Kestrel Village 2025: How Much Equity Have Buyers Gained?
October 4, 2025Las Vegas Housing Market Update – October 2025
Las Vegas Housing Market Update – October 2025
Welcome to the October 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over September 2025 numbers.
➡️ Median home price dropped by $10,000 to $470,000 — exactly the kind of price correction buyers have been waiting for.
➡️ Sales were slightly up from August, while new listings were slightly down.
➡️ There are currently 7,502 active listings, compared to 8,121 back in September 2022 — showing how similar today’s market is to that pivotal year.
📊 With more homes on the market than active buyers and higher interest rates keeping many people on the sidelines, this is officially a buyer’s market!
💰 And if you’re thinking about buying a new construction move-in ready home, now is the best time of the year to do it!
Here’s why:
- 🏗️ Builders are racing to hit their year-end sales goals, which means they’re offering some of the biggest incentives of 2025 — from price reductions to covering tens of thousands in closing costs.
- 🎁 Many builders are including rate buy-downs and upgraded features at no additional cost.
- 🏠 Move-in ready homes mean no waiting months for completion — you can lock in today’s deal and move before the holidays.
- 💡 The combination of price drops, reduced competition, and generous builder incentives makes this one of the most advantageous times to buy in years.
We’ll also cover:
- What this shift means for Las Vegas home values heading into 2026.
- Whether the market is truly cooling off or just resetting.
- 🎲 Who won last month’s friendly bet!
- The top builder incentives available in October 2025 — and how to take advantage of them.
👉 Don’t miss this live market breakdown! Whether you’re buying, selling, or just keeping an eye on trends, this episode will help you make smart, informed decisions in today’s shifting market.
MARKET TRENDS
There were 1,884 single-family houses that sold in September which is up 2.7% from August and up 5.2% from prior year.
September 2025 – 1,791 Closings
September 2024 – 1,821 Closings
September 2023 – 2,009 Closings
September 2022 – 2,030 Closings
September 2021 – 3,209 Closings
September 2020 – 3,270 Closings
The median sales price of previously owned single-family homes, went from $480,000 to $470,000, which is down 2.1% from the prior month and down 2.1% from the prior year.
In September 2025, the median price of previously owned single-family homes was at $470,000.
In September 2024, the median price of previously owned single-family homes was at $479,900.
In September 2023, the median price of previously owned single-family homes was at $450,000.
In September 2022, the median price of previously owned single-family homes was at $450,000.
In September 2021, the median price of previously owned single-family homes was at $406,500.
In September 2020, the median price of previously owned single-family homes was at $337,250.
We always talk about what the median price is and not the average, so I wanted to share with you that the Average Price of Homes Sold in September was $617,312 and in August that number was $582,582, so we had a $31,730 increase in the average price month over month.
CONDOS
The median sales price of condos and townhomes for September went from $298,000 to $294,000 which is down 1.3% from August, and down 1.8% from the prior year.
In September 2025, the median price of condos and townhomes was at $294,000.
In September 2024, the median price of condos and townhomes was at $299,500.
In September 2023, the median price of condos and townhomes was at $270,000.
In September 2022, the median price of condos and townhomes was at $270,000.
In September 2021, the median price of condos and townhomes was at $230,000.
In September 2020, the median price of condos and townhomes was at $195,500.
LUXURY MARKET
There were 146 luxury homes that sold in September for $1 million and over, compared to August’s 120 homes, 26 home increase.
The median sales price in the Luxury Market for September decreased to $1,344,975 and in August that number was $1,420,000. A $75,025 increase in the median sales price.
MARKET TRENDS
So, for September we had a total of 3,161 new listings, which is down 1.0% from August, but up 11.7% from the prior year.
September 2025 – 3,161 new listings
September 2024 – 2,830 new listings
September 2023 – 2,448 new listings
September 2022 – 3,376 new listings
September 2021 – 3,689 new listings
September 2020 – 3,851 new listings
There were also a total number of 7,502 single-family houses listed without offers in September, which is up 4.1% from the previous month and up 37.4% from the prior year. (Slide #2)
September 2025 – 7,502 listed without offers
September 2024 – 5,258 listed without offers
September 2023 – 4,066 listed without offers
September 2022 – 8,121 listed without offers
September 2021 – 3,463 listed without offers
September 2020 – 4,798 listed without offers
619 more homes were on the market in September 2022 than September 2025.
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 4 months of inventory on the market, which is up 1.4% from previous month and up 30.7% from the prior year.
