170 listings withdrawn, 127 straight back on — and what that does to the data
A lot of you asked for the numbers behind the relisting problem, so this month we pulled them. We also start tracking two more things nobody else is publishing: distressed sales, and homes listed for sale and for rent at the same time. The market is cooling further — and some of what it looks like is an artifact.
July 2025, valley-wide
| Metric | Move | Reading |
|---|---|---|
| Median days on market | ▼ up 9% | Strongest signal of cooling |
| Average days on market | ▼ up 8% | Same direction |
| Median sale price | Flat at $485,000 | Mid-market holding |
| Average sale price | ▼ 4% | Higher end under pressure |
| Average list price | ▼ ~6% | Sellers adjusting at the top |
| Inventory | ▲ ~2%, to 6,561 | Highest in years |
| Homes sold | ▲ ~4%, to ~1,815 | Rose despite the slowdown |
| Price cuts | Still high | Sellers meeting the market |
The median holding flat at $485,000 while the average falls 4% tells you where the pressure is. The mid-market is steady; the higher end is where prices are giving way.
Following last month's report.
The withdrawn listings numbers
We have been saying for months that agents pull slow listings and relist them to reset the days-on-market counter. Several of you asked for evidence. Here it is.
| Metric | July 2025 |
|---|---|
| Listings withdrawn or delisted | 170 |
| Of those, returned to the market | 127 |
| Median days on market when withdrawn | 130 |
| Median cumulative days on market | 140 |
Read the bottom two rows carefully. The typical withdrawn property had been on the market more than four months. It was pulled, and it came back at day zero.
We went on to dig into this properly, and found relisting is only one of three distortions in that figure — see days on market explained and why so many homes are being withdrawn.
Foreclosures and short sales are back on the board
We have not seen meaningful foreclosure or short sale activity in Las Vegas for years. It is worth starting to track, so from this month we are.
| Category | Count | What it means |
|---|---|---|
| Foreclosures commenced | 37 | Owner still holds title; the bank has begun the legal process |
| Bank-owned, listed for sale | 49 | The bank has taken the property back and is selling it |
| Short sales on the market | 48 | Owner is behind and selling for less than is owed |
Context matters here. That is roughly 134 properties against 6,561 listings — around 2% of the market. It is a change worth watching, not a wave. Tracking it from a low base is how you spot a trend early rather than reacting to one late.
Homes listed for sale and for rent at once
There are more of these appearing than there used to be, so we cross-referenced both sides of the MLS.
Around 170 properties appear on both lists — owners running two exits at once. Typically investors who will sell at their number and, failing that, place a tenant and keep holding.
What that signals about investor confidence is worth its own analysis: why so many homes are being withdrawn from the market.
What you can actually negotiate right now
Most buyers negotiate the price and stop. In this market the list is considerably longer:
- Sale price
- Closing costs
- An interest rate buydown — often worth more than an equivalent price cut
- Your agent's commission
- The closing date
- Furniture left in the home
- Paying off the solar system the seller installed
Search alerts are also surfacing properties that returned nothing for months — and notifying on every price cut. That is what a cooling market looks like from the buyer's side.
On waiting for rates
Nobody knows when rates drop. It keeps getting delayed. But think through what happens when it does: more buyers qualify, demand rises, leverage moves back to sellers, and prices start creeping up again.
Every item on that negotiation list disappears at the same moment the rate improves. It is close to a wash — except that you can refinance a rate later and you cannot renegotiate a price.
This is not a reason to rush. It is a reason not to wait indefinitely if you are already qualified, have your money saved and are ready to move. See renting vs buying for the fuller comparison.
Around 1,800 homes still sell every month
You can absolutely sell. Buyers are out there. What has changed is what they will accept.
The "my neighbour sold for this much, so let me add ten thousand" approach does not work any more. In this market you may need to come in ten thousand below the last comparable sale, because you are competing against more properties than at any point in years.
And condition now matters
If the house needs work, do the work. Buyers are not taking on projects at full price when they have this much choice. They will want something in good shape — and if it is not, they will want a discount that reflects it.
This is not 2021. You cannot list anything and expect it to sell. More in how to sell in a buyer's market.
