Home prices and listings continue to rise in Las Vegas Valley as the national housing market continues to overheat, according to a new report.
Home prices in the valley are up 0.62 percent from January through Feb. 9 and up 5.67 percent since January 2024, both of these metrics are higher than the national average, according to a new report from Redfin.
According to Redfin, the median days on the market for a home in the valley is 57 days, a four day increase from this time last year. So far this year 636 homes have sold in the valley in 2025, a 2 percent drop from this time last year. Approximately 23 percent of homes selling right now in the valley sell with a price drop.
Redfin estimates there is currently about a five month supply of homes for sale across the country, up from 4.4 months a year ago ending January, with the most homes on the market since early 2019 before the pandemic started. New listings also rose 7.4 percent year over year during the four weeks ending Feb. 9, hitting its highest level since 2022.
Buyers sidelined
Fernanda Kriese, a Redfin Realtor based in Las Vegas, said sellers continue to put their homes up for sale even though prices have hit record highs and sales are down. Redfin has the current rate for a 30-year fixed mortgage at 7.13 percent. The mortgage rate has not been below 6 percent since August 2022.
“I’ve met with a lot of potential sellers over the last few weeks. Listings typically pick up in March or April, but this year it’s happening earlier,” she said. “Some of the sellers are listing because they bought just a few years ago and their home value isn’t increasing as quickly as they’d like, so they’re cutting their losses and moving to a less expensive home. Some are retirees who are downsizing.
“Buyers have been sidelined this year because of high mortgage rates and uncertainty surrounding politics and the economy, but some are starting to come off the fence,” Kriese added.
Las Vegas finds itself in the middle of a housing crisis as a lack of land to develop has pushed up prices along with high mortgage rates, a slowdown in building related to construction and labor costs, high interest rates and economic uncertainty regarding the Trump administration mainly related to tariff threats on countries who supply the U.S. with building materials including Canada, Mexico and China.
The median price of a house sold in Southern Nevada in January was $485,000, the highest ever recorded, breaking the record set in May 2022 ($482,000), according to Las Vegas Realtors. This is also a 9 percent increase ($445,000) from January of last year. LVR pulls its data from the Multiple Listing Service where the vast majority of homes for sale are listed.
Homes listed for sale without any type of offer also remain elevated at the end of January, at 5,215 homes listings, a 46.9 percent increase from one year ago, according to LVR. Condos and townhomes listed without any offer are up even more (66.9 percent) from this time last year.
Declines in home prices elsewhere
Cities that saw the biggest declines in home prices this past month were Tampa, Florida (1.6 percent), followed by Dallas (0.9 percent) and Oakland, California (0.7 percent). Cities with the biggest median sale price increases year over year are Pittsburgh (14.8 percent), followed by Nassau County (12.2 percent) and West Palm Beach, Florida (11.5 percent).
San Jose, California leads the country for new listings hitting the market year over year with 32.8 percent, followed by Oakland (32.3 percent) and Phoenix (23.2 percent).
Redfin Senior Economist Sheharyar Bokhari said the national housing market continues to remain stuck due to multiple factors strangling the market.
“Price growth in January mainly relates to homes that went under contract in December. Since then we have seen a slowdown in sales, along with an uptick in homes being listed,” he said. “That’s likely to lead to slightly slower price growth moving forward because not only are homes sitting longer on the market, when they do go under contract, they are selling at nearly 2 percent under list price—the biggest discount in nearly two years.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.