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September 15, 2025Las Vegas Housing Market Update – September 2025
Las Vegas Housing Market Update – September 2025
Welcome to the September 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over August 2025 numbers.
➡️ Median home price dropped by $5,000 to $480,000
➡️ Both sales and new listings were down in August
➡️ More listings are sitting on the market without offers this selling season
➡️ Compared to August 2022, we actually have fewer homes on the market today (7,206 in 2025 vs. 7,997 in 2022) – showing how similar this market feels to back then
With high interest rates keeping many buyers on the sidelines, this is definitely a buyer’s market right now. That means opportunities for buyers to:
✔️ Score lower prices
✔️ Negotiate closing costs
✔️ Take advantage of strong builder incentives
🏡 Speaking of builders – we’ll cover all the September 2025 incentives and why now is the perfect time to buy new construction as builders push to meet year-end numbers.
We’ll also reveal:
🔮 Where the Las Vegas market is heading next
📉 Will median prices continue to drop like they did in 2022?
🎲 Who won last month’s bets!
MARKET TRENDS
There were 1,835 single-family houses that sold in August which is down 9.2% from July, and down 14.2% from prior year.
August 2025 – 1,835 Closings
August 2024 – 2,138 Closings
August 2023 – 2,009 Closings
August 2022 – 2,002 Closings
August 2021 – 3,210 Closings
August 2020 – 2,910 Closings
The median sales price of previously owned single-family homes, went from $485,000 to $480,000, which is down 1% from the prior month, but up .7% from the prior year.
So, from August 2024 to August 2025, we had a $3,125 median price increase in single-family homes year over year.
In August 2025, the median price of previously owned single-family homes was at $480,000.
In August 2024, the median price of previously owned single-family homes was at $476,875.
In August 2023, the median price of previously owned single-family homes was at $447,435.
In August 2022, the median price of previously owned single-family homes was at $450,000.
In August 2021, the median price of previously owned single-family homes was at $405,000.
In August 2020, the median price of previously owned single-family homes was at $335,000.
From May 2022 when the Market hit its peak at that time it was $482,000 and by August 2022 it dropped to $450,000 = $32,000 median price decrease. We have only seen a $5,000 decrease in median price since our peak of $485,000.
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 August was $582,582 and in July that number was $608,208, so we had a $25,626 decrease in the average price month over month.
CONDOS
The median sales price of condos and townhomes for August went from $290,000 to $298,000 which is up 2.8% from July, and up 2.1% from the prior year.
So, from August 2024 to August 2025, we also had a $6,000 median price increase in condos/townhomes.
In August 2025, the median price of condos and townhomes was at $298,000.
In August 2024, the median price of condos and townhomes was at $292,000.
In August 2023, the median price of condos and townhomes was at $287,000.
In August 2022, the median price of condos and townhomes was at $264,900.
In August 2021, the median price of condos and townhomes was at $229,000.
In August 2020, the median price of condos and townhomes was at $185,000.
LUXURY MARKET
There were 120 homes that sold in August for $1 million and over, compared to July’s 152 homes, 32 home decrease.
The median sales price in the Luxury Market for August increased to $1,420,000 and in July that number was $1,418,500. A $1,500 increase in the median sales price.
MARKET TRENDS
So, for August we had a total of 3,192 new listings, which is down 1.5% from July, but up 1.2% from the prior year.
August 2025 – 3,192 new listings
August 2024 – 3,153 new listings
August 2023 – 2,641 new listings
August 2022 – 4,008 new listings
August 2021 – 3,985 new listings
August 2020 – 3,887 new listings
There were also a total number of 7,206 single-family houses listed without offers in August, which is up .8% from the previous month and up 36.8% from the prior year.
August 2025 – 7,206 listed without offers
August 2024 – 5,268 listed without offers
August 2023 – 3,881 listed without offers
August 2022 – 7,997 listed without offers
August 2021 – 3,256 listed without offers
August 2020 – 4,649 listed without offers
791 more homes were on the market in August 2022 than August 2025.
MARKET TRENDS
Which brings us to the housing supply in Southern Nevada, last month we are at 3.9 months of inventory on the market, which is up 11.6% from July, and up 59.4% from the prior year. (Slide
August 2025 – 3.9 months of supply
August 2024 – 2.5 months of supply
August 2023 – 1.9 months of supply
August 2022 – 4.0 months of supply
August 2021 – 1.0 months of supply
August 2020 – 1.6 months of supply
54.1% of the closings for the month August was on the market 30 days or less, in July this number was at 56% and in August 2024, 66.8% of the homes were on the market 30 days or less.
NEW CONSTRUCTION
Builders closed 802 home sales in the Las Vegas area in July, down 23% from the same month last year, according to Las Vegas-based Home Builders Research. The median closing price, $519,975, was up 7% from a year earlier.
Builders also closed around 5,960 home sales this year through July, down 15% from the same seven-month stretch last year, and pulled nearly 6,360 building permits, down 24%, Home Builders Research reported.
Home Builders Research President Andrew Smith spoke to the Las Vegas Review Journal and he said something very profound. “The cost of constructing homes is not going down, and therefore, it tracks that the cost of buying a home is also not going to go down, regardless of whether they’re selling more than they were a year ago or not. Between land prices and regulatory costs, construction costs, labor costs, just generally the costs for homebuilders are not going down.”
NEW BUILDER INCENTIVES – September 2025
Century Communities is having their GAME CHANGING 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.
- 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 9/15/2025 and that close on or before 9/30/2025.
Lennar is having their DREAM HOME TOUR Event:
Take advantage of a promotional 30-year fixed interest rate at 4.9% on select new homes in the Las Vegas area, plus receive up $10,000 towards closing costs. Offer requires financing through Lennar Mortgage, LLC. Must go under contract from now until 9/14/25 and close on or before 10/24/25.
Richmond American is having their LABOR DAY SAVINGS Event on their Move-In ready Homes. 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)
Taylor Morrison is having their SEMI-ANNUAL SALE. 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 FHA or Conventional 30-Year Fixed Loan on select communities when you go under contract by 9/30/25 and close on or before 10/24/25, plus $10,000 towards buyer’s closing costs.
ROB & ANG BETS – September 2025
MEDIAN SALES PRICE
Rob said $5,100 decrease*
Ang said $5,000 decrease*
Actual # $5,000 decrease
ANG won this!
WITHOUT OFFERS
Rob said 7,300
Ang said 7,250
Actual # 7,206
ANG won this one!
MONTHS OF SUPPLY
Rob said 3.7 months
Ang said 3.6 months
Actual # 3.9 months
ROB 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
