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March 8, 2025Las Vegas Spring Housing Market Predictions – March 2025
Las Vegas Spring 2025 Housing Market Predictions
Welcome to the March 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over February 2025 numbers.
✅ Home prices hold steady at $485,000 – still our all-time record high!
✅ Sales increased, but new listings dropped, causing inventory to tighten slightly.
✅ What does this mean for buyers and sellers heading into Spring? 🌷🏠
Is now the time to list your home? What can buyers expect in the coming months? 🤔
🔥 Plus, we’ll reveal who won last month’s bet and go over March’s hottest builder incentives for new construction homes!
📅 Don’t miss this live breakdown – get the latest insights, trends, and expert predictions to stay ahead in the Las Vegas real estate market!
MARKET TRENDS
There were 1,781 single-family houses that sold in February which is up 12.9% from January but down 6.1% from February 2024.
The median sales price of previously owned single-family homes, went from remained the same at $485,000 in February, which is flat from last month and up 5.4% from February 2024.
The peak of the Market was in May 2022 at $482,000, we have now surpassed the peak of the market.
So, from February 2024 to February 2025, we had a $15,000 median price increase in single-family homes year of year.
In February 2025, the median price of previously owned single-family homes was at $485,000.
In February 2024, the median price of previously owned single-family homes was at $460,000.
In February 2023, the median price of previously owned single-family homes was at $424,995.
In February 2022, the median price of previously owned single-family homes was at $450,000.
In February 2021, the median price of previously owned single-family homes was at $355,000.
CONDOS
The median sales price of condos and townhomes for January went from $293,000 to $303,000 a $10,000 median price increase; which is up 3.4% from February and up 7.1% from the prior year.
So, from February 2024 to February 2025, we also had a $20,000 median price increase in condos/townhomes.
In February 2025, the median price of condos and townhomes was at $303,000.
In February 2024, the median price of condos and townhomes was at $283,000.
In February 2023, the median price of condos and townhomes was at $255,000.
In February 2022, the median price of condos and townhomes was at $260,000.
In February 2021, the median price of condos and townhomes was at $197,500.
LUXURY MARKET
There were 139 homes that sold in February for $1 million and over, compared to January’s 106 homes, 33 home increase.
The median sales price in the Luxury Market for February decreased to $1,399,000 and in January that number was $1,425,000. A $26,000 decrease in the median sales price.
MARKET TRENDS
So, for January we had a total of 2,799 new listings, which is down 10.6% from January, but up 10.5% from the prior year.
There were also a total number of 5,229 single-family houses listed without offers in February, which is up .3% from the previous month and up 50.6% from the prior year.
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 January we were at 3.3 months of inventory; which is down 11.2% from January, but up 60.4% from the prior year.
53.2% of the closings for the month February was on the market 30 days or less, in January this number was at 47% and in February 2024, 56.1% of the homes were on the market 30 days or less.
IN THE NEWS
- Mark Wahlberg sold a 2.5-acre parcel in The Summit Club in Summerlin for $17.25 million, property records show in December 2024. He bought the land in 2022 for $15.6 million. Making a $1,650,000 profit.
- Bear’s Best Las Vegas golf course in The Ridges neighborhood of Summerlin will become a private country club after being sold. And the Arroyo Golf Course in Red Rock Country Club will also become private. Meaning now Summerlin will have 5 private golf courses and 5 public golf courses.
- Amaya in Summerlin has been renamed Astra at La Madre Peaks. Which will be an up-and-coming guard-gated custom home community located in Summerlin West, that will represent a new pinnacle in luxury living. Positioned majestically at one of the highest points in the Las Vegas Valley. There will be a selection of 167 custom home sites at an impressive 4,125 elevation. They will be having an upcoming lot release on April 5th. Contact me for more info.
- Lennar Homes to build 1,480 upscale homes, townhomes and condominium units on the 250-acre property in the old Badlands Golf Course and will be a gated community in Queensridge.
NEW BUILDER INCENTIVES – March 2025
Century Communities is having their DOES YOUR HOME CHECK ALL THE BOXES Event. Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 3.875% fixed interest rate when using an FHA and VH loans for the first year and 4.875% interest rate for years 2-30, or 4.875% interest rate for the first year on a conventional loan and 5.875% interest rate for years 2-30.
Rates are available only on the purchase of select Century Communities homes that sign a contract on or before 3/15/2025 and that close on or before 3/31/2025.
Lennar is having their LUCKY YOU Even and offering special financing on select move-in ready homes when you use their in-house lender: Promotional FHA loan program with a temporary Buydown is available – starting at 2.625% in Year 1, 3.625% in Year 2, and 4.625% from years 3-30. PLUS, up to $5,000 towards closing costs.
Offers available on select move-in ready homes in the greater Las Vegas area if buyer signs a purchase agreement between 03/03/25 – 03/09/25 and close by 05/23/25.
Pulte is offering limited time special financing at 5.5% 30-year fixed interest rate on Pulte’s select quick move-in ready homes when you finance through Pulte Mortgage and go under contract from now and close by 5/31/25.
Richmond American is having their GOLD STAR Event on their Move-In ready Homes. Must be under contract by 3/16/25 to take advantage of these rates. You also have to use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.
Fixed Rate Close by 3/31/24
4.50% 30-year FHA fixed rate w/ 3.5% down
4.50% 30-year VA fixed rate w/ $0 down
4.99% 30-year Conventional fixed rate w/ 10% down
They also have a 2-1 Buydown Offer – With a 2-1 buydown offer on special 30-year, fixed-rate FHA financing through Home American Mortgage Corporation get 2.875% interest rate for year 1, 3.875% interest rate for year 2, and get 4.875% interest rate on years 3-30. Must go under contract on select homes between 3/3/25 and 3/16/25, close by 3/31/25 and combine with special financing to make payments based on the rates below.
Taylor Morrison is offering a limited time fixed interest rate at 5.49% for a 30-year fixed mortgage on select quick move-in homes in the Las Vegas area.
Valid on new home contracts entered from now until 3/31/25 on all eligible Las Vegas area Quick Move-in Homes that close on or before 4/18/25 (“Promotion Period”).
For a limited time on select quick move-in ready homes, Toll Brothers Mortgage Company is offering reduced interest rates for the first year at 4.99% on a 30-year fixed-rate loan and then a locked interest rate starting with year two for the remaining loan term at 5.99%. This offer is only available on homes that close by April 30, 2025, so take advantage of this great rate now.
ROB & ANG BETS – March 2025
MEDIAN SALES PRICE
Rob said $1,000 increase
Ang said $2,000 increase*
Actual # FLAT
Rob won this!
WITHOUT OFFERS
Rob said 5,225
Ang said 5,150
Actual # 5,229
ROB won this one!
MONTHS OF SUPPLY
Rob said 3.3 months
Ang said 3.4 months
Actual # 2.9 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
