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June 7, 2025Is Las Vegas Now a Buyer’s Market? June 2025 Market Update
Is Las Vegas Now a Buyer’s Market? June 2025 Market Update
Welcome to the June 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over May 2025 numbers.
Join Rob and me LIVE as we break down the latest numbers for the Las Vegas real estate market! Home sale prices held steady at $480,000, but sales were down, the number of new listings were up, and months of supply increased—what does it all mean?
💡 Are sellers rushing in before a crash?
📉 Are we entering into a true buyer’s market?
⚖️ Is the market finally finding balance?
We’ll dive into all these questions, reveal who won last month’s bets, and spotlight builder incentives on quick move-in homes for June—including those tempting interest rate offers!
Don’t miss this crucial update—especially if you’re buying, selling, or just watching the market closely.
MARKET TRENDS
There were 2,087 single-family houses that sold in May which is down 4% from April and down 13.1% from May 2024.
May 2025 – 2,087 Closings
May 2024 – 2,401 Closings
May 2023 – 2,316 Closings
May 2022 – 2,907 Closings
May 2021 – 3,189 Closings
The median sales price of previously owned single-family homes, remained at $480,000 May, which is flat from last month, but still up 1.5% from May 2024.
So, from May 2024 to May2025, we had a $7,000 median price increase in single-family homes year of year.
In May 2025, the median price of previously owned single-family homes was at $480,000.
In May 2024, the median price of previously owned single-family homes was at $473,000.
In May 2023, the median price of previously owned single-family homes was at $442,120.
In May 2022, the median price of previously owned single-family homes was at $482,000.
In May 2021, the median price of previously owned single-family homes was at $385,000.
CONDOS
The median sales price of condos and townhomes for May went from $302,700 to $307,000 which is down 1.4% from April and up 4.1% from the prior year.
So, from May 2024 to May 2025, we also had a $12,000 median price increase in condos/townhomes.
In May 2025, the median price of condos and townhomes was at $307,000.
In May 2024, the median price of condos and townhomes was at $295,000.
In May 2023, the median price of condos and townhomes was at $275,000.
In May 2022, the median price of condos and townhomes was at $285,000.
In May 2021, the median price of condos and townhomes was at $205,000.
LUXURY MARKET
There were 159 homes that sold in May for $1 million and over, compared to April’s 164 homes, 5 home decrease.
The median sales price in the Luxury Market for May decreased to $1,370,000 and in April that number was $1,395,000. A $25,000 decrease in the median sales price.
MARKET TRENDS
So, for May we had a total of 3,553 new listings, which is down 2% from April, but up 15% from the prior year.
May 2025 – 3,553 new listings
May 2024 – 3,123 new listings
May 2023 – 2,605 new listings
May 2022 – 4,033 new listings
May 2021 – 3,731 new listings
Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate. This has left more homes lingering on the market.
I think one of the reasons sellers are coming out to play is FOMO – they are trying to list their homes while the prices are still high capitalizing on potential profits.
There were also a total number of 6,646 single-family houses listed without offers in May, which is up 7% from the previous month and up 71.8% from the prior year.
May 2025 – 6,646 listed without offers
May 2024 – 3,869 listed without offers
May 2023 – 3,645 listed without offers
May 2022 – 3,570 listed without offers
May 2021 – 2,031 listed without offers
May 2020 – 5,799 listed without offers
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 3.2 months of inventory on the market, in April we were at 2.9 months of inventory; which is up 11.4% from April and up 97.6% from the prior year.
May 2025 – 3.2 months of supply
May 2024 – 1.6 months of supply
May 2023 – 1.6 months of supply
May 2022 – 1.2 months of supply
May 2021 – .6 months of supply
May 2020 – 3.4 months of supply
61.3% of the closings for the month May was on the market 30 days or less, in April this number was at 60.3% and in May 2024, 70.9% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES – June 2025
Century Communities is having their FLASH SALES Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get a 30-year fixed rate loan with a 3-2-1 Buydown, plus $3,000 towards closing costs.
For FHA & VA Loans, get 1.875% fixed interest rate for the first year, 2.875% interest rate for the second year, and 3.875% interest rate for the third year and 4.875% interest rate for years 4-30.
Or 30-Year 7/6 Arm Loan on Conventional Loans, get 4.625% interest rate for years 1-7 and then get 9.625% interest rate for years 8-30.
Rates are available only on the purchase of select Century Communities homes that sign a contract on or before 6/20/2025 and that close on or before 7/31/2025.
Lennar is having their SUMMER SAVINGS Event; get 4.65% fixed 30-year interest rate on FHA loans on a select new home in the greater Las Vegas area between 06/02/25 and 06/08/25 and close by 08/22/25. Offer requires financing through Lennar Mortgage, LLC
For a limited time on select quick move-in homes, take advantage of reduced interest rates for the first two years of your FHA 30-year fixed-rate loan and then a locked interest rate starting with year three for the remaining loan term. This exclusive 2/1 Buydown program is available on homes that close by July 31,2025.
For the 1st year get 2.99% interest rate, 2nd year get 3.99% interest rate and from years 3-30 get 4.99% interest rate.
Taylor Morrison is having FLASH Event; they are offering 4.75% 30-year fixed interest rate on FHA & VA Loans on select quick move-in homes in the Las Vegas area when using their affiliated lender – Taylor Morrison Home Funding.
Valid on new home contracts entered from now until 7/6/25 on all eligible Las Vegas area Quick Move-in Homes that close on or before 7/25/25 (“Promotion Period”).
For a limited time on select quick move-in homes, Toll Brothers Mortgage Company is offering exclusive 2/1 Buydown Program on a 30-year fixed mortgage. This 2/1 Buydown program is only available on homes that close by July 31, 2025, so take advantage of this great rate now.
For the 1st year get 4.49% interest rate, 2nd year get 5.49% interest rate and from years 3-30 get 6.49% interest rate.
ROB & ANG BETS – June 2025
MEDIAN SALES PRICE
Rob said $2,500 decrease*
Ang said $5,000 increase
Actual # flat
Rob won this!
WITHOUT OFFERS
Rob said 6,700
Ang said 6,500
Actual # 6,646
ROB won this one!
MONTHS OF SUPPLY
Rob said 3.4 months
Ang said 3.2 months
Actual # 3.2 months
ANG won this one!
If you’re considering buying or selling a home in the Las Vegas Valley, please don’t hesitate to reach out to me. I’ll get back to you personally and promptly. Thanks for visiting!
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Angela O’Hare
Favorite Las Vegas Realtor
REAL Broker LLC at Urban Nest
Lic. #180246
702-370-5112
[email protected]
www.neighborhoodsinlasvegas.com
