August 2025 Las Vegas Housing Market Update

In July 2025, the market delivered mixed signals:

• Inventory: Up sharply from 2024 levels across all property types.
  
  

• Prices: Stable for single-family homes MoM, but softening for condos/townhomes.
  
  

• Sales volumes: Up slightly from June, but still below last year’s pace.
  
  

This combination points to more options for buyers and heightened competition for sellers — a scenario we haven’t seen in years.

Single-Family Homes: Stability Meets Rising Inventory

Prices and Sales Volumes

• Median Sales Price: $485,000 (flat vs. June, +1% YoY)
  
  

• Closed Sales: 2,021 units (+4% MoM, -5.8% YoY)
  
  

Why it matters: Flat MoM pricing suggests sellers are holding firm. Even with more listings, values are edging up slightly YoY — a sign that quality listings still move. The YoY sales drop, however, shows demand is softer than in 2024.

Inventory Growth and Leverage Shift

• Available Inventory (excluding offers): 7,147 homes (+2.2% MoM, +54% YoY)
  
  

More supply means buyers can negotiate more confidently. For sellers, it means your listing must be priced right and marketed strategically to stand out.

Condos & Townhomes: Price Drops and Expanding Supply

Prices and Sales Volumes

• Median Sales Price: $290,000 (-4.9% MoM, -2% YoY)
  
  

• Closed Sales: 547 units (+6.2% MoM, -11.6% YoY)
  
  

Why it matters: The sharper MoM price drop for condos/townhomes signals either buyers shifting to single-family homes or affordability limits pushing prices down. The YoY decline underscores a longer-term softening in this segment.

Inventory Growth and Buyer Advantage

• Available Inventory: 2,622 units (+2.3% MoM, +77% YoY)
  
  

With supply nearly doubling from last year, buyers — especially investors — may find more room to negotiate favorable terms in the condo/townhome market.

Effective Months of Availability

This metric shows how long it would take to sell all current inventory at the current pace:

• Single-Family Homes: 3.5 months (up from last year’s ~2 months)
  
  

• Condos/Townhomes: 4.8 months (more than double last year)
  
  

Why it matters: Above 4 months for condos means buyers are in a stronger position, while 3.5 months for single-family homes still signals a balanced — but softening — market.

What’s Driving the Shift?

• Seasonal listing patterns bringing more homes to market.
  
  

• Affordability challenges tempering buyer urgency.
  
  

• Less urgency compared to the post-pandemic boom years.
  
  

What Buyers, Sellers, and Investors Should Do Now

Buyers

• You have more options — especially in condos/townhomes — but don’t assume you can wait forever. The best properties still move quickly.
  
  

• Watch interest rates; a small rate increase can change affordability overnight.
  
  

Sellers

• Price and presentation are everything in a growing inventory market.
  
  

• Stage your home and market aggressively — online and in person.
  
  

Investors

• Rising condo inventory may open opportunities for better purchase terms.
  
  

• Always factor in HOA costs — they can eat into returns.
  
  

Bottom line: Whether you’re moving to Las Vegas, trading up, or expanding your investment portfolio, August 2025 offers both opportunities and pitfalls. Knowing your market segment’s MoM and YoY story can give you the edge.

Contact Michael for a consultation to see how these numbers impact your specific situation.

Email me or call me at service@coxengroup.com or 702-919-4090.

Access the Full August 2025 Market Report

For a comprehensive breakdown of all market data and insights discussed, you may download the complete report in PDF format by clicking the link