Las Vegas Housing Market Update – May 2025

Las Vegas Housing Market Update – May 2025

Join Rob and me LIVE as we break down the April 2025 housing numbers for Las Vegas!

The median home price dropped $5,000 to $480,000, breaking the $485K streak that lasted three months in a row. 🏡 Sales are up, new listings are up, and months of supply is on the rise. In fact, we now have more active listings without offers than we did during COVID.

Is this a sign of a market correction? Are sellers panicking before a possible market crash? 🤯 We’ll explore whether the Las Vegas housing market is heading toward a balanced phase, or if this is the start of something bigger.

MARKET TRENDS

There were 2,174 single-family houses that sold in April which is up 1.5% from March and down 7.1% from April 2025.

April 2025 – 2,174 Closings

April 2024 – 2,339 Closings

April 2023 – 1,962 Closings

April 2022 – 3,000 Closings

April 2021 – 3,528 Closings

The median sales price of previously owned single-family homes, went from $485,000 to $480,000 April, which is down 1% from last month, but still up 2.3% from April 2024.

So, from April 2024 to April 2025, we had a $11,000 median price increase in single-family homes year of year.

In April 2025, the median price of previously owned single-family homes was at $480,000.

In April 2024, the median price of previously owned single-family homes was at $469,000.

In April 2023, the median price of previously owned single-family homes was at $430,000.

In April 2022, the median price of previously owned single-family homes was at $475,000.

In April 2021, the median price of previously owned single-family homes was at $375,000.

A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home — the national median listing price in April, according to data released Thursday by Realtor.com.

CONDOS

The median sales price of condos and townhomes for April went from $306,495 to $302,700 which is down 1.2% from March, but up 4.4% from the prior year.

So, from April 2024 to April 2025, we also had a $12,700 median price increase in condos/townhomes.

In April 2025, the median price of condos and townhomes was at $302,700.

In April 2024, the median price of condos and townhomes was at $290,000.
In April 2023, the median price of condos and townhomes was at $270,000.
In April 2022, the median price of condos and townhomes was at $275,000.

In April 2021, the median price of condos and townhomes was at $202,450.

LUXURY MARKET

There were 164 homes that sold in April for $1 million and over, compared to March’s 172 homes, 8 home decrease.

The median sales price in the Luxury Market for April decreased to $1,395,000 and in March that number was $1,425,000. A $30,000 decrease in the median sales price.

MARKET TRENDS

So, for April we had a total of 3,663 new listings, which is up 9.7% from March and up 27.5% from the prior year.

April 2025 – 3,663 new listings

April 2024 – 2,874 new listings

April 2023 – 2,451 new listings

April 2022 – 3,667 new listings

April 2021 – 3,699 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 6,213 single-family houses listed without offers in April, which is up 14.7% from the previous month and up 78.7% from the prior year.

April 2025 – 6,213 listed without offers

April 2024 – 3,476 listed without offers

April 2023 – 4,737 listed without offers

April 2022 – 2,441 listed without offers

April 2021 – 1,827 listed without offers

April 2020 – 6,043 listed without offers

This is the most real estate on the market in Las Vegas since April 2020 during the start of the pandemic, during the Spring Selling Season.

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 2.9 months of inventory on the market, in March we were at 2.5 months of inventory; which is up 13% from March and up 92.3% from the prior year.

April 2025 – 2.9 months of supply

April 2024 – 1.5 months of supply

April 2023 – 1.9 months of supply

April 2022 – .8 months of supply

April 2021 – .5 months of supply

April 2020 – 3.1 months of supply

60.3% of the closings for the month April was on the market 30 days or less, in March this number was at 56.9% and in April 2024, 68.5% of the homes were on the market 30 days or less.

ROB & ANG BETS – May 2025

MEDIAN SALES PRICE

Rob said Flat

Ang said $1,000 increase*

Actual # decreased by $5,000

Rob won this!

WITHOUT OFFERS

Rob said 5,650

Ang said 5,600

Actual # 6,213

ROB won this one!

MONTHS OF SUPPLY

Rob said 3.4 months

Ang said 2.9 months

Actual # 2.9 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