By most accounts and across various measures, the real estate professionals I trust in Southern Nevada are expecting the market to perform better in 2025 than in 2024.
With my experience in both residential and commercial real estate, I believe this outlook holds true for both sectors, though there are a number of variables within each market.
For instance, in commercial real estate, the local industrial market has been thriving in recent years, while the office market has faced ongoing challenges—a trend also seen across much of the country. Like many local experts, I anticipate the office market will continue to improve this year.
Jennifer Weinberg
The local office market has seen progress alongside our broader economic growth. Several new Class A office and mixed-use developments have recently opened and are successfully attracting tenants. Additionally, office workers in Southern Nevada were generally quicker to return to in-office work compared with those in major cities such as San Francisco and New York.
The retail and multifamily sectors have experienced more mixed results.
When people think of real estate in Las Vegas, the local housing market usually comes to mind first. It’s always a topic of conversation, partly because of the attention Las Vegas attracts as a destination city. However, the local housing market is also known for its dramatic fluctuations.
Since the early 2000s, Southern Nevada’s housing market has experienced significant highs and lows. Prices soared in the early 2000s, then crashed harder and faster here than almost anywhere else during the Great Recession. The market began rebounding more than a decade ago, only briefly pausing during the pandemic, and has now reached new record highs in recent years.
According to the latest data from Las Vegas Realtors, home prices ended 2024 just shy of their all-time high. In November, the median price of existing single-family homes sold in Southern Nevada was $480,000, a 6.7% increase from $450,000 in November 2023, and just below the record high of $482,000 set in May 2022.
While it’s difficult to predict with certainty, most local real estate professionals remain cautiously optimistic about the market in 2025.
Here are a few key takeaways:
• Like many housing experts, I expect the local housing market to improve in 2025 compared with 2024, especially in terms of the volume of homes sold and available for sale. As for home prices, much will depend on mortgage interest rates, but I believe the general trend of modest price increases in Southern Nevada throughout the year is likely.
• A sector to watch in commercial real estate is the retail market, which has been making headlines as one of the most promising in the nation for 2025. A recent study by CoStar ranked Las Vegas third among the top retail markets in the U.S. for the upcoming year, based on factors like inventory lease rates, availability, rent growth, changes in commercial real estate sales volumes, and total return.
With a new president taking office, and with wars and dramatic changes happening around the world, it’s much harder than it used to be to predict how the economy and real estate market may fare this year.
What I can say is that the ongoing influx of people and businesses moving to Southern Nevada makes it a good bet that my business and the local real estate industry are not likely to slow down any time soon.
Jennifer Weinberg is the 2025 president of Commercial Alliance Las Vegas. She works as a commercial and business broker with BHHS Nevada Properties in Las Vegas.
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This story originally appeared in Las Vegas Weekly.