Late Summer Las Vegas Market Report for July & August 2025
In our last market update, we talked about the shift we were seeing to a more balanced market, one marked by rising inventory, more predictable pricing patterns and slower sales processes. That shift has been good news for buyers without putting too much pressure on sellers. If Part 1 of this summer’s update captured the market’s resilience, Part 2 tells a story of how it’s recalibrating. July and August brought steadier prices, along with a clear shift in supply and demand dynamics.
Here is a quick summary of topics we cover in this article:
Home Prices: High But Holding
July saw the median price of a single-family home land at $485,000, tying the all-time record. By August, that number eased slightly to $480,000, still up 0.7 percent from last summer, but just below the peak.
July/August Home Prices
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Condo Prices Take a Dip
Condo and townhome values wobbled in the opposite direction. After slipping to $290,000 in July (a -3 percent dip year-over-year), the median price rebounded in August to $298,000, a +1 percent gain compared to 2024. That quick rebound could mean that relative affordability may be drawing buyers back into that segment.
The condo market is an interesting one to watch, since it holds appeal for the two groups most impacted by the market conditions of the past few years — first-time buyers frustrated by low inventory and high interest rates and downsizing seniors waiting for the market to peak before cashing out the equity in their large family homes. View condos and townhomes currently for sale in Las Vegas
July / August 2025 Condo Prices
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The takeaway? Prices aren’t swinging wildly; they’re holding steady near historic highs. That means stability rather than volatility, which is good news for the long-term health of the Las Vegas real estate market.
If this leveling reduces the urgency with which buyers jump back into the market, it could help to mitigate some of the frustration and hysteria that attended the pandemic-era housing market, allowing both buyers and sellers to make better decisions for their long-term gain.
Sales Pace Slows
While inventory builds, sales have cooled. In July, closings for single-family homes were down 5.8 percent from 2024, and condos/townhomes fell 11.6 percent.
August deepened the slowdown, with sales dropping 14.2 percent for homes and 15.4 percent for condos and townhomes year-over-year.
Inventory Surges
The more striking storyline this summer has been the surge in available homes. By the end of July, single-family listings without offers hit 7,147—a 54 percent increase over last year.
Condo and townhome listings grew even faster, soaring 77 percent to 2,622.
Inventory Levels
The region now sits at more than four months of housing supply — double the level of last summer. For buyers, that shift translates into more negotiating power, especially around seller concessions at closing, home repairs or more favorable terms.
For sellers, this means pricing and preparation are more important than ever. Decluttering, neutralizing, staging — all of these are newly important, especially for sellers who are looking for a quick closing due to relocation or life changes.
Days on Market Lengthen
Another sign of a cooler market: Homes are taking longer to sell. In July, 56 percent of single-family homes went under contract in 30 days or less, compared to nearly 70 percent a year ago. By August, that share slipped to 54 percent.
Condos tracked a similar trend, with less than half selling inside of 30 days in both July and August, down from 61 percent last year.
Carrying, home repair and staging costs should be taken into account when pricing. Going for top price in a neighborhood may not be worthwhile if it means month-after-month of expenses prior to closing. Sellers should assume a longer sales cycle and plan accordingly. Those properties that do sell quickly are generally those that are priced correctly at the outset and prepped for maximum buyer appeal.
Cash and Distressed Sales Down
Cash buyers remain active, though not dominant. Roughly 24 percent of July closings and 23 percent of August closings were all cash — far below the investor-heavy days of 2013, when nearly 60 percent of sales required no financing.
Distressed sales barely register, making up less than 1 percent of all activity this summer. According to Las Vegas Realtors, short sales and foreclosures combined made up only 0.5 percent of all existing local property sales in August. That speaks to the stability of the current market and the amount of equity most homeowners have in their properties.
Interest Rate Impacts on the Las Vegas Housing Market
Due to weaker than anticipated jobs reports and report revisions, interest rates fell throughout the latter part of the summer. That helped to improve affordability as home prices either held steady or slowed their growth at the same time, lowering monthly payments.
Expert opinions vary on where mortgage rates will land in 2026, with Fannie Mae forecasting a fall below 6 percent by the end of next year and the Mortgage Bankers Association projecting a steady 6.4 percent holding pattern throughout 2026. Much of the forecast depends on inflation, unemployment and GDP growth throughout the end of 2025 and the beginning of 2026.
Political pressure is part of the equation since the current Federal Reserve Chair Jerome Powell takes a more cautious approach to rate cuts due to the risks associated with unchecked inflation and rising unemployment. At the same time, Fed Governor Stephen Miran, a Trump appointee, favors steeper rate cuts, something the president has repeatedly called for. Unfortunately, this uncertainty around monetary policy also translates into uncertainty around financial forecasting.
What Does It All Mean for You?
