Las Vegas Spring 2025 Housing Market Predictions
Greetings to the March 2025 edition of our Las Vegas monthly market outlook. In this edition, we will be covering all information about real estate market trends in upcoming 2025
✅ The prices of homes continue to remain steady, with no change at $485,000. This still remains our all-time record high.
✅ Although sales have gone up, new listings have not which led to a slight decrease in inventory levels.
✅ How does this affect both buyers and sellers for Spring? 🌷🏠
Should you be thinking of putting your house on the market? And what can potential buyers expect in the upcoming months? 🤔
🔥 Additionally, we will talk about who won last months wager and reveal March’s hottest builder incentives for new construction homes.
📅 If you want the newest tips and expert tips to navigate the Las Vegas real estate market, don’t miss this live breakdown for insights and trends or you can consult with Las Vegas realtors who can provide you a complete guidance.
MARKET TRENDS OF SINGLE FAMILY HOMES
The amount of single-family houses that sold in February was 1,781 which is a 12.9% increase from January and a negative 6.1% change from February 2024.
The median sales price for previously owned single-family homes appears to have plateaued at $485,000 for the month of February. This is no change from last month, but a 5.4% increase from February 2024.
The market peaked in May 2022 at $482,000. We are now past the peak of the market which is a good thing.
A basic comparison reveals that over a period from February 2024 to February2025, single-family home prices underwent a significant 15,000 dollar increase. The cost difference from February 2024 to February 2025 was 485,000 dollars versus 460,000 dollars. The price was recorded in February 2025.
The price of previously owned single family homes in February, 2025 was 485,000 dollars. A year earlier, in February, 2024 the price was lower at 460,000. In February 2023, 424,995 dollars was the amount being charged for single family homes, and in February 2022 it had increased to an average of 450,000 dollars.
In February 2021, these homes where being sold for 355,000 dollars.
CONDOS
There appears to be a pattern of appreciation assigned to condominiums and town houses which strikes at a 303,000 dollar median price mark. The amount previously charged before the increase in prices for January was at 293,000 dollars which is a price markup of 10,000 dollars. The increase reflects 3.4% when compared to February, with a jump of 7.1 percent from the previous 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
One hundred thirty-nine homes were sold in February and possessed a price of a million dollars which is an increase from 106 homes that were sold in January. There was an increase of 33 homes.
The median sales price in the Luxury Market for February was recorded to be $1,399,000 while it was $1,425,000 in January. This is a decrease of $26,000 in the median sales price.
MARKET TRENDS
So, for January, the total number of listings is 2799, which is a decrease of 10.6% from January, but is an increase of 10.5% compared to the earlier year.
Also, in February, the total number of single-family homes offered with no bids is 5,229. This is an increase of 0.3% compared to the previous month and increase of 50.6 % compared to the previous 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 the 2.5 acre parcel located in The Summit Club in Summerlin for 17.25 million USD as per the property record in December 2024. He purchased the Plot of land in 2022 for 15.6 million USD making a profit of 1.65 million dollars.
The Bear’s Best Las Vegas golf course in the Ridges area of Summerlin will close to the public and become a private country club after the sale. The Arroyo Golf Course within The Red Rock Country Club will also convert to a private course. Consequently, Summerlin will have 5 private and 5 public golf courses.
Summerlin’s Amaya has been rebranded to Astra at La Madre Peaks. This will be a new guard-gated custom home community in Summerlin West which will serve as a new trademark of luxury living. It is placed at one of the highest elevations in the Las Vegas Valley. At 4,125 feet, there will be 167 custom home sites available. Their next lot release is on April 5th. Let me know if you would like more details.
Lennar Homes will build approximately 1,480 luxury single family homes, townhomes, and condominiums in a gated community in Queensridge on the 250 acre site of the old Badlands Golf Course.
NEW BUILDER INCENTIVES – March 2025
Century Communities has their event for “Does Your Home Check All The Boxes?” Unbelievable savings on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get a fixed interest rate of 3.875% on the first year while using an FHA and VH loans, and get an interest rate of 4.875% for years 2-30 or Get a fixed interest rate of 4.875% on the first year on a conventional loan, then 5.875% interest for 30 years.
Rates do not apply to all homes, only those of which specific contracts conclusively sign on or before March 15th and close by March 31st. Any homes that are sold after these benchmarks will not be eligible.
Lennar Homes
Lennar is also running a special event called LUCKY YOU Even and during this event you can also receive special financing on move in ready homes when you work through our in house lender. FHA loan programs with a temporary buydown for the first year at 2.625% followed by four percent in year two then 3.625% and 4.625% from years three to thirty. We also cap closing costs at 5k.
Limited to certain usable homes around Las Vegas, must sign contract between March 3 to March 9 and close by May 23.
Pulte
Pulte has a new offer for a limited time special financing at a 5.5% 30-year fixed interest rate available on select Pulte’s quick move-in ready homes when financed with Pulte Mortgage. The set date to go under contract is now and the closing date must be on or before 5/31/25.
Richmond American Homes
Richmond American is hosting their GOLD STAR Event for their Move-In ready Homes. You must be under contract by 3/16/25 to qualify for these rates. To qualify for these special interest rates, you must work with their preferred lender, Home American Mortgage Corporation.
Fixed Rate must close by 3/31/24
With their new offer, you can get a 4.50% 30-year FHA fixed rate with 3.5% down or a 4.50% 30-year VA fixed rate with $0 down, or 4.99% 30-year Conventional fixed rate with 10% down.
They also qualify you for a 2-1 Buydown Offer. With a 2-1 buydown offer on special 30 year, fixed-rate FHA, you will get 2.875 interest for year 1, 3.875% interest for year 2, and 4.875% on years 3-30. Must go under contract on select homes between 03/01/25-03/15/25 and close by 03/31/25 while combining with special financing.
Taylor Morrison
Currently, pay as little as 5.49% on a fixed 30-year term mortgage on select quick move in homes in Las Vegas area with Taylor Morrison.
Offer is valid on new home contracts signed between now and 3-31-25 for all qualifying Quick Move-In Homes located in the Las Vegas area that have a closing date on or before 4-18-25 (“Promotion Period”).
Toll Brothers
Toll Brothers Mortgage Company is currently offering lower interest rates, 4.99% for the first year on a 30 fixed for the first time, and a locked 5.99% for the remaining term starting at year two on select Toll Brothers Mortgage Company quick move in homes that are set to close by April 30, 2025.
Las Vegas Realtors Report
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!
