Las Vegas 2025 End of Year Real Estate Report

Las Vegas Real Estate at A Turning Point

The 2025 Housing Market in Review and What to Expect in 2026

In our Fall Las Vegas market update, we saw increasing inventory, slowing sales and softening prices translating into a more balanced market for both buyers and sellers. That’s good news, both for consumers and for the market’s health.

During the months of November and December 2025, we saw a big swing in market conditions from all-time high prices to a corrective pullback. It wrapped up a year of change that reinforced the unpredictability of real estate markets — and the need for expert strategy around pricing and positioning in the year ahead. In the following report, we highlight crucial end-of-year data, and its impact on the market today and moving forward in 2026. Anyone considering a home purchase or sale, needs to read this Las Vegas housing market report.

• 2025 Home & Condo Prices
• Sales Volume
• Inventory Trends
• Impacts Of Cash Buyers And Distressed Sales
• What 2025 Can Tell Us About 2026
• Looking To 2026: Rates, War And The Road Ahead
• Seller Advice For 2026
• Buyer Advice For 2026
• Real Estate Investor Advice For 2026
• Move From Reactive To Strategic
• Frequently Asked Questions

November and December 2025: A Tale Of Two Markets

Prices during the end of the year in 2025 whipsawed from November’s all-time high median price for single-family homes in Las Vegas to a December reversal.

November/December 2025 Las Vegas Home Prices

November single-family home prices, at $488,995, topped the previous record of $485,000 reached several times earlier in 2025. That was up 1.9% year over year and up 3% month-over-month. December reversed the trend, with single-family home prices coming in at $470,000, down 4% on the month and 1% on the year.

November/December 2025 Las Vegas Condos

In November 2025, Las Vegas condos and townhomes clocked in at $303,750, up 0.8% year over year and up 6.6% month-over-month. In December, condos saw a drop to $275,000, down 5% year over year and well below the all-time condo high of $315,000 set in October 2024.

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2025 Annual Real Estate Sales Hit Their Lowest Level In Nearly Two Decades

All told, 2025 sales for single-family homes, condos and townhomes in Las Vegas came in at 28,498. That’s down significantly from the sales pace of 31,305 in 2024 and marks the lowest annual sales total since 2007. By contrast, in 2021, during the height of pandemic-era market demand, a record 50,010 properties were sold.

November single-family sales volume at 1,538, was down 6.6% annually and 10.8% monthly. December volume totaled 1,802 units with year-over-year declines of just 0.5% and 1.5% respectively. Monthly volume was up a healthy 17% from November 2025. respectively.

Sales volume for condos and townhomes in November was 380, down 20% on the year and 22% on the month. December sales increased to 459, down just 1.5% from 2024, but a huge increase of 21% from December 2024.

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How Inventory Defined 2025’s Las Vegas Real Estate Story

One of the biggest factors driving change over the course of last year’s market was increasing inventory, and the November and December numbers reinforced this trend.

In November, single-family homes available without offers totaled 7,033, an annual increase of 26%, and December inventory at 6,396 was up 29% year over year.

Condos and townhomes without offers, at 2,613 in November and 2,322 in December, represented inventory increases of 41% and 32% respectively year over year.

Shift Reflected in Available Housing Inventory

The effective months of supply for the Las Vegas market clearly indicated the shift, with single-family homes at 4.6 months of availability in November, up 35.2% year over year, and at 3.5 months in December, up 29.5%.

For condos, the difference was even more stark, at 6.9 months of availability in November, up 76.4% year over year, and 5.1 months in December, up 34%.

Buyer-Friendly Market

Those increases in inventory underlined a growing trend toward buyer-friendly conditions throughout 2025. This was mirrored by the number of homes sitting longer on the market.

In November, percentage of single-family homes selling within 30 days dropped from 57.9% in 2024 to 47.4% in 2025. In December, the number went from 50.1% in 2024 to 45.4% in 2025.

For condos, the trend continued, going from 52.9% in November 2024 to 43.2% in 2025 and from 52.6% in December 2024 to 39.9% in 2025.

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Impacts Of Cash Buyers And Distressed Sales

Another trend that continued at the end of 2025 was the decline in cash transactions which were at 23% in November and 22.7% in December, down from 24.9% and 26.2% respectively year over year. The peak for this metric was 59.5% in February 2013.

