Las Vegas, NV Housing Market Report

The Las Vegas housing market is currently undergoing a significant transition toward a buyer-friendly environment as of December 2025. With active inventory surging by nearly 20% year-over-year to 11,577 units, the supply constraints that previously defined the region have eased considerably. This influx of options, combined with a median days on market that has stretched to 78 days—up 22 days from the previous year—indicates that the frenetic pace of the market has cooled, granting buyers more leverage in negotiations and more time to conduct due diligence.

Price trends reflect this cooling sentiment, with the median home value settling at $420,781. This represents a 2.07% decline over the past twelve months and follows a consistent six-month downward trajectory from a July peak of over $426,000. While the sale-to-list ratio remains high at 0.99, suggesting that sellers are still receiving close to their asking prices, the increasing time on market and rising inventory suggest that sellers are becoming more realistic with their initial valuations to attract interest in a more competitive landscape.

Looking ahead, the Las Vegas-Henderson-Paradise metro area remains a complex market for participants. For sellers, the window for rapid, premium-priced sales has narrowed, necessitating strategic pricing and potential concessions to stand out among growing inventory. For buyers, the current climate offers the best opportunity in recent years to enter the market with less competition, though they should weigh the modest decline in home values against a rental market that has remained remarkably stable, with median rents ticking up slightly to $1,694.