Arcadia by Shawood
February 2, 2025
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February 8, 2025Las Vegas Home Prices Hit Record High – February 2025
Las Vegas Home Prices Hit Record High – February 2025
Join Rob and me LIVE on YouTube as we break down the latest numbers for the Las Vegas housing market for January 2025! 🏠🔥
🚨 BIG NEWS: Las Vegas home prices hit an all-time high of $485,000 in January! But with a surge in new listings and slower sales, inventory is stacking up. What does this mean for buyers and sellers heading into the Spring Selling Season? 🌸📉
💡 Here’s what we’re covering:
✅ January 2025 market trends & insights 📊
✅ Our Spring 2025 predictions – Boom or Bust? 🔮
✅ New construction builder incentives for February 🏗️💸
✅ And of course… who won last month’s bets?! 🎲😆
MARKET TRENDS
There were 1,578 single-family houses that sold in January, down 12.9% from December, but up 6.7% from January 2024.
The median sales price of previously owned single-family homes, went from $475,000 to $485,000 in January, a $10,000 median price increase; which is up 2.1% from last month and up 9% from January 2024.
The peak of the Market was in May 2022 at $482,000, we have now surpassed the peak of the market.
So, from January 2024 to January 2025, we had a $40,000 median price increase in single-family homes year of year.
In January 2025, the median price of previously owned single-family homes was at $485,000.
In January 2024, the median price of previously owned single-family homes was at $445,000.
In January 2023, the median price of previously owned single-family homes was at $425,000.
In January 2022, the median price of previously owned single-family homes was at $435,000.
In January 2021, the median price of previously owned single-family homes was at $345,000.
CONDOS
The median sales price of condos and townhomes for January went from $290,000 to $293,000 a $3,000 median price increase; which is up 1% from December and up 6.5% from the prior year.
So, from January 2024 to January 2025, we also had a $18,000 median price increase in condos/townhomes.
In January 2025, the median price of condos and townhomes was at $293,000.
In January 2024, the median price of condos and townhomes was at $275,000.
In January 2023, the median price of condos and townhomes was at $255,000.
In January 2022, the median price of condos and townhomes was at $243,000.
In January 2021, the median price of condos and townhomes was at $193,000.
LUXURY MARKET
There were 106 homes that sold in January for $1 million and over, compared to December’s 147 homes, 41 home decrease.
The median sales price in the Luxury Market for January increased to $1,425,000 and in December that number was $1,350,000. A $75,000 increase in the median sales price.
MARKET TRENDS
So, for January we had a total of 3,130 new listings, which is up 78% from December and up 28.7% from the prior year.
There were also a total number of 5,215 single-family houses listed without offers in January, which is up 5% from the previous month and up 46.9% from the prior year.
January 2024 there were 3,551 single-family homes listed without offers, which is 1,664 less homes on the market in 2024 compared to this year.
January 2023 there were 5,450 single-family homes listed without offers, which is 235 more homes on the market in 2023 compared to this year.
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 3.3 months of inventory on the market, in December we were at 2.7 months of inventory; which is up 20.5% from December and up 37.6% from the prior year.
January 2024 we were at 2.4 months of inventory on the market.
January 2023 we were at 4.1 months of inventory on the market.
47% of the closings for the month January was on the market 30 days or less, in December this number was at 50.1% and in January 2024, 52.5% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES – February 2025
Century Communities is having their WE’RE JUST BUILT DIFFERENT Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 4.875% fixed interest rate when using an FHA and VH loans, or 5.875% interest rate on a conventional loan
Rates are available only on the purchase of select Century Communities homes that sign a contract on or before 2/12/2025 and that close on or before 2/28/2025.
Lennar Homes is having their SUPER SALE Event, for limited time get 4.99% 30-year fixed interest rate on available select move-in ready homes in the greater Las Vegas area if buyer signs and delivers a purchase agreement between 02/03/25 and 02/09/25 and closes and fully funds on or before 03/21/25. Offers require financing through Lennar Mortgage.
Pulte is offering limited time special financing at 5.5% 30-year fixed interest rate on Pulte’s select quick move-in ready homes when you finance through Pulte Mortgage and go under contract from now and close by 4/30/25.
Taylor Morrison is offering a limited time fixed interest rate at 5.49% for a 30-year fixed mortgage on select quick move-in homes in the Las Vegas area.
Valid on new home contracts entered from now until 2/28/25 on all eligible Las Vegas area Quick Move-in Homes that close on or before 4/7/25 (“Promotion Period”).
ROB & ANG BETS – February 2025
MEDIAN SALES PRICE
Rob said $3,000 decrease*
Ang said $2,000 decrease
Actual # increased by $10,000
ANG won this!
WITHOUT OFFERS
Rob said 5,111
Ang said 4,900
Actual # 5,215
ROB won this one!
MONTHS OF SUPPLY
Rob said 2.8 months
Ang said 2.7 months
Actual # 3.3 months
ROB won this one!
Las Vegas Realtors Report
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
