Las Vegas Housing Market Update – November 2025
The November 2025 numbers delivered one of the most interesting pivots we’ve seen all year. Housing inventory climbed more than 30% year-over-year, sales softened, and yet prices went up. At the same time, buyers gained new leverage, sellers held firm, and investors found opportunity in overlooked segments.
Below is the full breakdown of what happened in November — and how it impacts your next move in Las Vegas real estate.
The Market Is Shifting — But Not the Way You Think
Las Vegas inventory now sits above 7,500 homes, the highest level since early 2020. Months of supply climbed to 4.4 months, up nearly 45% from last year — clear signs of a cooler, more balanced market.
But here’s the unexpected twist:
The median price rose nearly 1% month-over-month and remains stable year-over-year around $475,000.
Why it matters:
Rising inventory typically pressures prices downward, but Las Vegas sellers continue to hold strong. Their financial position — not external market pressure — is dictating pricing behavior.
Why Prices Rose Even as Inventory Surged
On paper, November looks contradictory:
• Inventory up
• Sales down
• Prices… higher
But once you understand the behavior behind the data, it makes sense.
Seller Psychology and Price Stickiness
Most Las Vegas sellers today are insulated:
• Locked-in 3–4% mortgage rates from 2020–2022
• Strong equity positions
• Zero urgency unless relocating or upsizing
• Preference to pause their listing rather than discount
Rather than chase buyers downward, many simply step back.
This creates price stickiness — the phenomenon where prices hold or climb even when supply builds.
Sellers, not data, control price elasticity.
How Sales Composition Shifted the Median
The median price doesn’t measure appreciation — it measures the mix of homes sold.
In November:
• Entry-level and condo closings fell 8–9%
• Mid-tier and new construction sales increased
That shift lifted the median without lifting individual home values.
Neighborhood-level pricing remains mixed across Summerlin, Henderson, and the Southwest.
Why it matters:
Market headlines rarely match on-the-ground reality. Micro-market context is everything.
What the November Numbers Mean for Buyers, Sellers & Investors
This is where strategy takes shape.
For Buyers
This is your first real window of leverage since 2019.
With more listings sitting 30+ days, buyers can:
• Negotiate price
• Request closing cost credits
• Secure rate buydowns
• Avoid bidding wars entirely
This is not a crash — it's a controlled opportunity.
For Sellers
You still have a strong market, but not an automatic one.
Success now requires:
• Correct week-one pricing
• Professional photography
• Light staging
• Showing flexibility
Homes aren’t flying off the market, but well-presented listings still attract strong offers.
For Investors
Watch condo inventory closely.
While rents softened slightly, improving cap rates are making sub-$300K opportunities compelling again.
Certain condo and older single-family segments are beginning to pencil.
The Real Story Behind YoY vs. MoM Trends
Month-over-Month (MoM) = sentiment
Year-over-Year (YoY) = structural trend
Together, November shows a market in transition:
• Inventory rising steadily since early 2024
• Closings down 10% YoY
• Prices staying firm
• Buyers adjusting to 6–6.5% rates
• Sellers refusing to discount
This isn’t market deterioration — it’s recalibration.
FAQ: The Questions Clients Ask Most
Is the Las Vegas market slowing down?
Yes, but the cooling is steady and predictable.
Will prices drop in 2026?
Too soon to call — but seller behavior signals stability.
Is this a buyer’s market?
Not fully. It’s a balanced-to-softening market with meaningful buyer leverage.
Why are sellers holding firm?
Low mortgage rates, strong equity, and no distress.
Should I wait for lower rates?
Waiting for “perfect timing” is risky.
A well-negotiated deal today often beats chasing lower rates tomorrow.
Plan Your Next Move With Michael Coxen
Whether you’re buying in Summerlin, selling in Henderson, or investing anywhere across Las Vegas, success starts with a clear strategy — not speculation.
In a market that’s cooling into balance, clarity becomes your advantage.
Have questions or want help planning your next step?
service@coxengroup.com | 702-919-4090
Access the Full November Market Report: https://drive.google.com/file/d/1YyUxAGSkIN3Yzg2ux-bq-5pZRTKszxLK/view?usp=sharing