Market Overview
The Greater Las Vegas real estate market in May stalled noticeably, leaving 2025 closed units 6.1% behind 2024 and closed volume down 2.8% from 2024.
- the Median price of Single Family Residential (SFR) held at $480,000.
- the Average price an SFR closing retreated from $608,800 to $595,395 – a 2.2% decrease from April.
The luxury market led the May market with 171 closings above $1 Million, including 11 above $3 Million. The luxury market remains the strongest market segment and running ahead of 2024 at this point. Average Days on Market (DOM) for the luxury market was 61.
Months of residential inventory dipped to 4.3 months primarily as a result of more listings taken while listings are taking a little longer to close and sales have slowed a little. There were 5,014 residential listings taken in May compared to 4,964 in April. Average DOM in May was 44 for total SFR (including condo
"Market Outlook"
Where do we go from here! Certainly, the real estate market is quite stable with plenty of consumer optimism. We see signs of inflation slowing and the possibility of lower interest rates ahead this year. Will new home builders be able to keep pace with demand? How will tariffs impact our market? All unknown – so stay tuned.
this report exercerpted from NineDots.net, the blog of BHHSNV corporate broker Forrest Barbee