Especially for Buyers
Availability is Up! Statistics say that the majority of Gen Z believes they’ll never own a home, and Millennials with growing families feel boxed into their starter homes due to lack of inventory and affordability. The good news for these groups is that the tide is finally turning in their favor. With effective single-family home availability up 59.4 percent year over year, and condos up 84.4 percent, buyers have more choice and more leverage than in recent years.
More Motivated Sellers – If you’re looking to buy, keep an eye on days on market to find motivated sellers. They may be more open to concessions, price adjustments or closing cost credits that could make homeownership more affordable than you previously thought possible.
Increased Negotiation Leverage – In addition, take advantage of your increasing negotiating leverage to conduct more thorough home inspections, especially if the home you’re interested in has specialty systems like a pool or smart-home integration. In that case, ask for a specialty inspection (or two) alongside your more comprehensive general inspection.
Due Diligence – If you’re looking for a condominium, use your time to conduct thorough due diligence on the condo association so that you can ensure that they have healthy reserves and a history of responsible property management. In addition, check for looming special assessments to avoid unpleasant surprises (and buyer’s remorse) after closing.
Impact to Sellers
Realistic Pricing – It’s time to get realistic on both pricing and preparation, to meet the realities of the current market. Because buyers have more choice, they won’t be in as much of a rush and multiple offers may not roll in the first weekend. Price strategically with an eye on your micromarket, based on relevant comps in your area.
Staging Strategy – Work with your agent to develop a strategy for staging, marketing and pricing your property to stand out against the competition. Remember, floating a higher price to “test the market” could result in a chase to the bottom if you overreach and drive away early interest.
Key Points – Because presentation matters more now, consider the following:
- Staging helps a home stand out both online and in real life. Don’t forget to stage outdoor areas and sell the lifestyle, not just the bricks and mortar.
- Marketing with professional photos, video tours, property descriptions and targeted online campaigns helps highlight a property’s differentiators. It also provides information about community amenities and convenient proximity to local areas and features of interest.
- The condition of the home can be a powerful factor in drawing buyers and their newfound negotiating leverage. Consider a pre-listing home inspection or proactive repairs to provide a smooth on-ramp for the eventual negotiation. Above all, be realistic with pricing and timeline and build flexibility into your plan from the beginning.
- Review our article on Home Staging – A Powerful Tool to Achieve Your Goals
For Investors
Motivated Sellers – The best tool in your toolbox is certainty for sellers who’ve been surprised (and not in a good way) by the demands of the shifting market and who are now highly motivated to make a deal. Keep an eye out for listings that were poorly priced out of the gate and that have been sitting on the market for longer than they should have. Watch, too, for segments with high inventory growth, like the condo and townhome segment.
Rescue Properties – If you have the budget for it, focus on properties where deferred maintenance means that the home has not been properly prepared for the preferences of current homebuyers. That suggests either a lack of budget or a lack of willingness to properly position the listing, allowing you to come in with a well-formulated rescue offer.
Cash is Clout! Remember, cash buyers no longer dominate the market like they did a few years ago. If you have the ability to buy for cash and close quickly, that could be a powerful differentiator and allow you to stand out from the crowd.
Rental Properties for Long Term Growth – Because rental demand has held steady, you have flexibility and the opportunity to position yourself for long-term growth. More market balance and greater inventory gives you time to make more careful acquisitions and, potentially, increase your margins over time.
Multiple Exit Strategies – Explore multiple exit strategies to allow you to make the most of each acquisition. Differentiating your buy-box among flips, short-term rentals and long-term rentals can help you build your portfolio no matter how the market evolves over the coming months and years.
The Big Picture
Balance is Good – Remember, an unbalanced market offers its own dangers, so while homeowners may long for the fast-paced seller’s market of years past, the more balanced market we’re seeing coupled with still-steady home prices suggests a move toward normalcy.
More Choice – Because buyers have more inventory to choose from and a bit more bargaining power, they’re willing to get back into the market. For sellers who’ve felt locked in over the past couple of years, wanting to make a move but afraid that there was nothing out there to choose from, that’s good news as well.
Mortgage Rates are Key – As we move into a surprisingly active fall market, mortgage rate movements hold the key to what we’ll see next. If rates continue to ease, more buyers may come in off the sidelines, especially now that they have more options. That increase in demand could bring with it a new surge in prices and a return to greater bargaining power for sellers.
Slow & Steady – The best news to come out of this summer? Steadier conditions benefit the overall health of the Las Vegas housing market and, by extension, the Las Vegas economy. This summer’s slower, more predictable pace reduces risk by avoiding overheated bidding wars, allowing both buyers and sellers the space and time they need to make the best possible decisions. That translates into a healthier and more sustainable market that benefits everyone.
Ready to get started? Let Leslie Hoke guide you as you navigate the Las Vegas real estate market
Whether you’re looking for a single-family home or condominium, primary residence, vacation home or investment property, Las Vegas has the right option. As one of the nation’s fastest-growing destination markets, the time and conditions are right to help you meet your real estate goals.
Put Leslie Hoke’s decades of market expertise to work as you make the important decisions that lie ahead. 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.
