News Summary
The Las Vegas housing market has remained stable in July, with median prices for single-family homes unchanged at $485,000. However, condo and townhome prices have dropped to $290,000. Recent reports indicate a significant surge in inventory, with nearly 7,000 single-family homes on the market without offers. Sales rates have also decreased, leading to discussions around market stability. High-interest rates and economic uncertainties are influencing buyer behavior, resulting in many deals falling out of escrow as buyers seek better alternatives.
Las Vegas – Home prices in Las Vegas have shown stability in July, despite a rising inventory and declining prices for condos and townhomes. The median price of a pre-existing, single-family home remains at $485,000, unchanged from June. In contrast, the median price of condos and townhomes has dropped to $290,000, reflecting a decrease of $15,000 from the previous month.
According to recent reports from Las Vegas Realtors, the housing market is experiencing an estimated four-month supply of homes currently on the market. This figure is a significant increase, having doubled compared to the same month a year ago. Approximately 79% of single-family homes are selling within 60 days, which is a decrease from 86.5% last year. For condos and townhomes, the rate of sales under the same time frame has also fallen to 73.5%, down from 81.8% the previous year.
The overall inventory of homes for sale in Las Vegas has surged, with an increase of 77% from last year. As of the end of June, there were 6,992 single-family homes without offers, marking a 70% increase from the prior year. For condos and townhomes, the figure stands at 2,564 without offers, representing an 87.6% increase compared to 2024.
Sales in June have also shown a downward trend, with a 7% decrease compared to the same month last year. The average home is remaining on the market for more than 30 days, suggesting a more extensive wait time for sellers. Despite the growing housing stock, home prices remain below pre-pandemic levels, raising discussions about the current market’s stability.
Several factors are influencing buyer activity in the Las Vegas market. High-interest rates combined with economic uncertainties brought on by tariffs and geopolitical concerns are leading many potential buyers to be cautious. As a result, there is a notable shift towards adjustable-rate mortgages, allowing buyers to navigate the increased costs of financing. Nationwide trends reflect that the inventory of homes for sale has also climbed significantly, posting an increase of 28.9%.
The current market conditions have resulted in approximately one in five home purchase deals falling out of escrow. Many buyers are choosing to cancel transactions due to better alternatives or fluctuations in interest rates. Additionally, price reductions in the Southern Nevada area have surged, rising by 95% over the last year. Market analysts indicate a potential shift in home pricing strategies, as 27% of listings have experienced price cuts, suggesting a softening market.
Although Las Vegas housing prices remain resilient, there are expectations of downward pressure if interest rates do not show a decrease in the coming months. The market’s future trajectory hinges on various economic factors, and homeowners and potential buyers alike are watching closely for changes.
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Additional Resources
- Utah News Dispatch: Las Vegas Leads Nation in Glut of Homes for Sale
- Redfin: Metros Heating & Cooling August 2025
- Las Vegas Review-Journal: Las Vegas Leading Country in New Listings
- Noraa Real Estate: Las Vegas Becomes the Fastest Cooling Housing Market in 2025
- Wikipedia: Real Estate
- Encyclopedia Britannica: Real Estate
Author: STAFF HERE LAS VEGAS WRITER
LAS VEGAS STAFF WRITER The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.
