Las Vegas Housing Market Update December 2025 — What Changed
More Inventory. Slower Sales. Steadier Prices.
The Las Vegas housing market closed out 2025 in a place we haven’t seen in years: balance.
Inventory is up sharply. Homes are taking longer to sell. Buyer urgency has cooled. Yet prices haven’t collapsed—and that’s exactly what’s confusing people.
In this December market update, Michael Coxen breaks down what’s actually happening beneath the headlines, why this market looks different from past slowdowns, and what it means for buyers, sellers, investors, and renters heading into 2026.
A Market Reset, Not a Breakdown
November 2025 data from Las Vegas REALTORS® shows a clear shift:
Inventory is up over 26% year-over-year
Months of supply climbed to 4.6 months
Homes selling within 30 days dropped below 50%
Sales volume declined, but
Prices remained relatively stable
That combination matters.
In prior cycles, rising inventory and falling demand often led to rapid price declines. This time, prices have held because sellers are not under pressure. Most homeowners are sitting on low mortgage rates, significant equity, and no urgency to sell at a discount.
Las Vegas isn’t crashing—it’s normalizing.
Condos and Townhomes Are Telling a Different Story
While single-family homes remain relatively stable, condos and townhomes are softening faster:
Inventory up over 40%
Sales down more than 20%
Months of supply approaching 7 months
This segment is now leaning toward a buyer’s market, particularly for investors and first-time buyers willing to negotiate. For anyone watching affordability, this is one of the clearest opportunity zones forming in the valley.
Why Prices Aren’t Falling (Yet)
The biggest misconception right now is that prices should be dropping simply because inventory is rising.
But housing prices respond to behavior, not just data.
Sellers aren’t panicking. They’re patient. If they don’t like the offers, they’re waiting—or pulling listings altogether. That creates what economists call price stickiness, where values hold even as activity slows.
At the same time, median prices can fluctuate simply based on which homes sell in a given month. More mid-range sales can push the median up even if no individual home increased in value.
Builders Are Quietly Changing the Game
New construction is playing a major role in this reset.
Across Las Vegas—especially in Summerlin West, Skye Canyon, Inspirada, and Cadence—builders are offering:
Price reductions
Closing cost credits
Rate buydowns
Upgrade incentives
This creates real leverage for buyers—but it also means resale sellers are now competing with brand-new homes that come with incentives attached. Strategy, pricing, and presentation matter more than they have in years.
What This Market Means for You
Buyers
This is the most buyer-friendly environment Las Vegas has seen since before 2020:
More choices
More negotiation room
Fewer bidding wars
Motivated builders
Patience and preparation are finally being rewarded.
Sellers
Homes still sell—but only when priced and positioned correctly.
Overpricing now leads to longer days on market and missed opportunities. The winners in this market are realistic sellers who focus on condition, marketing, and first-week momentum.
Investors
Rising supply and stable pricing create a rare setup:
Better entry points
Strong long-term rental demand
Condo inventory creating value opportunities
For long-term investors, 2026 may offer the best buying window since 2019.
Looking Ahead to 2026
National forecasts project 10–15% more home sales next year, meaning more buyers are likely to re-enter as affordability improves and rates drift down.
The key advantage will belong to those who move early—before competition ramps back up.
Las Vegas continues to grow, diversify, and attract new residents. This market isn’t losing momentum. It’s finding equilibrium again.
Plan Your Next Move With Magenta Real Estate
Whether you’re buying in Summerlin, selling in Henderson, or investing anywhere across Las Vegas, success starts with a clear strategy.
In a market that’s cooling into balance — not falling — clarity beats speculation every time. The difference between reacting late and moving confidently now comes down to having the right guidance, data, and plan.
Have questions about the Las Vegas market or planning your next step?
📩 service@coxengroup.com
📞 702-919-4090
Access the Full December Market Report here: https://drive.google.com/file/d/1T60QmL73Embx1gnE--XYJdjZ5eLAsoUQ/view?usp=drive_link
Thinking Beyond the Market? Build With Magenta.
For agents paying attention, this market shift matters just as much professionally as it does personally.
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If you’re looking to grow with intention — not noise — explore what Magenta is building.
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At Magenta, success doesn’t come from chasing headlines.
It comes from clarity, alignment, and playing the long game.