Local real estate experts say the Southern Nevada housing market numbers from 2025 are no cause for concern because the higher-end market has remained strong with sales.
However, buyers targeting the median home price point in Southern Nevada are being cautious for several reasons, according to industry professionals.
These buyers want to wait and see what will happen with interest rates this year, and there's some concern over where the economy is heading.
How is the housing market faring for prospective home-buyers?
Las Vegas home sales have plummeted to their lowest levels since 2007, creating a perfect storm of high prices, elevated interest rates and limited inventory that's pushing homeownership out of reach for many locals.
For Las Vegas native Christopher McIntosh, buying a home has transformed from a goal into an uncertain possibility.
VIDEO: Abel Garcia speaks to a prospective homebuyer about their experience looking for homes in the valley
"The housing market has been so topsy-turvy," McIntosh said.
Born and raised in Southern Nevada, McIntosh works as a custodial supervisor and has been trying to buy a home for years. He said affordability keeps pushing that dream further away.
"I'm hearing from other people it's more and more difficult right now," McIntosh said.
McIntosh is looking at homes priced between $350,000 and $380,000. At current interest rates, even a minimum down payment could require $12,000 to $25,000 upfront, with monthly mortgage payments ranging from $2,300 to $2,600. He currently pays $1,200 in rent, leading many locals to question whether homeownership is worth the financial stretch.
"Wages are staying the same… car insurance is going up… groceries went up," McIntosh said.
Nicholas Irwin, research director at UNLV's Lied Center of Real Estate, said sales across the valley are slow and inventory remains tight, effectively locking out local buyers.
"We're dealing with a lot of lock-in effects… It's really tough to get away from a three or three-and-a-half percent mortgage rate to take a five or six percent rate," Irwin said.
This lock-in effect means fewer people are selling their homes, creating fewer choices for potential buyers.
"Our inventory has been really low since rates started to go up in 2023," Irwin said.
The financial impact is significant. Irwin noted that the difference between a 3% and 6% mortgage translates to about $1,000 more per month in payments.
Irwin said the current situation bears an uncomfortable resemblance to 2007, with sales numbers from 2025 mirroring those from the housing crisis. However, this time the problem isn't risky lending practices — it's pure affordability.
Homes are being built at a slower pace, available land is limited, and prices continue rising faster than wages, according to Irwin.
"It's affordability broadly defined. These are first-time buyers — nurses, teachers, first responders. If they can't find a place to live here, they're going to look elsewhere," Irwin said.
For McIntosh, the dream of homeownership isn't completely gone, just temporarily on hold.
"I never thought about being a homeowner until a few years ago..... now it just feels harder," McIntosh said.
How is the housing market affecting sellers?
For many selling homes in Las Vegas, this market has delivered a harsh reality check, forcing some to drop prices just to complete a sale.
Price cuts are everywhere across sites like Zillow and homebuilders throughout the community. From older homes to newer builds, slashed prices reveal a stark reality that experts say points to a common trend: more sellers than buyers right now.
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"Buyers have a lot of power right now; you have a lot more choice than you've ever had," said John Gafford, owner and broker at Simply Vegas Real Estate.
Gafford said it's a lesson they have to work with their sellers on understanding.
"If it hasn't sold, the market is talking to you," Gafford said.
That means it might be time to make adjustments, like dropping prices.
He said there's a dangerous trend of some real estate agents telling sellers what they want to hear, rather than realistic figures of what the house could sell for. Gafford said that's what they always focus on with their clients — telling them the reality.
"I would say that it's about 40% overpriced," said Amie Anderson, team manager at Simply Vegas' Gafford Group.
Anderson was referring to a specific home currently on the market that's been listed for 1,262 days, according to Zillow. That's nearly three and a half years and currently the longest listing still on the market in the valley.
It's a four-bedroom, three-bathroom Southwest Las Vegas home priced at $625,000 that the owners can't sell.
Anderson said it's a common trend she's seeing from sellers.
"It's not worth what they obviously think it's worth; it's worth whatever somebody is willing to pay for it," Anderson said.
That principle applies to luxury homes, too.
Jeff Roelands spoke from his multi-million-dollar property in Henderson, where he said a few realtors told him he could get as much as $4.2 million for his home. But after meeting with Gafford, that wasn't the case.
"We are at $3.795 million and you know we think that's priced much more aggressively so we can find the buyer," Roelands said.
He has owned the property for the past eight years. He said it has at least eight bedrooms and bathrooms and features a movie room, game room, large kitchen and even a large outdoor pool and entertainment area.
Despite the amenities, he wasn't able to sell the home for what some of the realtors thought he could.
"We're making a big change, and we're going to go for it and see if we can capture that right person who is looking right now," Roelands said.
Gafford said if you're concerned about selling in this market, the biggest decision is finding a good real estate agent.
"So, who you hire is incredibly important, that's the first part," Gafford said.
He said that could be the difference between your home staying on the market for months or being competitively priced.
Then, they say to be realistic about how much the home can sell for. Plus, if you do want to sell now, then list it.
"If your house isn't ready for when the rates drop, then you'll miss the crowd," Anderson said.
One tip they shared is that even if you sell your home for less than originally expected, you'll be able to buy a new one now for cheaper than expected as well.
One concern stems from the latest Las Vegas Association of Realtors numbers released this week, breaking down how many homes were sold.
According to the LVR, 28,498 existing homes, condos and townhomes were sold in 2025. That's down from last year and marks the lowest annual sales since 2007.
Despite having that similarity with the housing market right before the housing crash, Gafford said there shouldn't be any worry of another crash happening, specifically in Las Vegas.
He said a large portion of homes in the valley — projections as high as 49% of homes in North Las Vegas, according to Anderson — are owned by hedge funds. They said if there were ever signs of a crash, those hedge funds would purchase more properties to offset any effects to keep their properties and money.
Along with that, they said we should expect the market to flip again eventually, saying this is just another portion of an ever-changing housing market.
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