Why Million-Dollar New Homes Are Flying Off the Market in a Slow Year

In a year where the real estate market feels like it’s on pause, one corner is moving fast—and it’s not where you’d expect. Million-dollar new construction homes in Las Vegas are selling faster than builders can release them. So what’s driving the demand, and how can buyers and sellers make the most of it?

 High-End Homes, High Demand

While overall new home sales are down nearly 20% in early 2025, luxury sales in Las Vegas are defying gravity—up 41%. Yes, you read that right. At a time when many homes are sitting unsold, luxury buyers are swooping in. This demand isn’t just about square footage. It’s about lifestyle, design, and access to amenity-rich communities in places like Summerlin.

 What’s Hot: Ascension and Esplanade

Communities like Toll Brothers and Pulte’s Ascension are leading the charge. And coming soon? Esplanade at Red Rock by Taylor Morrison—a 400-home, resort-style community where over half the homes will start above $1M. Picture single-story homes with views, sleek Palm Springs design, and a 10,000 sq. ft. clubhouse complete with spa, bar, golf sim, and pool. Launching in early 2026.

 But It’s Not All Smooth Sailing

Even the luxury market isn’t immune to headwinds. Tariffs on materials like steel and lumber (up to 25%) are pushing construction costs higher. Builders are forced to adjust pricing and inventory planning, making now a unique window before prices climb further.

 Getting the Model Home Look—For Less

Here’s a little secret: that jaw-dropping model home? The builder probably spent $300K+ in upgrades. But savvy buyers can recreate that look for a fraction of the cost. We’ve helped clients get $45K flooring upgrades for just over $10K after close—using our contractor network and design expertise. The key is knowing where to spend and where to save.

 Final Take

If you’re selling a high-end home, there’s real momentum to ride. And if you’re buying, the right strategy could save you tens of thousands—without sacrificing the luxury.
Want help navigating this fast-moving segment? We’re just a click away.