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August 23, 2025Las Vegas Market Update – Crash Coming or Staying Strong?
Las Vegas Market Update – Crash Coming or Staying Strong?
Welcome to the August 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over July 2025 numbers.
💰 Highlights:
- Median home sale prices held steady at $485,000 – our all-time peak.
- Sales were up last month, while new listings were down.
- We have more listings without offers this selling season than any year since 2022.
- High interest rates are keeping many buyers on the sidelines.
- Buyer’s Market Alert: You could score great deals – think lower prices AND sellers covering your closing costs!
📈 We’ll dive into the big questions:
- Why isn’t the median price dropping?
- Will the Las Vegas housing market ever crash?
- Are we finally seeing a balanced market?
- What’s next for buyers and sellers in this market?
🎯 Plus:
- Find out who won last month’s bets 🏆
- Get the latest builder incentives for August 2025 🏗️
- Whether you’re buying, selling, or just keeping an eye on the market, you won’t want to miss this deep dive into the numbers, trends, and predictions.
MARKET TRENDS
There were 2,021 single-family houses that sold in July which is up 3.9% from June, but down 5.8% from prior year.
July 2025 – 2,021 Closings
July 2024 – 2,145 Closings
July 2023 – 2,041 Closings
July 2022 – 2,066 Closings
July 2021 – 3,352 Closings
July 2020 – 3,325 Closings
The median sales price of previously owned single-family homes, remained the same at $485,000, which is up 1% from prior year.
So, from July 2024 to July 2025, we had a $5,000 median price increase in single-family homes year over year. The median price since June of 2020 for single-family homes has increased by $155,000.
In July 2025, the median price of previously owned single-family homes was at $485,000.
In July 2024, the median price of previously owned single-family homes was at $480,000.
In July 2023, the median price of previously owned single-family homes was at $450,000.
In July 2022, the median price of previously owned single-family homes was at $465,000.
In July 2021, the median price of previously owned single-family homes was at $405,000.
In July 2020, the median price of previously owned single-family homes was at $330,000.
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 July was $608,208.
CONDOS
The median sales price of condos and townhomes for June went from $305,000 to $290,000 which is down 4.9% from July, and down 2% from the prior year.
So, from July 2024 to July 2025, we also had a $6,000 median price decrease in condos/townhomes. The median price since June of 2020 for condos/townhomes has increased by $94,000.
In July 2025, the median price of condos and townhomes was at $290,000.
In July 2024, the median price of condos and townhomes was at $296,000.
In July 2023, the median price of condos and townhomes was at $273,500.
In July 2022, the median price of condos and townhomes was at $271,800.
In July 2021, the median price of condos and townhomes was at $224,250.
In July 2020, the median price of condos and townhomes was at $196,000.
LUXURY MARKET
There were 152 homes that sold in July for $1 million and over, compared to June’s 150 homes, 2 home increase.
The median sales price in the Luxury Market for July decreased to $1,418,500 and in June that number was $1,445,000. A $26,500 decrease in the median sales price.
MARKET TRENDS
So, for June we had a total of 3,242 new listings, which is down .3% from June, but up 9.5% from the prior year.
July 2025 – 3,242 new listings
July 2024 – 2,962 new listings
July 2023 – 2,354 new listings
July 2022 – 4,459 new listings
July 2021 – 4,077 new listings
July 2020 – 3,703 new listings
There were also a total number of 7,147 single-family houses listed without offers in July, which is up 2.2% from the previous month and up 52% from the prior year.
July 2025 – 7,147 listed without offers
July 2024 – 4,634 listed without offers
July 2023 – 3,524 listed without offers
July 2022 – 7,331 listed without offers
July 2021 – 3,007 listed without offers
July 2020 – 4,806 listed without offers
184 more homes on the market in 2022 than 2025.
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, which is down 1.6% from June, but up 63.7% from the prior year.
July 2025 – 3.5 months of supply
July 2024 – 2.2 months of supply
July 2023 – 1.7 months of supply
July 2022 – 3.5 months of supply
July 2021 – 0.9 months of supply
July 2020 – 1.4 months of supply
56% of the closings for the month July was on the market 30 days or less, in June this number was at 61.4% and in July 2024, 69.9% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES
Century Communities is having their PURPLE TAG Sales Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get a 30-year fixed rate loan with a 2-1 Buydown, plus $3,000 towards closing costs.
For FHA & VA Loans, get 3.875% fixed interest rate for the first year, and 4.875% interest rate for years 2-30.
Or 30-Year 7/6 Arm Loan Conventional Loan, get 3.875% interest rate for years 1-7.
Or 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 END OF SUMMER CLEARANCE Event:
Get 4.75% fixed 30-year interest rate on FHA loans on select new homes in the Las Vegas area, plus receive up 3% towards closing costs. Offer requires financing through Lennar Mortgage, LLC.
Or they are having a promotional Conventional Loan program with a 3-1 buydown on select new homes in the Las Vegas area, plus receive up to 3% towards closing costs. Get 2.99% fixed interest rate for the first year, 3.99% interest rate the second year and 4.99% interest rate for years 3-30. Offer requires financing through Lennar Mortgage, LLC.
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 offering few different programs. In order to take advantage of these savings you will need to use their affiliated lender, Taylor Morrison Home Funding.
- Secure a Conventional 7/6 adjustable-rate mortgage. Enjoy a 3.75% for the first 7 years of your loan. Beginning in year 8, your rate will adjust every 6 months based on market changes. Plus save up to $12,000 in closing costs. Must be under contract by 8/31/25 on all eligible Las Vegas area Quick Move-in Homes that close on or before 9/26/25.
- Get 4.75% interest rate on an FHA 30-Year Fixed Loan on select communities when you go under contract by 8/31/25 and close on or before 9/5/25.
- Get 4.99% interest rate on a Conventional 30-Year Fixed Loan on select communities when you go under contract by 8/31/25 and close on or before 9/19/25.
Pulte is having their Summer Sales Event – save up to $50,000 of Flex Cash on select homes. Flex Cash offer is available on new purchase agreements on select quick move-in home purchases accepted by participating Pulte Homes, Del Webb, or American West communities from now through 8/17/2025 and close by 12/31/2025.
If buyer participates in the Affiliate Incentive Program with financing through Pulte Mortgage LLC, buyer will receive a credit at closing up to $50,000 which may be applied to payment of approved closing costs and prepaids, the standard cost of selected options, or a rate buy-down.
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 10/17/25, so take advantage of this great rate now.
For the 1st year get 3.49% interest rate, 2nd year get 4.49% interest rate and from years 3-30 get 5.49% interest rate.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $2,500 decrease*
Ang said $5,000 decrease
Actual # Remained flat
ROB won this!
WITHOUT OFFERS
Rob said 7,150
Ang said 7,100
Actual # 7,147
ROB won this one!
MONTHS OF SUPPLY
Rob said 3.7 months
Ang said 3.6 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
