Las Vegas Housing Market Update – January 2026

Las Vegas Housing Market Update – January 2026

Welcome to the January 2026 issue of our monthly market update for Southern Nevada. In this issue we will be going over December 2025 numbers.

December brought a major surprise 👀

The median home price dropped to $470,000, down from $488,995 in November — a $18,995 decrease after November hit a record high for single-family homes in Las Vegas. This sharp shift was not what we were expecting, especially after such a strong price surge the month before.

Here’s what we’re covering:

🏠 Why prices dropped so quickly
📈 Why home sales actually increased in December
📉 A noticeable drop in homes sitting on the market without offers
💰 Why now is a GREAT time to buy before the spring market heats up
🤝 How buyers are scoring price reductions and seller-paid closing costs

We’ll also dive into the big questions:

❓ Is the Las Vegas housing market finally cooling off?
❓ Where is the market heading in 2026?
❓ Will median prices continue to decline?

Plus… 🎯 find out who won last month’s bet between Rob & Ang!

MARKET TRENDS

There were 1,802 single-family houses that sold in December which is up 17.2% from November, but down .5% from prior year.

December 2025 – 1,802 Closings

December 2024 – 1,811 Closings

December 2023 – 1,518 Closings

December 2022 – 1,534 Closings

December 2021 – 3,178 Closings

December 2020 – 3,305 Closings

2025 Worse Year for Home Sales – Article in the RJ

Approximately 28,498 existing homes sold in the Las Vegas Valley last year, which is down almost 9% from the 31,305 homes that sold in 2024. This is the lowest number of homes sold in a year in Southern Nevada since 2007 right before the Great Recession. In 2021 we had record of 50,010 properties sold.

The median sales price of previously owned single-family homes, went from $488,995 to $470,000, making it $18,995 decrease in median price or down 3.9% from the prior month and down 1.1% from the prior year. 

We saw a $5,000 decrease in median price year over year.

December 2025, the median price of previously owned single-family homes was at $470,000.

December 2024, the median price of previously owned single-family homes was at $475,000.

December 2023, the median price of previously owned single-family homes was at $449,900.

December 2022, the median price of previously owned single-family homes was at $425,000.

December 2021, the median price of previously owned single-family homes was at $425,000.

December 2020, the median price of previously owned single-family homes was at $345,000.

CONDOS

The median sales price of condos and townhomes for November went from $303,750 to $275,000, making it $28,750 decrease in median pirce or down 9.5% from November and down 5.2% from the prior year.

We saw a $15,000 decrease in median price year over year.

December 2025, the median price of condos and townhomes was at $275,000.

December 2024, the median price of condos and townhomes was at $290,000.
December 2023, the median price of condos and townhomes was at $270,000.
December 2022, the median price of condos and townhomes was at $246,940.

December 2021, the median price of condos and townhomes was at $242,000.

December 2020, the median price of condos and townhomes was at $186,000.

SIDE NOTE

The all-time high median home sale price for single family homes in Southern Nevada was broken multiple times last year, and currently sits at $488,995 which was last set in November 2025, while the condo and townhome market has dropped substantially from an all-time high that was set in October of 2024 ($315,000) to $275,000 to end 2025.

LUXURY MARKET

There were 147 luxury homes that sold in December for $1 million and over, compared to November’s 125 homes, 22 home increase.

The median sales price in the Luxury Market for December increased to $1,449,950 and in November that number was $1,350,950. A $99,000 increase in the median sales price.

LUXURY HOME PRICES

Luxury home prices in the Las Vegas Valley are rising faster than they are in most other major cities, according to a new report.

From 2015 to September of this year, the valley ranks fourth in the country for rising luxury real estate prices, according to a Redfin report. The median price for a luxury home in the valley is approximately $1.57 million, a 161% increase since 2015 and 8.5% year over year.

Redfin has the average price of a luxury home nationwide at $1.27 million, an increase of 82.5% since 2015 and 5.8% year over year.

MARKET TRENDS

So, for December we had a total of 1,889 new listings, which is down 13.5% from the prior month, but up 7.7% from the prior year.

 December 2025 – 1,889 new listings

December 2024 – 1,754 new listings

December 2023 – 1,500 new listings

December 2022 – 1,677 new listings

December 2021 – 2,126 new listings

December 2020 – 2,407 new listings

There were also a total number of 6,396 single-family houses listed without offers in December, in November that number was 7,033, so 637 less homes on the market. Which is down 9.1% from the previous month, but up 28.8% from the prior year.

December 2025 – 6,396 listed without offers

December 2024 – 4,965 listed without offers

December 2023 – 3,766 listed without offers

December 2022 – 6,211 listed without offers

December 2021 – 2,251 listed without offers

December 2020 – 3,240 listed without offers

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 3.5 months of inventory on the market, the previous month was 4.6, which is down 22.4% from previous month, but up 29.5% from the prior year.

December 2025 – 3.5 months of supply

December 2024 – 2.7 months of supply

December 2023 – 2.5 months of supply

December 2022 – 4.0 months of supply

December 2021 – .7 months of supply

December 2020 – 1 months of supply

45.4% of the closings for the month December was on the market 30 days or less, in November this number was at 47.4% and in December 2024, 50.1% of the homes were on the market 30 days or less.

FORECLOSURES

REO – 27

Short Sale – 37

Foreclosure Commenced – 26

Total amount of distressed properties including foreclosure being commenced = 90

SUMMERLIN WEST – HIGHEST INCREASE IN MEDIAN PRICE

Summerlin West saw its highest median home price of single-family homes in 2025, at $726,375 with a total of 179 homes sold.

The median sale price for a house in Summerlin West was down 4.1% year-over-year up until the end of December. And the number of homes sold in the area this year was up 25.2%, the largest increase out of any area in Summerlin.

Homes for sale in Summerlin West typically spent 80 days on the market, which is a 29 day increase from this time last year. The median home price for a house in Summerlin West back in November of 2020 was $585,000, according to Redfin.

In Summerlin South, the median sale price for a house currently sits at $645,000, which is a 5.8 % decrease from this time last year, according to Redfin. Approximately 52 homes have sold this year in Summerlin South, a 11.9 %decrease, and homes typically spent 83 days on the market before being sold, which is a 21 day increase year-over-year.

ROB & ANG BETS – January 2026

MEDIAN SALES PRICE

Rob said $5,100 decrease

Ang said $5,000 decrease*

Damian said $2,000 increase

Actual # $18,995 decrease

ROB won this!

WITHOUT OFFERS

Rob said 6,950

Ang said 6,800

Damian said $6,790

Actual # $6,396

DAMIAN won this one!

MONTHS OF SUPPLY

Rob said 4.5 months

Ang said 4.4 months

Damian said 4.6 months

Actual # 3.5 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