January 2025 Las Vegas Housing Market Overview
Leslie Hoke’s January 2025 report keeps you informed about the latest trends in the Las Vegas real estate market. The story of the national housing sector over the past couple of years has been one of high interest rates, low inventory levels, combined with decreasing buyer demand and total transactions.
In January, however, we finally saw some movements in one of those measures as sellers began listing their properties in greater numbers, and setting the scene for a more active 2025 real estate landscape.
At the same time, wholesale changes coming out of Washington, D.C., may be poised to impact workers and homeowners in the Las Vegas region, as well as the way that homes are purchased in the future.
In the following report we’ll touch on:
January 2025 Las Vegas Market Snapshot
January 2025 got off to a strong start with increases in sales, availability and property values offering opportunities for win-win outcomes for both buyers and sellers in Las Vegas. Here’s what the numbers told us:
Median and Average Home Prices:
Median and average home prices for both new listings and closed sales were a mixed bag both month over month and year over year. For single-family homes sold, median prices were up 2.1 percent month-over-month and 9 percent on the year, while the average price of units sold was down 17.6 percent month-over-month and down 12.3 percent year-over-year.
For new single-family listings, median prices were up 5 percent month-over-month and 7.1 percent year-over-year, while average prices were down 0.1 percent on the month and were up 9.4 percent on the year.
Median and Average Condo Prices: For Las Vegas condos and townhomes, median prices for closed transactions were up 1 percent month-over-month and 7 percent year-over-year. Average prices were down 2 percent on the month and up 3.7 percent on the year.
For new listings, median prices for condos and townhomes were down 3.3 percent on the month and up 0.2 percent on the year, while average prices were up 2.4 percent on the month and 2.9 percent on the year.
Note: Discrepancies between median and average home prices come about when average price is skewed by a few extremely high- or low-priced homes, which can make the average price appear higher or lower than is typically expected.
Sales Volume and Inventory Levels:
Some of the softening in prices may have been due to increased inventory levels and reductions in the number of units sold in both the monthly and annual numbers. Month-over-month, single-family units sold were down 12.9 percent while the number of single-family homes available was up 5 percent. On the year, the number of single-family homes sold was up 6.7 percent while the number of units available was up a whopping 46.9 percent.
For condos and townhomes, the number of units sold was down 11.4 percent on the month and down 13.2 percent on the year. The number of units available was up 7.5 percent on the month and an incredible 66.9 percent on the year.
While increased availability often creates softening in prices, there are still only 3.3 months of effective availability in the single-family market and 4.6 months in the condo/townhome market. This level of limited availability still indicates a strong sellers’ market, supporting steady or increasing home values over time.
Watch for Trends & Changes Impacting the Las Vegas Market
With the inauguration of President Trump, policy changes and uncertainty may drive changes in the real estate market. Here are some possible changes or trends to watch for in the months ahead:
Cash Transactions
According to Las Vegas Business Press reporting, Las Vegas Realtors found that 28.5 percent of property sales in January were cash transactions, up 27.4 percent from a year earlier. That may suggest increased activity both from investors and from luxury homebuyers, though it is still far below the cash buyer peak of 59.5 percent in January 2013. In addition, it follows several months of falling cash transactions.
Crypto Impact
For those holding or interested in the potential growth of the crypto market and blockchain as a real estate tool, the White House’s January 23rd executive order, “Strengthening American Leadership in Digital Financial Technology” should be of interest. The order’s stated purpose is to shift U.S. government policy toward digital assets and to seek the promotion of United States leadership in digital assets and financial technology.
Potential New Home Construction Slowdown
According to the National Association of Home Builders, builder sentiment fell sharply in February on concerns around President Trump’s proposed tariff policies and housing cost concerns.
“With 32 percent of appliances and 30 percent of softwood lumber coming from international trade, uncertainty over the scale and scope of tariffs has builders further concerned about costs,” said NAHB Chief Economist Robert Dietz.
Number of Federal Workers in the Las Vegas Market
The Department of Government Efficiency (DOGE) has projected “large-scale reductions in workforce” which are poised to affect markets across the country, as more than 80 percent of the federal workforce lives outside the Washington, D.C., metropolitan area, according to reporting from the Las Vegas Sun.
With 15,000 federal employees residing in the Las Vegas metro, it remains to be seen whether these reductions will lead to an increased number of distressed homeowners among laid-off federal workers in the region. In addition, some current house hunters employed by the federal government may put their buying plans on hold as economic uncertainty combines with recent rebounding interest rates.
Federal Government in Las Vegas-Henderson-Paradise, NV (MSA) [SMU32298209091000001], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SMU32298209091000001, March 3, 2025.
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Helpful Links
Here are a few helpful links that may assist in your search for a Las Vegas home or condo:
