WTF is Happening to the Las Vegas Housing Market? July 2025

WTF is Happening to the Las Vegas Housing Market?! July 2025

Welcome to the July 2025 issue of our monthly market update for Southern Nevada. In this issue we will be going over June 2025 numbers.

Join Rob and I LIVE on YouTube as we break down the June 2025 Las Vegas Housing Market!

Las Vegas home sale prices jumped by $5,000 to a new median of $485,000 — wait, what?! 🤯 How is that even possible when:

• Sales were down
• New listings were down
• But months of supply is way up

We now have more listings sitting without offers this selling season than ever before, yet prices still aren’t dropping. With high interest rates keeping buyers on the sidelines, it’s truly a buyer’s market right now. That means smart buyers can score amazing deals — think lower prices + seller-paid closing costs!

Are sellers experiencing FOMO (fear of missing out) before a potential market correction? 📉 What does all of this mean? Is the market finally balancing out? 🤔

👉 We’ll also reveal who won last month’s bets (always fun!) and dive into all the builder incentives for July 2025, so if you’re thinking about buying new construction, you don’t want to miss this.

MARKET TRENDS

There were 1,946 single-family houses that sold in June which is down 6.8% from May and down 7% from June 2024.

June 2025 – 1,946 Closings

June 2024 – 2,093 Closings

June 2023 – 2,293 Closings

June 2022 – 2,688 Closings

June 2021 – 3,543 Closings

June 2020 – 2,464 Closings

The median sales price of previously owned single-family homes, went from $480,000 May to $485,000 in June, which is up 1% from May and up 2.1% from June 2024.

So, from June 2024 to June 2025, we had a $10,000 median price increase in single-family homes year of year. The median price since June of 2020 for single-family homes has increased by $160,000.

In June 2025, the median price of previously owned single-family homes was at $485,000.

In June 2024, the median price of previously owned single-family homes was at $475,000.

In June 2023, the median price of previously owned single-family homes was at $440,990.

In June 2022, the median price of previously owned single-family homes was at $480,000.

In June 2021, the median price of previously owned single-family homes was at $395,000.

In June 2020, the median price of previously owned single-family homes was at $325,000.

CONDOS

The median sales price of condos and townhomes for June went from $307,000 to $305,000 which is down .7% from May, but up 3.4% from the prior year.

So, from June 2024 to June 2025, we also had a $10,000 median price increase in condos/townhomes. The median price since June of 2020 for condos/townhomes has increased by $117,750.

In June 2025, the median price of condos and townhomes was at $305,000.

In June 2024, the median price of condos and townhomes was at $295,000.
In June 2023, the median price of condos and townhomes was at $275,000.
In June 2022, the median price of condos and townhomes was at $280,000.

In June 2021, the median price of condos and townhomes was at $216,000.

In June 2020, the median price of condos and townhomes was at $187,250.

LUXURY MARKET

There were 150 homes that sold in June for $1 million and over, compared to Mays’s 159 homes, 9 home decrease.

The median sales price in the Luxury Market for June increased to $1,445,000 and in May that number was $1,370,000. A $75,000 increase in the median sales price.

MARKET TRENDS

So, for June we had a total of 3,252 new listings, which is down 9.4% from May, but up 15.4% from the prior year.

June 2025 – 3,252 new listings

June 2024 – 2,819 new listings

June 2023 – 2,617 new listings

June 2022 – 4,674 new listings

June 2021 – 3,860 new listings

June 2020 – 3,244 new listings

There were also a total number of 6,992 single-family houses listed without offers in June, which is up 5.2% from the previous month and up 70% from the prior year.

June 2025 – 6,992 listed without offers

June 2024 – 4,114 listed without offers

June 2023 – 3,670 listed without offers

June 2022 – 5,763 listed without offers

June 2021 – 2,454 listed without offers

June 2020 – 3,244 listed without offers

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 3.6 months of inventory on the market, in May we were at 3.2 months of inventory; which is up 12.8% from May and up 82.8% from the prior year.