Short sales and foreclosures were still near historic lows during this period at 0.5% in November, although December saw a slight uptick to 1.1%, up from 0.6% in December 2024. However, given the historical baseline, this appears to be just a blip in an overall strong equity base.

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What 2025 Can Tell Us About the 2026 Las Vegas Real Estate Market

“Although it was a relatively slow year for home sales, we’re seeing some encouraging signs heading into the new year,” said Las Vegas REALTORS® President George Kypreos. “Buyer activity locally and nationally is starting to improve. Home prices have been fairly stable, and mortgage interest rates ended the year lower than they were the previous year. Most trends are pointing to a more balanced housing market in 2026.”

Here’s what the numbers tell us about what’s coming next:

December Inventory Decline

December single-family homes available, at 6,396, were down 9.1% month over month, and condos were down 11.1% to 2,322. This may be an indicator of seasonal changes rather than a true structural shift in the market, but it’s worth keeping an eye on in Q1 2026.

Gap Between New Listing Median Prices And Sold Median Prices

There was a sizable gap between the median price of new listings, at $504,950 for single-family homes in November and $500,000 in December, and the median price of sold listings, at $488,995 in November and $470,000 in December. This may mean that seller pricing expectations are becoming more realistic and adjusting to meet market conditions.

Condo Market’s Outsized Inventory Growth

Inventory growth and steady prices in the condo market may indicate an outstanding opportunity for first-time buyers or real estate investors. Median listing and median sold prices are more aligned in this sector, suggesting that sellers have already priced in that increased inventory.

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Looking To 2026: Rates, War And The Road Ahead

If 2025 was about market corrections, 2026 is — at least, thus far — about uncertainty. Much depends on the current military campaign in Iran, including the length of time that it lasts and its eventual outcome. In addition, fuel shortages and high attendant high transportation costs promise to have a significant impact on everything from buyer commutes to the logistics of new home construction.

Early 2026 interest rates were falling, but bounced back up following the U.S. entry into the Iran conflict. While this won’t have as much impact on some buyer groups, like those in the luxury sector or retirees who’ll have decades of home equity to tap into for cash purchases, it promises to have an outsize impact on first-time home buyers and move-up buyers taking on a larger mortgage.

In addition, corporate layoffs, driven by both AI adoption and pandemic-era overhiring, mean that more buyers and sellers may feel locked in to their current homes, unwilling to make moves or take on new debt until they feel more comfortable and secure about their financial futures. This uncertainty has been reflected even in active transactions, with contract cancellations reaching record levels in past months.

Given these circumstances, how can you make the best possible decisions in the year ahead? No matter what your real estate goals, here’s the advice you need now:

Seller Advice For 2026

Pricing correctly from the start will matter now more than ever, setting the tone for your transaction and determining whether and when you’ll reach the closing table.

Forget “price-and-see” strategies or testing the market. Right-priced properties and properties that are priced competitively can set you up for a solid sale process, especially if you’re in a high-demand market.

Proper home preparation before you hit the market is another important way to ensure that you attain top dollar for your home. Decluttering, meticulous cleaning and a solid marketing plan are essential for standing out from the competition and getting more feet through the door of your listing.

Finally, deferred maintenance can undermine even your best-laid plans as a home seller. Buyers today are more demanding and less inclined to take on DIY projects or fixer-uppers. Talk to your agent well in advance of your listing date and ask for a recommendation to reliable repair professionals in your market so that you can take care of small repairs and home improvements before buyers see your property.

If you want to take this a step further, consider a home pre-inspection and a one-year home warranty to provide added peace of mind to buyers, avoid post-offer re-negotiations and streamline the escrow process.

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Buyer Advice For 2026

If you’ve been holding off on buying a home in anticipation of the spring market, this is your time. However, although there’s more opportunity in the real estate market at large, there’s still competition for the most desirable homes in the most sought-after neighborhoods.

Make sure to discuss micro-market conditions with your agent to ensure that you’re prepared to move forward in a timeline that makes sense for the area you’re interested in.

When it comes to negotiating in this market, lowball offers still won’t get you far. However, an informed offer based on demonstrable comparable properties may allow you to find some bargains. If you’re interested in a property where the same homeowner has been in place since before the pandemic, they’ll probably have accrued a fair amount of equity, making them more open to robust negotiations.

