Luxury on the Rise: A Strategic Look at the Las Vegas Housing Market — Spring 2025
Las Vegas real estate expert Leslie Hoke offers insights and opportunities in her spring market review and forecast.
For years, you’ve heard the same story: Low inventory levels and elevated interest rates were creating a lock-in effect that kept sellers in place and caused buyer frustration. Now, however, the always-active spring market has brought some good news: Inventory is on the rise as prices remain strong, meaning a more balanced market for both buyers and sellers.
Whether you’re looking for the right time to put your home on the market or you’re looking for the right time to buy, this is the sign you’ve been waiting for. It’s been years since we’ve seen such an ideal opportunity for a win-win outcome for your real estate goals. Let’s look at the forces driving the market, crunch the numbers and examine why now is the perfect time for exploring the Las Vegas luxury market in particular.
Here is a quick summary of topics we cover in this article:
What’s Driving the Current Las Vegas Real Estate Market?
There are a number of factors that, added together, are creating exceptional conditions for the Las Vegas housing market:
Population Growth: At 2.4 million, the Clark County population is up 50,000 year over year, a 2.1 percent increase. Along with this boost in population, we’ve seen an attendant growth on the job front, with 17,000 jobs added in the past year.
Economic Expansion: Las Vegas’ productivity boom shows no signs of slowing, and gross domestic product (GDP) was up 8.8 percent on the year to a whopping $178.4 billion. That’s a 40 percent improvement over pre-pandemic levels.
Visitation and Entertainment: The twin linchpins of the Vegas economy held stable over the past year, even without the extra boost provided by the February 2024 Super Bowl. That’s good news for gaming, which was up slightly on the year, and great news for the second-home market.
Luxury ZIP Codes to Watch
For luxury homesellers, three ZIP codes stood out in Las Vegas Realtors’ latest economic report:
- 89138 – Summerlin West: With a median income of $151,000 and a population increasing by 47 percent over the past decade and a half, the Summerlin West luxury market is one of the more consistently high-performing areas in the region. Search all homes in Summerlin
- 89135 – The Ridges: Here, in The Ridges you’ll find a median income of $107,000 with 11 percent growth since 2010. LVR’s report shows ongoing strong home prices with low days on market for listings in this exclusive Summerlin community.
- 89141 – Southern Highlands: This always-popular area of Southern Highlands has experienced population growth of 29.3 percent during that same period, with a median income of $150,579. Here, too, you’ll find solid home prices and quick turnaround times for properly priced and prepped listings
Increased Commercial & Infrastructure Development
In the wider area, commercial and infrastructure improvements slated for completion in 2025 include:
- Venetian renovations valued at $1,300,000,000
- Las Vegas Convention Center North, Central and South Exhibition Halls renovation valued at $600,000,000
- UnCommons culinary hub valued at $400,000
- I-15 Tropicana project valued at $382,000,000
- Rio All-Suite Hotel and Casino / Hyatt Regency renovations valued at $350,000,000
- Escape solar project valued at $340,000,000
- MGM Grand renovations valued at $300,000,000
- M Resort expansion valued at $206,000,000
- City of Las Vegas Civic Plaza valued at $165,000,000
- Area 15 expansion valued at $161,000,00
For luxury homebuyers and homeowners in the Las Vegas metro, the good news is that the latest numbers — population growth, jobs and development projects — are all going in the right direction: UP! That makes Las Vegas real estate a solid, long-term play, whether for commercial investors or for homeowners who simply want to ensure the value of their single largest personal investment in the years to come.
Spring 2025 Las Vegas Market Snapshot
Sold Listings in March/April 2025
March/April 2025 Single-Family Home Sales
March 2025 Home Sales saw a modest 2.9 percent increase in the number of single-family homes sold year over year, but a significant 22.6 percent increase in the number of new listings. That translates to 2.5 months of effective inventory, up 58.4 percent from March 2024.
April saw dips in the number of units sold in Las Vegas, with single-family home sales dropping by 7.1 percent. Effective availability of 2.9 months represented significant year-over-year increases in inventory of over 92%.
March/April 2025 Condo Sales
The March 2025 Condo Market the number of units sold dropped slightly (3.4 percent) on the year. New condo listings increased by 21.9 percent to 1,053 and the market held a jaw-dropping 3.9 months of effective inventory, up 93.5 percent from the same period last year.
April saw dips in the number of condo units sold by 12.4 percent on the year. Effective availability of 4.4 months, reflected an increase of over 118% from April 2024.
Overall Impact of Inventory Fluctuations
Interestingly, however, this increase in inventory didn’t translate into significant price reductions, suggesting that much of the inventory increase is being absorbed by the market, which has been waiting impatiently for an opportunity to buy during the pandemic and post-pandemic years.
Average Prices in March/April 2025
March/April 2025 Average Prices Single-Family Homes
In March 2025, average prices for single-family homes sold were up 3.1 percent on the month and 6.7 percent year over year.
Average prices in April, however, saw slight dips in average sold prices, with single-family homes down 3.7 percent month over month, though still up for the year at 1.3 percent. (+2.3% for Median Home Prices)
March/April 2025 Average Prices for Condos
In March, Average Condo prices were up 0.7 percent and 0.6 percent, respectively, during the same period.