June 2025 – 3.6 months of supply

June 2024 – 2.0 months of supply

June 2023 – 1.6 months of supply

June 2022 – 2.2 months of supply

June 2021 – 0.7 months of supply

June 2020 – 2.1 months of supply

61.4% of the closings for the month June was on the market 30 days or less, in May this number was at 61.3% and in June 2024, 71.6% of the homes were on the market 30 days or less.

NEW CONSTRUCTION

Builders logged 897 net sales — newly signed contracts minus cancellations — in Southern Nevada in May, up 17% from April 2025 but down 30% from May 2024, according to Las Vegas-based Home Builders Research.

Construction plans also have slid from year-ago levels, as builders pulled 1,078 new-home permits in May, down 17% from the same month in 2024.

Overall, builders closed 831 home sales last month, down 21% from a year earlier, and their buyers paid record prices.

The median closing price of newly built homes in May was $531,890, an all-time high and up 8% from a year earlier, Home Builders Research President Andrew Smith reported.

Within that, single-family houses — builders’ best-selling product in Southern Nevada — sold in May for a median of $582,372, also a record high and up 11% from a year earlier.

NEW BUILDER INCENTIVES – July 2025

Century Communities

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 3-2-1 Buydown, plus $3,000 towards closing costs.

For FHA & VA Loans, get 1.875% fixed interest rate for the first year, 2.875% interest rate for the second year, and 3.875% interest rate for the third year and 4.875% interest rate for years 4-30.

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 Homes

Lennar is having their SUMMER SUPER DEALS Event; get 3.99% fixed 30-year interest rate on FHA loans on a select new home in the greater Las Vegas area, plus receive up to $10,000 toward closing costs from NOW until 07/13/25 and close by 09/26/25. Offer requires financing through Lennar Mortgage, LLC.

Richmond American Homes

Richmond American is having their WELCOME HOME SAVINGS Event on their Move-In ready Homes. Must be under contract by 7/14/25 to take advantage of these rates and close by 9/30/25. You also have to use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.

Fixed Rate Close by 9/30/25

3.99% 30-year FHA fixed rate w/ 3.5% down

3.99% 30-year VA fixed rate w/ $0 down

4.50% 30-year Conventional fixed rate w/ 10% down

Or 7/6 Adjustable-Rate Mortgage Offer – Make payments based on a rate of 3.999% for 7 years and a max of 8.999% for the remaining life of the loan with 30-year, adjustable-rate Conventional financing through Home American Mortgage Corporation! Must be under contract by 7/14/25 and close by 9/30/25.

Taylor Morrison

Taylor Morrison is having FLASH Event; they are offering few different programs. In order to take advantage of these savings you will need to use their affiliated lender, Taylor Morrison Home Funding.

1. 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 today (7/10/25), on all eligible Las Vegas area Quick Move-in Homes that close on or before 8/29/25.

2. Get 4.25% interest rate on an FHA 30-Year Fixed Loan on select communities when you go under contract by 7/31/25 and close on or before 8/29/25.

3. Get 3.99% interest rate on a Conventional 30-Year Fixed Loan on select communities when you go under contract by 7/31/25 and close on or before 8/29/25.

Toll Brothers

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 8/28/25, so take advantage of this great rate now.

For the 1^st year get 4.49% interest rate, 2^nd year get 5.49% interest rate and from years 3-30 get 6.49% interest rate.

ROB & ANG BETS – July 2025

MEDIAN SALES PRICE

Rob said $2,600 decrease

Ang said $2,500 decrease*

Actual # $5,000 increase

ANG won this!

WITHOUT OFFERS

Rob said 6,850

Ang said 6,900

Actual # 6,992

ANG won this one!

MONTHS OF SUPPLY

Rob said 3.5 months

Ang said 3.4 months

Actual # 3.6 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