 7,033 single-family homes (+26.3% year-over-year)
• Months of supply: 4.6 months (+35.2% year-over-year)
• Homes selling within 30 days: 47.4% (down from 57.9% last year)
• Sales volume: 1,538 units in November (-6.6% year-over-year)

What This Means for Buyers

More choices:

With inventory up 26%, buyers have significantly more homes to consider. You are less likely to feel pressured into a property that is not quite right because there are alternatives available.

Less competition:

Multiple-offer situations have decreased substantially. In 2021-2022, nearly every desirable listing received multiple offers within days. Now, homes sit longer and buyers can make thoughtful decisions without panic.

More negotiating power:

With homes taking longer to sell, sellers are more willing to negotiate on price, repairs, closing costs, and other terms. Buyers can request inspections, ask for credits, and push back on pricing in ways that were impossible two years ago.

Time to decide:

Only 47% of homes sell within 30 days, down from 58% last year. This gives buyers time to tour multiple properties, compare options, arrange financing, and coordinate logistics without losing deals to faster buyers.

Price Forecast for 2025

Price appreciation has cooled significantly. The 1.9% year-over-year increase in single-family home prices is well below the double-digit gains seen in 2021-2022. For the remainder of 2025 and into 2026, expect:

• Continued slow appreciation: 1-3% annual gains are likely, not 10-15%
• No significant crash: Fundamentals (jobs, migration, limited land) support prices
• Neighborhood variation: Premium areas may hold value better than entry-level
• Rate-dependent: If mortgage rates drop, buyer demand could increase

Interest Rate Impact

Mortgage rates in the 6-7% range remain the biggest headwind for the market. These rates significantly impact affordability compared to the 3-4% rates available in 2020-2021. However:

• Rates affect every market nationally, not just Las Vegas
• Historical perspective: 6-7% rates are normal; 3% was the anomaly
• Refinancing opportunity: If rates drop later, you can refinance
• Builder incentives: Many builders offer rate buydowns to offset high rates

Factors Supporting Las Vegas Real Estate

Continued California migration:

California-to-Nevada migration remains strong. High California housing costs, taxes, and cost of living continue pushing residents to Las Vegas. This migration floor supports ongoing housing demand.

No state income tax:

Nevada's zero state income tax continues attracting remote workers and retirees who can choose where they live. This structural advantage will not change and provides lasting demand support.

Limited land supply:

Las Vegas is surrounded by federal land and mountains, limiting sprawl. Unlike Phoenix or Texas markets that can expand endlessly, Las Vegas has geographic constraints that support long-term values.

Diversifying economy:

Professional sports (Raiders, Golden Knights, A's), healthcare, technology, and logistics have expanded beyond tourism. This economic diversification reduces boom-bust vulnerability.

Risks to Watch

• Interest rates staying elevated: Prolonged high rates would continue suppressing buyer demand
• Economic recession: Las Vegas tourism is vulnerable to economic downturns
• Oversupply in specific segments: New construction condos and entry-level homes could face pressure
• Water concerns: Long-term water supply remains a background issue to monitor

Should You Buy Now or Wait?

Arguments for buying now:

• Best negotiating power since 2019
• More inventory to choose from
• Less competition for desirable homes
• Can refinance later if rates drop
• Building equity beats paying rent

Arguments for waiting:

• Rates might drop, improving affordability
• Prices could soften further
• Economic uncertainty could create opportunities

Bottom line: If you plan to stay 5+ years and can afford current rates, buying now makes sense. You get buyer-favorable conditions and can refinance later. If you are uncertain about job stability or timeline, waiting has merit. Do not try to time the market perfectly.

The Bottom Line

The Las Vegas housing market in 2025 is balanced and buyer-friendly. Prices have stabilized, inventory has grown, and competition has decreased. This is not the panic-buying environment of 2021-2022 or a crash. It is a healthy market that allows thoughtful decision-making. For qualified buyers with stable employment and a 5+ year horizon, current conditions are favorable.

I track the Las Vegas market closely and help buyers make informed decisions based on current data. If you want to discuss timing, neighborhoods, or strategy for your situation, reach out for a no-pressure conversation.