The current Las Vegas housing market trends show a mixed bag of indicators, but overall, the market is showing signs of stabilization with modest growth. While the median home price saw a slight decrease in December 2024, the year ended with a significant increase compared to the previous year. This suggests that while there may be month-to-month fluctuations, the long-term trend in the Las Vegas real estate market is still upward.
I’ve been watching the Las Vegas housing scene closely for years now, and I’ve seen firsthand how quickly things can change here. It’s a city that’s always attracting new residents, and that demand can really drive the market. So, let’s dig into the numbers and see what’s really going on.
Current Las Vegas Housing Market Trends
Home Sales
In December 2024, there were 1,811 single-family homes sold, a notable 10% increase compared to November and a substantial 19.3% increase compared to December 2023. This jump in sales volume suggests a strong buyer interest as the year closed. It’s quite interesting to see such a big jump in sales at a time when people would typically start to wind down for the holidays. It indicates a solid underlying demand in the market.
Home Prices
The median sales price of previously owned single-family homes in December dipped slightly to $475,000, a decrease of 1% from November’s $480,000. However, looking at the big picture, this price is still 5.6% higher than the median price in December 2023 which was $449,900. Over the entire year of 2024, the median price for single family homes increased from $445,000 in January to $475,000 in December, which is a total gain of $30,000. This increase shows the significant appreciation homes saw in Las Vegas throughout 2024.
Here’s a quick rundown of how the median price of a single-family home in Las Vegas has changed each month of 2024:

Month
Median Price

January
$445,000

February
$460,000

March
$465,000

April
$469,000

May
$473,000

June
$475,000

July
$480,000

August
$476,875

September
$479,990

October
$475,531

November
$480,000

December
$475,000

Condos and townhomes also saw a similar trend. The median sales price for condos and townhomes decreased in December to $290,000, a 4.4% drop from November but is still 9.5% higher than the price from December 2023 of $270,000. This means there was a *$20,000 median price increase in condos and townhomes from December 2023 to December 2024 as well.
Are Home Prices Dropping?
While the median price did dip slightly in December, I wouldn’t say that Las Vegas home prices are dropping overall. The small decrease is likely just a seasonal adjustment, and not indicative of a long-term downward trend. When you consider the overall price appreciation of the year it’s important to remember that real estate markets naturally fluctuate and seasonal factors can play a big role.
Housing Supply
The housing supply, measured in months of inventory, was at 2.7 months in December 2024. This is down 18.9% from the 3.4 months in November, but up 10.5% compared to December 2023 (2.5 months). This data suggests that while the number of homes on the market dipped from the previous month, we still have a slightly higher inventory than last year.
To give you more context, here’s a look at the months of supply for each month of 2024:

Month
Months of Supply

January
2.4

February
1.8

March
1.6

April
1.5

May
1.6

June
2.0

July
2.2

August
2.5

September
3.0

October
3.0

November
3.4

December
2.7

Also, there were 4,965 single-family houses listed without offers in December, which is down 10.9% from November, but up 31.8% from December 2023. While this may seem like a lot of houses, remember that a significant portion of the homes that sold each month were on the market for 30 days or less. For December 2024 that percentage was at 50.1%. These numbers indicate that while there are more listings without offers, homes that are priced well and are in good condition are still moving rather quickly.
Is It a Buyer’s or Seller’s Housing Market?
Given these trends, it’s really a bit of both for buyers and sellers in Las Vegas right now. While the housing supply is slightly up year-over-year, the number of homes for sale is still historically low compared to previous years. The relatively low inventory and the number of listings without offers, coupled with good sales volume, suggests that sellers still have an edge, especially for well-maintained homes that are priced competitively.
On the other hand, the slight dip in prices over the last month combined with the increase in months of supply, gives buyers more options and a bit more room to negotiate than they had a year ago. As a result, we’re likely looking at a more balanced market than we have been in the last few years.
Market Trends
Looking at the big picture, the overall Las Vegas housing market experienced significant growth during 2024.

The median home price increased by $30,000 from January 2024 to December 2024 for single-family homes and $20,000 for condos and townhomes.
Total sales volume also increased, with 31,305 existing homes, condos, and townhomes sold throughout the year, almost an 8% increase compared to the 29,069 that were sold in 2023.
The total dollar value of home sales in December alone was close to $1.1 billion and over $144 million for condos and townhomes.

Luxury homes in Las Vegas are also experiencing some change. There were 147 homes sold for over $1 million in December, compared to 108 the month prior. The median price in the luxury market, however, decreased to $1,350,000 from $1,368,000 in November.
These trends indicate a resilient market, with sales volume and prices continuing to increase despite minor fluctuations month-to-month.
Comparison with Current National Median Price
Compared to the national median home price of $407,500 (December 2024 data), Las Vegas median home prices are significantly higher at $475,000 for single-family homes. While the national market saw a 6% year-over-year change, the Las Vegas market saw a 5.6% increase year over year. This suggests that even though the Las Vegas housing market saw similar appreciation compared to the national market, prices in Las Vegas are still far higher than the average for the rest of the US.
Impact of High Mortgage Rates
The impact of high mortgage rates, which are currently hovering around 7% (as of January 2025), is definitely a factor in the market. Higher rates mean higher monthly payments for buyers, which is why some people are deciding to sit on the sidelines for now. This impacts the demand for homes, which is most likely why we are seeing the slight drop in prices month-over-month.
However, those who are financially prepared to buy are still in the market, especially given the limited supply and strong overall growth trends. The rate isn’t enough to stall the market entirely as we’re still seeing a steady pace of sales and price appreciation year-over-year.
Top Selling Zip Codes for 2024
It’s interesting to look at which zip codes sold the most homes in 2024.

