Las Vegas has always danced to its own rhythm, and housing here is no different. After several years of explosive price growth, bidding wars, and ultra-low inventory, we’re seeing a noticeable shift—and it’s not necessarily a bad thing.

Inventory has made a big comeback. In fact, Las Vegas saw one of the largest year-over-year jumps in housing inventory in the country—up over 78%. Homes are staying on the market longer, averaging about 40 days (versus just 28 days this time last year). Buyers now have options. The feeding frenzy? It’s slowed down.

But here’s what hasn’t changed: demand.

People still want to move to Vegas. Why? No state income tax, sunny skies, a business-friendly environment, and lifestyle choices from luxury high-rises to desert dream homes. The median home price is holding steady at around $480,000, up just a touch from last year, signaling a stabilizing, not crashing, market.

Yes, mortgage rates are high—hovering near 7%—and they’re making buyers more cautious. But what we’re seeing now is creativity. Builders are offering incentives, like rate buydowns and thousands in closing cost credits (I’ve helped my clients lock in up to $30,000 in credits!).

That kind of leverage wasn’t even possible during the frenzy of 2021–2022.

Meanwhile, Vegas’s economy is on solid footing. Tourism is strong. Casinos are raking in revenue. Job growth is steady. The fundamentals are here—and they matter.

Let’s talk about the elephant in the room.

I got licensed back in 2005. I lived through the 2008 crash—and trust me, what’s happening now doesn’t even come close.

Back then, we were dealing with toxic loans, inflated prices based on speculation, and over eight months of inventory. People were getting 100% stated income loans who couldn’t realistically afford their homes. Foreclosures were everywhere.

Today? We’ve got stricter lending, buyers putting real skin in the game, and homeowners sitting on solid equity. Inventory is rising—but we’re still in the ballpark of 3 to 4 months’ supply, which leans toward a balanced market, not a bust.

Here’s the truth: the market is transitioning. We’re leaving behind the wild, overheated seller’s market and stepping into more balanced territory.

• More homes to choose from
• Fewer bidding wars
• More room to negotiate
• But still healthy demand

It’s a great time for buyers who felt pushed out before. And it’s still a strong market for sellers who price strategically and offer value. The days of just slapping a high price on your home and watching offers roll in may be over—but that doesn’t mean you can’t win big with the right game plan.

Buyers:

You’ve got choices now—use them. Get pre-approved, explore builder incentives, and don’t be afraid to negotiate. Timing, terms, and representation matter more than ever. Let’s get creative and make that dream home happen.

Sellers:

Don’t panic. But don’t overprice, either. Today’s buyer is savvy and value conscious. A well-prepped, well-marketed home still moves quickly. Bonus: homes in top condition in desirable neighborhoods still sell with multiple offers. Presentation is power.

Investors:

The rental market is strong, and long-term appreciation in Las Vegas remains attractive. With more listings to choose from and sellers motivated to deal, now’s your chance to expand your portfolio wisely.