Las Vegas Real Estate Market 2024 vs 2025: What the Data Actually Shows

The Las Vegas housing market changed in 2025—but not in the way many people expected. Sales slowed, homes took longer to sell, and the industry adjusted to new rules. What did not happen was a price crash.

This breakdown looks at what changed from 2024 to 2025, how Las Vegas compares to the national housing market, and what these trends realistically mean heading into 2026.

Las Vegas Home Sales Fell in 2025

Single-family home sales declined year over year.

Closed sales (single-family homes only):

• 2024: 21,751 sales

• 2025: 20,366 sales

• Change: −6.37% (1,385 fewer homes)

That equals roughly 115 fewer home sales per month. The slowdown reflects a tougher environment for buyers, sellers, and agents—especially after commission rules changed at the end of 2024.

Home Prices Did Not Drop

Despite fewer transactions, prices held steady and moved slightly higher.

Median pricing data:

• Median list price increased from $479,000 to $487,000 (+1.67%)

• Median sale price increased from $474,000 to $479,000 (+1.05%)

• Price per square foot rose approximately 1.3%

Many buyers expected a sharp correction. It didn’t happen. Price growth was modest, but values remained stable.

Homes Took Longer to Sell

Days on market increased noticeably.

• 2024 median days on market: 18 days

• 2025 median days on market: 26 days

• Increase: 44%

Homes sat longer before receiving offers, reflecting slower buyer activity and more negotiation. In reality, true days on market may be higher due to listings being removed and relisted.

Mortgage Rates Were Largely Unchanged

Average mortgage rates declined slightly year over year.

• 2024 average rate: 6.72%

• 2025 average rate: 6.60%

The difference was minimal and did not materially improve affordability. For most buyers, monthly payments felt largely the same.

Las Vegas Compared to the National Housing Market

Population Growth

Las Vegas added roughly 40,000 net new residents, growing about 1.86%, compared to a national average near 1%. Population growth continues to support housing demand.

Home Sales Decline

• National year-over-year sales decline: −8.62%

• Las Vegas year-over-year decline: −6.37%

Sales slowed everywhere, but Las Vegas declined less than the national average.

Price Growth

• National median price growth: ~1.7%

• Las Vegas median price growth: ~1.05%

Las Vegas saw higher dollar appreciation, but lower percentage growth due to higher starting prices. Lower-priced markets showed larger percentage increases.

Days on Market

• National days on market: 39 → 48 days (+23%)

• Las Vegas days on market: 18 → 26 days (+44%)

Las Vegas experienced a larger percentage increase, but homes still sold faster than the national average overall.

Major Projects Impacting Las Vegas Housing

Several large developments could influence long-term demand:

• MLB stadium construction is active on the Strip, with completion expected around 2028

• NBA expansion remains speculative but continues to be discussed

• Brightline high-speed rail between Southern California and Las Vegas is under construction, with completion projected around 2029

• Proposed movie studios did not pass the most recent legislative session but may be revisited in the future

Las Vegas continues to diversify beyond tourism, supported by business-friendly tax policies and remote-worker migration.

2026 Las Vegas Real Estate Outlook

Based on current data and trends:

• 2026 is likely to look similar to 2025

• Large mortgage rate cuts are unlikely

• Any rate relief will likely be modest

• Employment data remains mixed, with ongoing uncertainty tied to automation and AI

• Housing activity should remain steady, not overheated or collapsing

Is It a Good Time to Buy or Sell?

Buyers

Waiting for a market crash or dramatic rate drop may take longer than expected. The current market favors buyers who negotiate carefully, remain patient, and focus on long-term goals.

Sellers

Peak pricing from 2021 has passed, but most sellers are still well above pre-pandemic values. Realistic pricing and flexibility matter more than timing the absolute top.

Real estate remains a long-term investment, not something that can be timed perfectly at the bottom or the peak.

Frequently Asked Questions

Did Las Vegas home prices drop in 2025?

No. Median prices increased slightly despite fewer sales.

Why did sales decline if prices stayed up?

Affordability challenges, interest rates, and industry changes reduced transaction volume without forcing prices down.

Is Las Vegas performing better than the national market?

Yes. Sales declines were smaller, population growth was stronger, and homes still sold faster than the national average.

Will mortgage rates fall significantly in 2026?

Large cuts are unlikely. Any reductions are expected to be modest.

Is Las Vegas still a good place to relocate?

For many people, yes—especially those seeking tax advantages, remote work flexibility, and long-term housing stability.

Final Takeaway

The Las Vegas real estate market cooled in 2025 without breaking. Sales slowed, days on market increased, but prices remained resilient. Compared to the national market, Las Vegas held up relatively well.

Looking ahead, stability—not volatility—is the most realistic expectation. Buyers and sellers who adjust expectations and focus on fundamentals will be best positioned moving forward.