Average Condo prices in April were down 4 percent on the month and only 0.2 percent on the year. (+4.4% for Median Condo Prices)
Impact of Price Changes
Ultimately, the numbers reflect the new reality: More options in terms of inventory mean a longer time on the market and more motivated sellers. This is being reflected in price adjustments during the negotiation period. However, sellers seem to be catching up to the new reality, especially those who waited until later in the spring to decide to list.
New Listings in March/April 2025
March/April 2025 New Listings for Single-Family Homes
The average price of new listings in March was down 2.5 percent month-over-month for single-family homes, although that still represented a 4.9 percent increase year over year.
In April, however, the average price of new single-family listings held relatively steady, dipping only 0.4 percent on the month and increasing 4.3 percent on the year. (+7.2% for Median New Listing Home Prices)
March/April 2025 New Listings for Condos
New Listings for Condos in March 2025 saw an improvement, with the average listing price was up 10.8 percent on the month and 4.6 percent on the year for condos.
In April, however the average list price for condos was down 9 percent on the month, though it increased slightly (2.1 percent) year over year. (+2.4% for Median New Listing Condo Prices)
Price Corrections in April
Thus, condo prices for new listing in particular, which might have been a bit too optimistic at the beginning of the spring market, corrected their pricing in April. Considering that upwards of 60 percent of homes overall were still selling within 30 days, buyer urgency still exists for the right listings.
*Notes: Growth rates are for April 2025 compared to the prior year. Availability reflects inventory excluding those with offers – LAS VEGAS REALTORS®
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Seller Strategies for the Las Vegas Market
For sellers hoping to stand out in the still-competitive Las Vegas market while holding down days on market and garnering the highest possible price for their listing, here are some strategies that are working right now:
Prep Right
This is not the time to skimp on the fundamentals, and buyers have more options than they’ve had in years. That means decluttering, repairs and updates. For sellers of luxury homes, staging can make all the difference between a home that shows its best and one that sits on the market. Luxury homebuyers are discerning, and with softening inventory, they’ll be expecting move-in-ready polish.
Price Right
This is not the time to test the market with an outsized asking price that’s not supported by the market. Work with your agent on pricing right up to the day your home goes on the MLS, ensuring that you’re accounting for the latest changes in market conditions. This is especially important right now, since economic news out of D.C. can have an impact on buyer attitudes and subsequent price sensitivity.
Plan Right
If you’re selling and buying at the same time, you’re in a great position to find the home of your dreams among the current expanded inventory. Talk to your real estate agent and discuss the logistics of selling and buying all at once so that you can coordinate contingencies and closings on both sides of the transaction.
Las Vegas Seller Resources
Buyer Insights for the Las Vegas Market
Buyers are in a better position than they’ve experienced in a long time. For buyers who were locked out of the hyper-competitive pandemic-era real estate market and who’ve been scared away by higher interest rates and home prices over the past few years, this is the first time we’ve seen a significant opportunity to take advantage of more balanced market conditions. View all real estate for sale in Las Vegas
Prep Right
Don’t wait until you’ve found the perfect home to get your financial ducks in a row. Start working with a lender ahead of time to understand the mortgage process and begin gathering the documents and assets needed to get your mortgage through underwriting and get yourself to the closing table. If you need to sell your home before you buy, talk to your lender and your agent about your options, including relevant contingencies and bridge financing.
Price Right
With rising inventory, you may be in a position to negotiate better terms on your home purchase. Look for recent price drops or homes that have been on the market for more than 30 days in order to find sellers who may be motivated to make a deal. However, be cautious of low-ball offers, which can close the door to a negotiation immediately by insulting the seller.
Plan Right
The ups and downs of the mortgage market have made it tough to determine which financing option offers the best bet. Talk to your lender about locking in your rate before interest rates go up again, especially if there are economic indicators that suggest an upcoming rebound.
Luxury Real Estate Perspectives
For luxury buyers, the ongoing lesson of the Las Vegas market is that location matters more than flash, and the best neighborhoods tend to hold their value for the long haul. Don’t be dazzled by designer finishes or put off by details you don’t love: Finishes can be changed, but location can’t.
Spend some time visiting your likely neighborhoods to see if the vibe matches your personality and preferences. If possible, visit at different times of the day and week — early morning, evening, weekends and weekdays. Drive the commute, and check out the best local dining, shopping and entertainment venues. Get a well-rounded idea of the areas you’re interested in and use that to narrow your choices.
For sellers, presentation is everything. Don’t overlook the details when you’re getting your home ready to show. Need help? Talk to your agent about contractors, designers, organizational experts and professional moving services to help you fix up, decorate and pack up so that your moving process is as seamless and stress-free as possible. Remember, the majority of homes in the area are still moving quickly, so getting ahead on prep and packing just makes sense.
Most of all, this is the time to get realistic about movements in the market. For the past several years, sellers have held all the cards, but now there are more options for buyers to choose from and, therefore, more of a need for flexibility. Talk with your agent about your expectations and develop a negotiation strategy before you go on the market. That will help you make decisions quickly, especially in the event of multiple offers with a variety of terms in play.
Put Leslie Hoke’s experience to work as you navigate the Las Vegas real estate market
Primary residence, vacation home or investment property, you’ll find what you’re looking for in Las Vegas, one of the nation’s fastest-growing destination markets. Draw on Leslie Hoke’s decades of market expertise to make the decisions you need to make now, so you can make the decisions that lie ahead with confidence.
Contact Leslie Hoke today to find out what we can do to make your real estate goals a reality. Feel free to call: (702) 321-1763.