The five submarkets, July 2025
| Area | Days on market | Prices | Listings | Sales |
|---|---|---|---|---|
| Summerlin | ▼ up 52% | Sale up, list flat | ▲ 9% | ▼ ~13% |
| Henderson | ▼ up over 50% | ▼ 2% | Up | Up |
| Northwest | ▼ Up | Down | Down | Down |
| Southwest | Down | Down | Down | Down |
| North Las Vegas | Slightly up | ▲ Up | ▲ Up | ▲ Up |
Summerlin — days on market up 52%
Sale prices rose and the sale-to-list ratio went up, which looks strong until you notice listings rose 9% while sales fell 13%.
The likely explanation is new construction. Builder standing inventory sits on the MLS, and when you buy from a builder you generally pay their price — they hold the number and give you incentives instead. That props up the area's sale-to-list ratio without telling you much about resale. See the Summerlin guide.
Henderson — also slowing sharply
Days on market up over 50%, sale prices down 2%, ratio roughly flat. But both listings and sales rose.
Like Summerlin, this is a highly desirable area that is still selling — just not as fast as it was. Price it right and it moves. See the Henderson guide.
Northwest — sellers giving up
Everything down except days on market. The read: owners who tested the market decided this was not their moment and withdrew.
That is a fairly honest picture of what is happening across the valley, and it connects directly to the withdrawal figures above.
Southwest — softening across the board
Everything down, including days on market, which is unusual. The market here is shifting toward buyers. See the Southwest guide.
North Las Vegas — the exception
The only area posting broad increases: prices, listings, sales and sale-to-list ratio all up, with only a slight rise in days on market.
Affordability is the whole story. Buyers are still willing to transact in the $400,000s. What they will not do is accept a payment that stretches them — and North Las Vegas is where those two things meet.
July 2025 market FAQ
How many Las Vegas listings were withdrawn and relisted in July 2025?
170 listings were withdrawn or delisted, and a cross-check found 127 of them returned to the market. When they were withdrawn, the median days on market was 130 and the median cumulative days on market was 140 — meaning most had been listed more than four months before the counter was reset.
Does relisting distort the days-on-market figure?
Yes. A property listed 130 days that is withdrawn and relisted re-enters the data at zero. With 127 properties doing that in a single month, the reported rise in days on market understates how long homes are genuinely taking to sell.
Are foreclosures increasing in Las Vegas?
They are appearing again after several quiet years, but at low levels. In July 2025 the MLS showed 37 foreclosures commenced, 49 bank-owned properties listed for sale and 48 short sales — about 134 in total against 6,561 listings, or around 2% of the market.
What does it mean when a home is listed for sale and for rent at the same time?
Usually an owner testing both exits. Against roughly 6,500 homes for sale and 2,300 for rent in July 2025, a cross-check found about 170 properties listed on both sides — typically investors who will sell at their number and otherwise place a tenant and hold.
What can a buyer negotiate in a cooling market?
Considerably more than the price. Closing costs, an interest rate buydown, your agent's commission, the closing date, furniture left in the home, and having the seller pay off a solar system are all negotiable when sellers are competing for a limited pool of buyers.
Should I wait for interest rates to drop before buying?
Consider what happens when they do. More buyers qualify, demand rises, leverage shifts back to sellers and prices tend to follow. The terms available in a soft market disappear at the same moment. If you are qualified and ready, buying now and refinancing later locks the lower price rather than the higher one.
Why is North Las Vegas performing better than other areas?
Affordability. It was the only area showing broad increases in July 2025 — more listings, more sales, higher prices and a stronger sale-to-list ratio. Buyers are still willing to transact in the $400,000s; what they will not do is accept a payment that stretches them.
Cooling, not crashing — but strategy matters now
If you need to sell, the honest version is worth having: a look at the property, an assessment, and a realistic plan. If the plan does not work for you, that is useful to know too.
Related: last month's report, why homes are being withdrawn, days on market explained, and the monthly market hub.
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Jim Fong · NV license BS.0068736 · The Jim Fong Group at Real Broker · 702-997-2050
Figures are drawn from MLS data as reported at publication and may be restated in later pulls. Figures marked with a tilde are derived from the stated percentage change against the prior month. Market data is provided for general information, not as an appraisal or a guarantee of value.