Las Vegas Housing Market Update

May 2025 marks further changes in the Las Vegas housing market. The city remains an exciting real estate market, but today’s data suggest a market that is gradually slowing down after many years of change. For those looking to buy, sell, invest, or watch the market, we have a deep guide to Las Vegas real estate here.

Home Prices in Las Vegas: Gradual Increase in May 2025

As of May 2025, the average price of a Las Vegas home increased by 4.2% to $449,000 from last year. The growth this year could be less spectacular than in 2021–2022, yet it still proves that the market is developing at a consistent rate.

Some more well-off consumers are looking to buy luxury houses in Summerlin and Henderson, so those that cost more than $1 million are very competitive. High prices for first-time buyers continue to be a problem because there are not enough affordable homes.

Inventory Levels Are Improving Slowly

We’re seeing signs that inventory is getting better for the first time in many months. More people are putting homes up for sale, so buyers who had fewer options before now have greater choices.

Having slightly more inventory in stock doesn’t necessarily flood the market. In reality, Las Vegas is not yet meeting the housing needs. Yet, if buyers are tired of finding themselves in stressful bidding wars or rushing through the home-buying process, this could be a relief.

Buyer Demand Remains Strong

Although interest rates have gone up, buyers are not holding back at nearly the same rate as before. People from California, Arizona, and Texas are still drawn to Las Vegas because they think it is cheaper.

Millennials buying their first homes and remote workers wanting homes in locations like North Las Vegas and the Southwest Valley are also fueling the market.

Rental Market Shows Consistent Growth

Most individuals lease in Las Vegas, and the average two-bedroom apartment rent averages $1,640, a 3.1% increase from a year ago. With increasing mortgage rates, it is becoming difficult to buy a home for renters, which aids in the stable rental demand.

Numerous individuals are making the most of this chance by investing in condos and houses. Places such as Spring Valley and Paradise continue to attract investors who seek to hold properties for the long term.

Las Vegas Real Estate Forecast for Summer 2025

This summer is likely to see an active Las Vegas market, although it should not be as hectic as it was in previous years. Prices may rise slightly during the peak season, and inventory levels are expected to increase further.

Industry analysts are expecting home prices to rise by 5–6% over the previous year by the end of Q3 2025. For this reason, May is a good time for buyers to take advantage of potential opportunities for further appreciation and for sellers to capitalize on seasonal demand.

What Should Buyers and Sellers Do Now?

Buyers: Waiting for a sharp drop in prices won’t help if you want to buy in Las Vegas. Pre-approval of your loan will help, and hiring a realtor who knows the area well will give you an edge.

Sellers: Correct pricing means your house will stay on the market for a short time. Because inventory is still low, houses that are well taken care of in good locations tend to attract multiple offers.

Summing Up

The housing market in Las Vegas last month was closer to balance. Buyers might find it a little tougher than before, but it’s not as favorable to buyers as it was in 2021. Having a wise strategy and trading at the right time helps both buyers and sellers succeed.