Las Vegas Housing Market Update: Inventory Soars, Creating Prime Opportunity

By: Kristen Riffle May,15,2025

Home Prices Stabilize After Record Highs

According to a recent report from Las Vegas Realtors, published by the Las Vegas Review-Journal, home prices in the Las Vegas Valley have slightly declined from their record highs earlier in 2025. As of April 2025, the median price for a single-family home in Southern Nevada was $480,000—a $5,000 drop from the peak set at the start of the year. Despite this dip, prices remain 2.3% higher than in April 2024, when the median was $469,000. Similarly, the median price for condos and townhouses in April 2025 was $302,700, a slight decrease from the previous month but a 4.4% increase from $290,000 in April 2024. These figures are still well below the all-time condo price record of $315,000 set in October 2024.

One of the most striking trends in the Las Vegas housing market is the dramatic rise in active housing inventory. At the end of April 2025, Las Vegas Realtors reported 6,213 single-family homes listed for sale without any offers—a staggering 78.7% increase compared to April 2024. For condos and townhomes, the number of listings without offers jumped to 2,390, a 91.5% increase year-over-year. A separate Zillow report highlighted a 44.5% inventory increase in the Las Vegas Valley from March 2024 to March 2025, reflecting a broader national trend of new listings flooding the market.

A comprehensive analysis by ResiClub, using listing data from Realtor.com, provides a national perspective on this inventory boom. The data, visualized in a map created by Lance Lambert, shows the one-year change in active housing inventory for sale between April 2024 and April 2025 across the United States. Nevada stands out with a 54% increase in inventory, making it the second-highest state in the nation for inventory growth, just behind Maryland, which saw a 55% rise. This significant increase in available homes, credited to ResiClub’s analysis, underscores the shifting dynamics in Las Vegas and the broader Nevada market.

Buyers on the Sidelines: A Prime Time to Negotiate

While inventory is up, many buyers appear to be on the sidelines, possibly waiting for further price reductions or more favorable mortgage rates. However, this hesitation is creating a prime opportunity for those ready to act. With inventory levels at their highest in years, buyers have more options to choose from and greater leverage to negotiate a great deal. The increased supply of homes means sellers may be more willing to offer concessions, such as price reductions, closing cost assistance, or other incentives, to attract buyers in a market that is no longer as competitive as it was during the peak years of 2021 and 2022.

Historically, Las Vegas has seen fluctuating market conditions, but the current environment—stable prices and high inventory—suggests that buyers who are prepared to negotiate can secure favorable terms. This is a stark contrast to the frenzied market of 2021, when Las Vegas Realtors reported a record 50,010 total property sales, compared to 31,305 in 2024, a pace that has remained steady into 2025.

A Long-Term Supply Challenge

Despite the current surge in inventory, the Las Vegas Valley faces a long-term housing supply challenge. A report from the UNLV Lied Center for Real Estate revealed that the region has been underbuilding homes for about 15 years. Between 1995 and 2003, residential permitting was robust, but starting in 2010, there was a 64% drop in permits—a decline nearly three times larger than the national average of 23% over the same period. This chronic undersupply has contributed to the region’s housing affordability issues over the years, though the recent increase in inventory is providing some relief for now.

What This Means for Buyers

For prospective homebuyers in Las Vegas, the current market conditions present a unique window of opportunity. Here’s why:

• More Choices: With a 78.7% increase in single-family home listings and a 91.5% jump in condo and townhome listings, buyers have a wider selection of properties to consider.

• Negotiation Power: The high inventory levels give buyers more leverage to negotiate better prices or terms with sellers who are eager to close deals.

• Stable Prices: Home prices have stabilized, with only a 1% variation in median prices this year, reducing the risk of overpaying in a volatile market.*

• National Context: Nevada’s 54% inventory increase, second only to Maryland’s 55% (per ResiClub’s analysis), highlights that Las Vegas is part of a broader trend of rising supply, making it a buyer’s market in many regions.

In Conclusion:

The Las Vegas housing market in May 2025 is at a pivotal moment. With home prices stabilizing after a record high, inventory levels soaring, and buyers holding more negotiating power, now is an excellent time for those on the sidelines to re-enter the market. Nevada’s position as the second-highest state for inventory growth, as reported by ResiClub, underscores the scale of this shift. However, the region’s long-term undersupply of housing, as noted by the UNLV Lied Center, suggests that this buyer-friendly environment may not last indefinitely. For those ready to act, the current market offers a chance to secure a great deal in one of the country’s most dynamic real estate markets.

Sources: Las Vegas Realtors, UNLV Lied Center for Real Estate, Zillow, and ResiClub analysis of listing data from Realtor.com.