The Las Vegas housing market kicked off the year on a strong note, we saw a nice healthy increase in buyer activity. For the month of January, 1,994 residential sales closed, while 4,279 new listings entered the market, bringing total inventory to 7,675 available homes, including single-family residences, townhomes, and condos. Meanwhile, 2,882 properties are currently under contract.
Las Vegas home prices set new records to start the year, with the median price for a single- family home reaching $485,000 in January. This surpasses the previous record of $482,000 in May 2022 around the last housing boom after Covid, marking a strong start to 2025.
Inventory levels have grown alongside rising prices. By the end of January, 5,654 single-family homes were on the market without offers, up 17% from a year ago. Condo and townhome listings saw an even sharper increase, with 2,022 units available, 28% more than in January 2024.
Las Vegas is positioned for stable growth, with prices rising at a moderate pace and increased activity from both local and out-of-state buyers. While inventory is expanding, demand remains strong, especially in the higher price points and luxury markets. With potential interest rate relief later in the year, 2025 could bring more movement from hesitant buyers, increased transactions, and a stronger rental market.
Click to download the complete January 2025 Market Report
