October 2025 Las Vegas Housing Update
Is Las Vegas Finally Balanced?
Is the market cooling—or just catching its breath? The data points to the most balanced conditions we’ve seen since pre-pandemic. Rates remain elevated relative to the 2010s, but inventory has opened up and both sides now have room to negotiate. Why it matters: Balanced markets reward strategy. You can’t “wing” pricing or offers—clarity and execution win.
Single-Family Snapshot
Pricing & Sales
Median price: $470,000, down 2.1% MoM and down 2.1% YoY—exactly where we were a year ago.
Closed sales: 1,884, up 2.7% MoM and up 5.2% YoY.
Why it matters: Prices softened while sales volume ticked up—a sign buyers are re-engaging when value and terms line up.
Supply, New Listings, and Time to Sell
New listings: 3,161, down 1.0% MoM, up 11.7% YoY.
Active (no offers): 7,502, up 4.1% MoM, up 37.4% YoY.
Months of inventory (MOI): 4.0, up 14.0% MoM, up 30.7% YoY.
Sold in ≤30 days: ~50%, down 54.1% MoM and down 61.0% YoY.
Why it matters: Four months of inventory is the classic “balance” marker. More choice and longer marketing windows mean buyers can negotiate; sellers must nail pricing and presentation.
MoM vs YoY—Why Both Matter
MoM shows short-term momentum and seasonality. YoY shows the broader structural trend. Read together, they help you see where we’ve been and where we’re heading. (GLVAR/MLS, Sept 2025)
Condos & Townhomes
Median price: $294,000, ~2% MoM decline.
Sales: ~485, essentially flat (-0.2% YoY).
Active inventory: ~2,600, ~+50% YoY.
MOI: ~5.4, ~+50% YoY.
Sold in ≤30 days: 46%, down from ~60% last year.
Why it matters: Attached homes are sitting longer with higher MOI. Buyers have leverage; investors should underwrite realistically (HOAs, holding costs, rent comps).
Neighborhood Notes: Summerlin, Henderson, Luxury Corridors
Summerlin & Henderson: New construction is adding supply—quick move-ins and ongoing dirt sales are boosting choices beyond MLS counts. Why it matters: Builders are motivated to move year-end inventory; incentives can sharpen the math for buyers.
Luxury corridors (The Ridges, MacDonald Highlands, The Summit, Lake Las Vegas): The median eased, but the average price rose on the back of continued high-end closings. Turnkey luxury remains resilient even as total inventory climbs.
Resort corridor/downtown condos: Facing stiffer competition. Investors are reassessing ROI with higher HOAs and carrying costs.
Rates, Seasonality, and What’s Next
Mortgage rates have eased from the 7s into the low-to-mid 6s range recently, improving monthly affordability at the margin. Pair that with a modest ~2% price dip after a strong spring, and you get a classic seasonal cool-down—not a crash. Why it matters: If rates drift lower and inventory stays elevated, expect selective buyer re-entry—especially after the holidays.
What This Means for You
Buyers
More choices, less pressure. Compare thoroughly.
Negotiate closing costs and rate buydowns; many sellers are offering credits.
If the home fits, consider locking—perfect timing is a myth.
Sellers
Price to the market, not the memory of spring.
Expect longer market times; staging and pro photography are non-negotiable.
Solid offer? Engage it. Be ready for repairs/concessions to keep the deal intact.
Investors
Rising inventory creates targeted opportunities in condos and older SFRs.
Rents are stabilizing after declines (CoStar, Sept 2025), but yield spreads are tight—prioritize long-term holds and value-add plays.
Need a Plan for Your Move or Sale?
Whether you’re buying in Summerlin, selling in Henderson, or investing across Las Vegas, a clear strategy beats guesswork—especially in a market cooling into balance, not falling.
Have questions about Las Vegas real estate—or thinking about buying, selling, or investing in Las Vegas or Summerlin?
Email: service@coxengroup.com | Call/Text: 702-919-4090
Access the Full October 2025 Market Report (PDF)