Las Vegas might be known for its scorching summers, but its housing market is cooling off.
The metropolitan area saw a continued influx of inventory in July, according to a Las Vegas Realtors report released Friday. At the same time, home prices remained near all-time highs set earlier this year.
“The biggest headline coming out of our housing market this year has been our increasing inventory,” George Kypreos, the group’s president and a local real estate agent, said in a statement. “More homes to choose from is good news for buyers. It’s also a sign that the market has been cooling down lately.”
As of the end of July, the group reported that there were 2,147 single-family homes on the market without any offer — a 54.2% increase from the same time a year earlier — and 2,622 condos and townhouses on the market without any offer — a 77% increase from last July.
At the same time, the median single-family home price in July was $485,000, up 1% from July 2024 and in-line with the all-time high set in June, according to the association.
“We continue to see steady prices and an increasing number of local homes available for sale — though our inventory levels are not out of line with where they’ve been historically,” Kypreos said.
More people are moving to Las Vegas, keeping prices high
The trends in the Vegas market match what’s unfolding on a national scale, too. Home prices are still high, and inventory is building across many of the country’s housing markets, according to data from Homes.com.
In Vegas specifically, the recent changes have partly been the result of population growth, according to Daniel Khalil, associate director of market analytics at CoStar and Homes.com.
“It's a high-growth city, with people moving into the market every day,” Khalil told Homes.com. “Also, compared to its peer cities in California, which are major sources of in-migration for Las Vegas, local housing prices are comparatively affordable, leading to a higher floor and an unwillingness of homeowners in Las Vegas to offer too steep a discount.”
Khalil said though Vegas is technically a “buyer’s market,” it’s a different kind of buyer’s market than manifested after the Great Recession, for example.
“Back then, there were some truly distressed sales, and homeowners who couldn't make their monthly payments. Homeowners today, by contrast, are largely in a stronger position than they have been during previous economic slowdowns,” he said. “Many of them would like to sell, but if a buyer isn't willing to offer them what they want for their house, today's homeowners by and large do not feel that same pressure to sell at a discount.”
