Las Vegas Real Estate Market Update – Q1 2025

Market Overview

In March 2025, the Las Vegas real estate market demonstrated resilience and stability. The median price for existing single-family homes remained at $485,000, matching the all-time high observed in January and February. This represents a 4.3% increase from March 2024, when the median price was $465,000. Condominiums and townhomes saw a median price of $306,495, marking an 8.5% year-over-year increase, though still below the record high of $315,000 set in October 2024 .

Inventory and Sales Activity

The market experienced a notable increase in available listings. Single-family homes listed without offers rose to 5,416 units, a 63.0% increase from the previous year. Similarly, listings for condos and townhomes without offers climbed 86.9% to 2,204 units. Despite the rise in inventory, sales activity showed signs of recovery. A total of 2,712 existing homes, condos, and townhomes were sold in March, with single-family home sales up 2.9% compared to March 2024, while condo and townhome sales declined by 3.4% .

Market Dynamics

• Sales Pace: Approximately 76.0% of single-family homes and 74.2% of condos and townhomes sold within 60 days, indicating a slight decrease from the previous year .
• Cash Transactions: Cash purchases accounted for 24.6% of total sales, down from 26.1% in March 2024 and significantly below the 59.5% peak in March 2013 .
• Distressed Sales: Short sales and foreclosures comprised just 1.1% of transactions, unchanged from the previous year and down from 2.0% five years ago .
• Transaction Volume: The total sales value for single-family homes in March exceeded $1.3 billion, while condos and townhomes totaled $184 million. Compared to March 2024, home sales values increased by 9.8%, whereas condo and townhome values decreased by 2.8% .

Implications for Investors and Homebuyers

The Las Vegas housing market in March 2025 reflects a balanced environment with stable prices and increasing inventory. For investors, the rise in available listings presents opportunities to acquire properties in a market that maintains strong value. Homebuyers benefit from the increased selection and the recent stabilization in mortgage rates, enhancing affordability. The low percentage of distressed sales indicates a healthy market, reducing the risk associated with property investments.

Staying informed about market trends is crucial for making strategic decisions in real estate. The current data suggests that Las Vegas continues to be a viable market for both investment and homeownership.

As always, if you’re looking to review your investment strategy, evaluate market comps, or tour available inventory, I’m here to guide you every step of the way.

Let’s talk strategy — reach out anytime.

Frequently Asked Questions (FAQs)

1. What is the median home price in Las Vegas as of March 2025?

The median price for existing single-family homes in Las Vegas held steady at $485,000, matching the all-time high set in January and February 2025 .

2. How has inventory changed in the Las Vegas real estate market?

Inventory has significantly increased. Listings without offers rose 63% for single-family homes and 86.9% for condos and townhomes compared to March 2024 .

3. Is sales activity increasing or decreasing?

Sales are showing signs of recovery. Single-family home sales rose by 2.9% year-over-year, although condo and townhome sales declined slightly by 3.4% .

4. What percentage of home sales were cash purchases?

Cash transactions accounted for 24.6% of total sales in March 2025, down from 26.1% a year prior and well below the 2013 peak of nearly 60% .

5. Are distressed sales common in Las Vegas in 2025?

No, distressed sales remain low at just 1.1% of all transactions, indicating a stable and healthy housing market .

6. What does this mean for buyers and investors?

With rising inventory and stable prices, buyers have more choices and negotiating power. For investors, the environment presents opportunities to acquire value properties in a strong market .