September 2025 – 4.0 months of supply
September 2024 – 3.0 months of supply
September 2023 – 2.2 months of supply
September 2022 – 4.0 months of supply
September 2021 – 1.1 months of supply
September 2020 – 1.5 months of supply
50.2% of the closings for the month September was on the market 30 days or less, in August this number was at 54.1% and in September 2024, 61.5% of the homes were on the market 30 days or less.
SUMMERLIN NEWS
A trio of homebuilders bought a total 87 acres of land in Summerlin West for almost $150 million combined last month, with plans for hundreds of new houses on the edge of Las Vegas off of Far Hills Ave and about 2 miles west of the 215 Beltway.
Summerlin developer Howard Hughes Holdings sold 37 acres to Pulte Homes for $55.4 million and projects to have 126 lots, around 29.5 acres to Tri Pointe Homes for $54.35 million and projects to have 99 lots, and 20.6 acres to KB Home for $38 million and projects to have 104 lots, property records show.
Summerlin’s developer sold a big land tract on the edge of Las Vegas for more than $100 million, after a builder drew up plans for hundreds of houses on the site.
Howard Hughes Holdings sold 240 acres roughly 2 miles southwest of the Tropicana Avenue-Hualapai Way intersection for around $100.4 million, property records show. The sale closed in early September. They are calling this the Back Bowl and it is behind Ascension and Mesa Ridge.
Pulte Homes secured approval last year for project plans on the site that called for more than 400 houses in a guard-gated community. The builder has an option to acquire the lots from Hearthstone, Clark County records show.
In late 2021, Summerlin’s developer sold 216 acres off Town Center Drive and Tropicana for $135 million, after Pulte and luxury homebuilder Toll Brothers teamed up with plans to develop the site.
NEW BUILDER INCENTIVES – October 2025
Century Communities is having their CORE MEMORIES Savings Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans on select move-in ready homes across the Las Vegas Valley.
Get a 30-year fixed rate loan, plus $5,000 towards closing costs for 3 different offers.
- FHA & VA Loans at 3.875% fixed interest rate.
- 30-Year 7/6 Arm Loan Conventional Loan, get 3.875% interest rate for years 1-7, and an adjustable rate mortgage years 8-30
- 30-Year Fixed Rate Conventional Loan and get 4.875% interest rate.
Rates are available only on the purchase of select Century Communities homes that sign a contract on or before 11/15/2025 and that close on or before 11/28/2025.
Lennar is having their INVENTORY CLOSE SALE Event:
Richmond American is having their RED RIBBON SAVINGS Event on their Move-In ready Home, where you can pick your savings in the Las Vegas Area and finance through Home American Mortgage Corp.
- Take advantage of special financing + up to $51K in Flex Funds on quick move-in homes OR opt for just the Flex Funds and get up to $100K toward homes that can close in a timely manner.
Use Flex Funds for:
- Closing cost assistance
- Permanent interest rate buydown
- Discount on purchase price (up to 2% of home price)
- 5/1 Adjustable Arm – Get 3.75% interest rate for 5 years with a max of 8.75% interest rate at year 6
- 99% 30-year fixed Interest rate on a FHA or VA loan
- 50% 30-year fixed interest rate on a Conventional Loan
Must go under contract from now until 10/12/25 and close on or before 12/31/25.
Taylor Morrison is having their DEAL DAYS EVENT. In order to take advantage of these savings you will need to use their affiliated lender, Taylor Morrison Home Funding.
- Get 4.25% interest rate on an a Conventional 30-Year Fixed Loan on select communities when you go under contract by 10/31/25 and close on or before 11/21/25, plus $10,000 towards buyer’s closing costs.
- Secure a 30-year FHA 5/1 Adjustable Arm. Get 3.75% interest rate the first 5 years with a max of 8.75% interest rate at year 6, must go under contract by 10/31/25 and close on or before 11/28/25
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 10/31/25, so take advantage of this great rate now.
For the 1st year get 3.625% interest rate, 2nd year get 4.625% interest rate and from years 3-30 get 5.625% interest rate.
ROB & ANG BETS – October 2025
MEDIAN SALES PRICE
Rob said $3,800 decrease*
Ang said $2,500 decrease
Actual # $10,000 decrease
ROB won this!
WITHOUT OFFERS
Rob said 7,450
Ang said 7,400
Actual # 7,502
ROB won this one!
MONTHS OF SUPPLY
Rob said 4.2 months
Ang said 4.1 months
Actual # 4.0 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