The ZIP code 89166, which includes areas like Mount Charleston, Providence, Skye Canyon, and Kyle Canyon, sold the most homes, a total of 1,772 homes, in 2024.
The ZIP code 89141, in the southwest part of the valley, including parts of Southern Highlands and southwest of Enterprise, came in second with 1,614 homes sold.
In terms of total dollar value, the zip code 89135, which includes Summerlin South and The Summit Club, led the valley with $1.2 billion in sales.
The second highest in total value sold is 89141 with $1 billion in total sales.

This just goes to show how diverse the Las Vegas market is, with different areas offering different types of homes at different price points.
Final Thoughts
From my perspective, while there might be some fluctuations in prices month to month, the Las Vegas housing market remains fairly stable and shows signs of positive growth overall. The market is transitioning towards a more balanced scenario where neither buyers nor sellers have a significant advantage. However, it’s crucial for anyone thinking of buying or selling to keep an eye on the interest rates and to work with an experienced local real estate professional who is aware of these current Las Vegas Housing Market Trends. The most important advice I can give is to always do your research, stay informed, and be prepared to make a decision based on your own unique situation.
Las Vegas Housing Market Forecast 2025-2026
You’re probably curious about the Las Vegas housing market forecast. The good news is that while the market has seen some changes, experts don’t predict a drastic crash, at least not in the near future. Instead, we’re likely to see a gradual cooling in the market with some modest price declines in the coming months. Let’s dive in and look at the projected changes in the Las Vegas housing market.
Outlook for Las Vegas Home Values
I often look at data from reputable sources like Zillow, and I recently reviewed their predictions for the Las Vegas housing market. They’ve offered some projections that provide a pretty good idea of what we might expect. According to their data, the Las Vegas MSA (Metropolitan Statistical Area) is predicted to experience a slight decline in home values in the upcoming quarters.
Here’s a breakdown based on the Zillow data:

Date
Projected Change in Home Value (Year-over-Year %)

October 2024
-0.1%

December 2024
-1.2%

September 2025
-0.8%

It’s important to note that these are just forecasts, and unexpected things can happen in the market. But, they can give us a sense of the general direction.
How Does Las Vegas Compare to Other Parts of Nevada?
If you’re looking at different areas of Nevada, the Las Vegas housing market forecast isn’t too far off from some other regions. For example, Reno is also expected to see a slight dip in home prices, with a projected decline of -1.2% by September 2025. Fernley and Carson City also have projections for similar declines.
However, some areas like Elko, show a different picture, with a projected increase of 0.4% in October 2024. Similarly, Pahrump has a more optimistic forecast, with home values projected to increase by 0.8% by September 2025.
Will Home Prices Drop in Las Vegas? Could There be a Crash?
Based on current predictions, it seems unlikely that the Las Vegas housing market will crash. But it’s important to acknowledge that a significant economic downturn could change things. For now, we can expect a slowdown in price growth and some minor declines, rather than a dramatic crash.
My opinion is that the market is adjusting to a more sustainable pace after the rapid growth of the past few years. The increased interest rates played a large role in slowing things down. It’s important to remember that the housing market is cyclical and subject to both local and national economic factors.
A Possible Forecast for 2026
Extrapolating beyond the available data, I’d say it’s plausible that the Las Vegas housing market could start to stabilize in 2026. It’s possible that we might see the market flatten out or experience modest growth. However, predicting beyond a year out becomes more difficult due to a number of variables.
The Future of the Las Vegas Housing Market
Predicting the future of any market is always challenging, but based on current Las Vegas housing market trends and my experience, here’s my outlook:

Balanced Market: I anticipate the market continuing its transition towards a more balanced state.
Gradual Price Adjustments: While I don’t foresee a significant crash, we might see a gradual and controlled adjustment in prices over the next couple of years.
Increased Inventory: I expect inventory to continue to rise, giving buyers more leverage.
Buyer Confidence: As interest rates stabilize and the market becomes more balanced, buyer confidence is likely to continue to grow.

