Las Vegas Real Estate Market Update

The Las Vegas real estate market is changing and it’s good for both buyers and sellers. Backed by current MLS numbers and on-the-ground experience from Teresa McCormick, a local real estate expert for almost 20 years, this update has everything you need to know.

🔍 Key Market Stats – As of February 2025

Median Home Price: $485,000 (up 5.4% year-over-year)
Inventory: 5,229 single-family homes on the market without offers
Closed Sales: 2,296 homes sold in February (down 6.1% YoY)
Price Reductions: 18.5% of listings have had a price cut
Mortgage Rates: 6.7% for a 30-year fixed

🏡 For Buyers: Now Is The Time

With inventory up and rates slightly lower than last year’s highs, buyers have more choices and negotiating power than they’ve had in a while.

But here’s the thing:

“We’re seeing warning signs globally. With tariffs on imported materials—especially from China—construction costs may go up soon which could increase the price of new homes and put upward pressure on the entire market,” says Teresa McCormick.

Bottom Line: Buy now and save thousands compared to waiting until late 2025 when those added costs hit the market.

💼 For Sellers: Strong Demand, But Strategy Matters

Yes, more homes are coming on the market. But buyers are still active—especially for homes priced right. The median home price is still going up and well presented homes are selling fast.

“Sellers who understand the market and price accordingly are the ones seeing results,” says McCormick. “It’s not a market to overshoot, but it’s still a great time to sell.”

📈 Teresa’s Takeaway:

The Las Vegas housing market is hot but it’s changing.

Buyers: Act now before costs and rate hikes push prices up
Sellers: Leverage your equity while demand is highGet the edge.
Whether you’re looking to buy, sell, or simply stay informed, staying ahead of these trends can make all the difference.

➡️ Want personalized advice? Contact Teresa McCormick today for a free home consultation or buyer readiness review.