Las Vegas Housing Market: September 2025 Update
Single-Family Highlights
Median price: $480,000 — down 1% MoM, up 0.7% YoY.
Units sold: 1,835 — down 9.2% MoM, down 14.2% YoY.
Active inventory (excl. under contract): ~7,200 — up 0.8% MoM, up 37% YoY (~3.9 months of supply).
Why it matters: Prices are steady YoY, but softer MoM. Buyers have more choices and time. Sellers can still achieve solid outcomes—if pricing and presentation match the new reality.
Condo & Townhome Highlights
Median price: $298,000 — up 2.8% MoM, up 2.1% YoY.
Units sold: 485 — down 11.3% MoM, down 15.4% YoY.
Active inventory: ~2,500 — down 2.4% MoM, up 56% YoY.
Why it matters: Condos are one of the few price bright spots, signaling affordability appeal. But with supply up YoY and sales down, selection is broad and negotiation is alive—especially once you factor HOA rules/fees.
What the Numbers Mean on the Ground
Rates in the mid-6s to ~7% keep affordability tight. That’s slowing sales, even as prices show resilience. Inventory has rebuilt toward balance, especially in single-family, which lowers bidding pressure and increases the importance of strategic pricing and clean terms.
Buyers: How to Use Leverage Without Overplaying
Shop widely; move quickly on the best-priced homes. Days on market will tell you where leverage exists.
Negotiate precisely. Credits for rate buydowns, closing costs, or repairs can beat a blunt price cut monthly-payment wise.
Model payments at multiple rates. A 0.25–0.50% rate dip can unlock ~$75–$150/month on a $400,000 loan—enough to change your target list.
Why it matters: The right house, fairly priced, still moves fast. Use leverage to improve terms, not to waste time low-balling homes that are already market-correct.
Sellers: Pricing & Positioning in a 3.9-Month Market
Price to the market you have, not the one you miss. Overpricing now often equals extended DOM and bigger eventual concessions.
Win on condition and convenience. Pre-list tune-ups, clear disclosures, and flexible timing reduce friction—and hold your net.
Assume more comparison shopping. With ~37% more single-family competition YoY, your first 10 days on market are critical.
Why it matters: Balance doesn’t mean weakness. It means the best-prepared listings rise to the top and preserve price.
Investors: Condos, HOAs, and Terms
Inventory up ~56% YoY in condos = more optionality.
Underwrite HOAs and rental rules line-by-line. Fees and restrictions can flip a “deal” into a drag.
Seek value in motivated but not distressed sellers. Structure wins: repair credits, appliances, or rate buydown contributions.
Why it matters: The return is in the details—HOA bylaws, rental caps, and your debt service.
Local vs. National: Why Las Vegas Is “Early” in the Cool-Down
Nationally, inventory remains below pre-pandemic levels; the South and West (Las Vegas included) are seeing faster inventory growth and slower sales compared to other regions (per widely cited national roundups). Locally, we’re roughly 30% above last year’s inventory and near pre-pandemic norms, which is why the shift feels more noticeable here.
Why it matters: Las Vegas often moves ahead of the national curve. For buyers, that can mean earlier access to balanced-market opportunities. For sellers, it means being surgical on price and presentation—now.
What To Watch Next Month
Rates: Continued stability around the mid-6s would sustain today’s tempo; any dip could spark competition in well-priced tiers.
Days on Market (DOM): If DOM stretches further, expect stronger buyer credits/terms.
Price bands: Entry-level SFH and “turn-key” condos should show the most activity due to payment sensitivity.
Summerlin vs. Valley-wide: Summerlin listings with trail/park/school proximity typically hold better against MoM softness.
Why it matters: A small rate move or pricing misstep can swing your negotiation power by thousands. Timing and prep are strategy, not luck.
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 that’s cooling into balance, not falling.
Have questions about Las Vegas, real estate in general, or are you thinking of buying, selling, or investing in Las Vegas real estate or Summerlin real estate?
Email me or call me at sales@coxengroup.com or 702-919-4090.
Access the Full September 2025 Market Report
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