Since interest rates are back on the upswing, take the time to consult multiple lenders to find the right mortgage product for your home purchase. In addition, talk to your agent and your lender about down payment assistance and closing-cost programs to help offset the increase in financing costs.

If you’re looking for a true bargain in this market, look at condos and townhomes, and be open to the possibility of a fixer-upper option. Remember to differentiate between back-of-wall updates and cosmetic updates; it’s a lot cheaper and easier to take on new paint or flooring as a weekend warrior than to pay a crew to replace a roof or HVAC unit.

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Real Estate Investor Advice For 2026

With short sales and foreclosures at all-time low levels, cash flow is an investor's main advantage in the 2026 market, since cash buyers have been scarce in the past several years. Cash adds leverage, which is compounded if you are able to finance the entire purchase and buy without a mortgage at today’s higher interest rates.

In addition, your flexibility to take on outdated properties or those where maintenance has been deferred can make you the answer to seller prayers in a market where most buyers are unwilling or unable to do so. Make sure that your marketing emphasizes your willingness to work with fixer-uppers, and consider offering add-ons, like facilitating professional clean-out or estate sale services and remote closings. This can make you an important piece of the puzzle for elderly homeowners and heirs with inherited properties.

The Trend From 2025 To 2026: A Move From Reactive To Strategic

If the 2025 real estate market forced sellers to adjust to new realities, the 2026 market rewards strategy on the part of all stakeholders. Professional guidance matters more in a market like this, so work with your real estate agent to determine the best way to maximize the value of your home sale or to get the best deal on your purchase.

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Las Vegas Housing Market Frequently Asked Questions

The Las Vegas housing market can be complex to navigate right now. With that in mind, below are some of the most frequently asked questions about the local real estate market that can help you make more informed decisions.

Is the 2026 Las Vegas housing market shifting in favor of buyers?

Compared to the tight seller's market of recent years, the 2026 Las Vegas housing sector has become much more balanced and favorable for buyers. Recent data shows increases in housing inventory, more frequent price reductions, and longer time on market, all of which point to a slowdown in buyer competition.

Buyers now have more choices and greater negotiating power than they did in the past few years, when limited supply favored sellers. Many homes are also selling below asking price, suggesting that sellers are adjusting expectations to align with current market conditions.

That said, the market has not fully tipped into a true buyer's market. What's emerging instead is a more balanced environment where neither the seller nor the buyer has complete control.

How should I price my home in a shifting market?

In a shifting market like 2026, pricing your home correctly from the start is an important factor. With rising inventory and more competition, buyers are less willing to overpay. Homes that are priced competitively are far more likely to attract attention, generate showings, and sell in a reasonable timeframe.

Trying to "test the market" with a high price can backfire, leading to longer time on market and possible price reductions that weaken your negotiating position. Instead, sellers should focus on realistic pricing, strong presentation, and a clear strategy from day one to stand out and achieve the best possible outcome.

For those who will be selling a home in Las Vegas, you'll find the following resources helpful:

• What is My Las Vegas Home Worth?
• Professional Guide to Selling Your Property in Las Vegas
• Steps for Selling Your Las Vegas Valley Home

Should I wait for mortgage rates to drop before buying a home in Las Vegas?

Ongoing economic uncertainty tied to the military campaign in Iran makes waiting for lower rates a risky strategy. If conditions push rates higher, borrowing costs could increase, leading to higher monthly payments and reduced affordability. Because of this, many buyers are choosing to move forward now rather than wait. With increased inventory and less market competition in 2026, they have more room to negotiate and are positioning themselves to refinance later if rates decline.

If you're looking to secure a property before rates have a chance to increase, be sure to view the pages below:

• Las Vegas Real Estate Listings
• Search for Available Properties in Las Vegas by Zip Code
• Homes for Sale in Las Vegas – Map Locator

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Ready to get started? Let Leslie Hoke guide you as you navigate the Las Vegas real estate market.

Whether you’re looking for a single-family home or condominium, primary residence, vacation home or investment property, Las Vegas has the right option. As one of the nation’s fastest-growing destination markets, the time and conditions are right to help you meet your real estate goals.

Put Leslie Hoke’s decades of market expertise to work as you make the important decisions that lie ahead. Contact Leslie Hoke today to find out what we can do to make your real estate goals a reality. Feel free to call: (702) 321-1763.