Las Vegas Housing Inventory Spikes 60%. Will Home Prices Drop in 2025?

Las Vegas is seeing a major shift in its housing market in 2025, with inventory levels jumping 60.7% year-over-year, which is one of the steepest increases among large US metros. Homes for sale rose from 4,632 in 2024 to 7,447 in 2025, according to data available on Reventure App. However, more homes on the market don’t always mean lower prices. This surge in inventory is putting pressure on the market and could lead to price adjustments ahead.

Home Prices Still Rising, But Cracks Begin to Show in 2025

At first glance, Las Vegas home values still appear strong. As of March 2025, the median listing price climbed to $469,974, slightly higher than $464,900 in 2024. Moreover, data available on Reventure App shows that home values in the metro have risen to $430,400, up from $410,100 a year ago, which reflects a 4.9% annual appreciation. This suggests that, despite rising inventory, sellers are holding firm on pricing, and the market hasn’t fully shifted in favor of buyers just yet.

The sales inventory growth YoY of the Las Vegas metro spiked to 60.7% in 2025. Access the Homes for Sale map of Las Vegas, NV, here. [Link]

However, beneath the surface, signs of softening are starting to emerge. The price cut percentage rose to 25.3% in 2025, compared to just 18.3% last year. That means one in four listings is now being marked down. Moreover, days on the market increased to 47, indicating that homes are taking longer to sell, up from 40 days in 2024. These shifts suggest that while home prices are technically still rising, momentum may be fading as buyer demand weakens.

Which ZIP Codes Are Driving the Inventory Surge in Vegas?

While inventory is up across the Las Vegas metro, certain ZIP codes are clearly leading the charge. ZIP code 89149, located in northwest Las Vegas, recorded the highest number of homes for sale with 165 homes for sale, coupled with a 5.7% YoY home value growth and a 28.6% price cut rate, indicating sellers are becoming more flexible. ZIP 89084 in North Las Vegas isn’t far behind, with 157 homes for sale and a more modest 4.0% price growth but a striking 30.6% overvalued score, suggesting homes may be overpriced relative to income levels.

 ZIP code 89149 recorded the highest number of homes for sale in Las Vegas in 2025. Access the above table here. [Link]

Moreover, ZIP code 89138, home to Summerlin neighborhoods, has 154 active listings and the highest YoY home value growth at 6.6% among the top 10 ZIPs. However, the 29.4% price cut rate there hints that even high-growth areas are starting to feel the pressure. Meanwhile, ZIP 89115, one of the most affordable and densely populated ZIPs, has 93 homes listed and a 26.2% price cut percentage, with a median listing price of $350,944. These patterns reveal a common thread: even in areas with rising values, high inventory and price cuts are making the market more favorable for buyers.

Las Vegas, NV’s Housing Market Predictions for 2025

Las Vegas’ housing market in 2025 is projected to remain stable but tilted downward, with a home price forecast score of 46 out of 100. It is important to know that a score of 45 to 49 indicates stability with a downward tilt on Reventure App. This score also suggests a cooling market, where buyer demand is softening while inventory is increasing.

Las Vegas, NV Home price forecast score reached 46/ 100 entering 2025. Access the home price forecast score chart here. [Link]

Although still within the stability range, the downward tilt suggests future home price declines are possible if inventory continues to outpace demand. Sellers will need to adjust pricing expectations while buyers find better deals. If this trend continues, Las Vegas will transition from a stable market to a complete buyer’s market, giving more leverage to those looking to purchase homes. If you want a detailed analysis of the Las Vegas, NV metro area, explore the housing market data at the ZIP-code level on Reventure App.

Access Housing Market data for Nevada and other States on Reventure App.

FAQs about the Las Vegas Housing Market

Is Las Vegas a Buyer’s or Seller’s Market in 2025?

Las Vegas is leaning toward a buyer’s market as inventory rises and homes take longer to sell.

Why is the Housing Inventory Rising So Fast in Las Vegas?

Inventory is increasing due to higher mortgage rates, new construction, and more homeowners listing.

Are Home Prices Dropping Yet in Las Vegas?

Not yet, prices are still rising YoY, but higher price cuts and slower sales show weakening demand.