My perspective is that the Las Vegas housing market has been on an incredible run for several years. It is my belief that the market is now returning to a more normal and sustainable pace.
I hope this comprehensive overview of the Las Vegas housing market trends in 2024 has been insightful. If you’re considering buying or selling a home in the Las Vegas Valley, please don’t hesitate to reach out. I’d be happy to discuss your needs and help you achieve your real estate aspirations.
Should You Invest in the Las Vegas Real Estate Market?
Las Vegas, known for its glitz and glamour, also offers intriguing possibilities for real estate investors. This section explores the current Las Vegas housing market to help you decide if it aligns with your investment goals.
The Las Vegas real estate market has seen significant movement. While sales activity slowed last year, new listings also declined, creating a more balanced market compared to prior periods. This doesn’t necessarily signify a downturn; it suggests a shift from a seller’s market to a more neutral environment.
While some price moderation might have occurred, affordability remains a challenge due to limited inventory. So, competition can be intense, particularly for desirable properties.
Reasons to Invest in Las Vegas Real Estate
Las Vegas offers potential advantages for long-term investors:
1. Steady Growth
The Las Vegas metro area boasts impressive growth, attracting new residents thanks to its diversified economy. Tourism, entertainment, gaming, along with technology, healthcare, and education contribute to a stable income base for the population.
2. Rental Market Strength
Las Vegas enjoys a robust rental market, with many residents choosing to rent. This presents opportunities for investors to generate consistent rental income, especially in popular neighborhoods and areas near employment hubs.
3. Proven Resilience
Las Vegas has a history of bouncing back from economic downturns, as evidenced by its recovery from the 2008 recession and the COVID-19 pandemic. The city continues to see revitalization efforts through new projects and initiatives.
4. Strong Economy and Population Growth
Las Vegas has been experiencing consistent population growth due to its economic opportunities, affordable cost of living, and desirable lifestyle. A growing population creates sustained demand for housing, making it an attractive option for long-term investors.
Las Vegas is a shining beacon in the desert for those fleeing California or simply hoping to make it big. Many others simply come to earn a living serving the many tourists who visit here each year or work at the firms relocating to this tax haven. All of this gives the Las Vegas real estate market a bright future.
The Las Vegas Valley was the 30th fastest-growing metro in the country last year, according to new data from the U.S. Census Bureau. Last year the valley added 14,038 new residents, a 0.6 percent increase over 2022, according to the census, and has added 71,098 residents since 2020.
5. Infrastructure Development
Las Vegas has ongoing infrastructure development projects, including new roads, public transportation, and community amenities. These investments can enhance the quality of life and property values, making it an appealing choice for long-term real estate investors.
Several significant projects are shaping Las Vegas’s future:

The Resorts World Las Vegas: A $4.3 billion mega-resort opened in June 2023, offering over 3,500 rooms, a casino, a theater, and more.
The MSG Sphere at The Venetian: A $1.8 billion entertainment venue expected to open in late 2023 or early 2024, featuring a spherical shape and state-of-the-art technology.
The Las Vegas Convention Center Expansion: A $980 million project added 1.4 million square feet of space, enhancing the city’s event capabilities.
The Allegiant Stadium: A $1.9 billion stadium that opened in July 2020 as the home of the NFL’s Las Vegas Raiders and host for events and concerts.
The Boring Company’s Loop System: A $52 million underground transportation system connects various locations in Las Vegas using autonomous electric vehicles.

6. Economic Diversification
Las Vegas has diversified its economy beyond the entertainment and tourism sectors. The city now boasts thriving industries in technology, healthcare, and manufacturing. Economic diversification contributes to stability and long-term growth potential in the real estate market.
7. Appreciation Potential
The Las Vegas real estate market has historically shown the potential for property appreciation. As the city continues to grow and evolve, property values may increase over time, providing long-term investors with capital gains opportunities.
8. Low Property Taxes
Nevada is known for its favorable tax climate. The state has no personal income tax, and property taxes are relatively low. This can translate into better returns for real estate investors, making long-term ownership more attractive.
9. Tourism and Hospitality
Las Vegas remains a global tourist destination, and the hospitality industry continues to thrive. This ensures a steady flow of short-term rental and vacation rental opportunities, which can be a lucrative segment for long-term investors, especially in the right locations.
10. Education and Workforce
The city has been making investments in education and workforce development. A well-educated and skilled workforce can attract businesses and professionals, leading to increased demand for housing and real estate investment potential in the long term.
11. Wealth of Investment Options
Las Vegas offers a wide range of real estate investment options, from single-family homes to multi-unit properties and commercial real estate. Diversifying your portfolio with different types of properties can provide a solid foundation for long-term financial growth.
Before investing in Las Vegas real estate for the long term, it’s crucial to conduct thorough research, understand market conditions, and consult with local real estate experts to make well-informed investment decisions. Long-term real estate investment can be a promising path to building wealth and financial security in this dynamic and growing city.

Recommended Read:

Las Vegas Real Estate Forecast for the Next 5 Years
Las Vegas Housing Market Predictions 2025: What to Expect
Las Vegas Housing Market 2024: Is It a Bubble? Is It Falling?
Homebuyers Are Moving to Sacramento, Las Vegas, and Orlando
Housing Market Predictions for the Next 4 Years: 2025 to 2029
Housing Market Predictions for Next 5 Years
Real Estate Forecast Next 5 Years: Top 5 Predictions for Future

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Las Vegas Housing Market: Trends and Forecast 2025-2026
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