Let’s talk real estate in Las Vegas this July: inventory has soared about 77% year over year, sales are down, but prices are holding steady.
What’s going on??? Let’s dig in.
1. Inventory Explodes (Up ~77% YoY)
Las Vegas leads the nation in inventory growth. At the end of June 2025, active listings jumped 77.6% compared to a year earlier, the biggest surge among major U.S. metros. One significant driver is an influx of retirees and investors listing properties ahead of expected shifts in the market.
In real numbers, a staggering 6,992 single-family homes were listed without an offer, a 70% increase from June 2024 . Meanwhile, condos/townhomes with no offers rose nearly 88% year over year. That surge is a key reason buyers are gaining negotiating power.
2. Sales Are Slipping
Closings have cooled off. In June, 1,946 single-family homes sold, down about 7% year over year. Condos and townhomes also saw sales drop nearly 15% compared to last year.
Pending sales tell a similar story. About 14.9% of pending contracts in June fell through, the highest June cancellation rate since Redfin began tracking in 2017, up from 13.9% a year earlier. Many buyers backed out during inspections after finding better options, while others hesitated to commit amid economic uncertainty.
Nationally, Redfin reported pending sales overall were down around 3% year over year in late June, reflecting growing buyer caution.
3. Prices Remain Stable… For Now
Despite mounting supply and slower sales, home prices stayed mostly flat. The median single-family home price hovered around $480,000, matching May’s figure and up about 1% to 1.5% from a year earlier.
This mirrors Realtor.com’s national median list price, which stayed steady with only about a 0.5% year over year increase to $439,450. So it’s not a crash. It’s more of a standoff.
4. Days on Market Stretching
Homes are taking longer to sell. In the U.S., typical days on market increased by about one week over the last year . Locally, the average time on market rose significantly as well. Some sources report an average listing age of 42 days in July, up 42% year over year .
That delay adds to the elevated supply and gives buyers more leverage.
5. Why Sellers Are Coming and Buyers Hesitate
Who’s putting homes up for sale? The surge is driven by:
- Retirees (often over 55) moving away due to heat, family relocations, or lifestyle changes
- Investors exiting properties, especially those who entered the market earlier and want to reallocate capital
Buyers, on the other hand, are cautious. Many are watching the inventory overload and waiting for price dips. As one realtor put it, it’s a “fear-based” seller wave, but buyers are holding their cards close
6. Watch: Market in Focus
This video breaks down June and July trends visually, including inventory surges and slowing sales, with context right from local realtors.
Let’s Break It Down: Why This Matters
For Buyers
- More choices and more leverage: With 60% of closed homes in July selling below asking price, buyers have room to negotiate.
- Take your time: Homes are sitting longer, which means smart buyers can shop more strategically
- Look for deals: As more sellers realize they will not get their asking price, they start to adjust
For Sellers
- Expectation versus reality: Many sellers are still anchored to peak-era values, but buyers are not willing to match them unless homes are priced right
- Delisting risk: Instead of dropping prices, some sellers pull listings completely and wait for better timing
- Time matters: Overpricing means longer time on the market, so pricing strategically from the start is critical
Market Outlook: Balanced or Buyer-Friendly?
The market is trending toward balanced or buyer-leaning territory. Analysts at Redfin expect price growth to slow and possibly dip in late 2025 if mortgage rates remain near 7%.
Inventory is still below pre-pandemic norms nationally, down about 13% from 2017 to 2019 levels, but Las Vegas is climbing faster than most markets.
Key Stats Recap
| Metric | Value/Trend (July 2025) |
| Inventory YoY growth | +77% (Las Vegas leads U.S.) |
| Homes without any offer | ~6,992 single-family; ~2,564 condos/townhomes |
| Sales YoY | Down about 7% (June) |
| Median price (single-family) | ~$480,000 (stable YoY) |
| Days on market | ~42 days average (up 42% YoY) |
| Sales under asking price | ~60% sold below asking in July |
Final Thoughts
July 2025 in Las Vegas housing is not crash-central. It is more of a strategic standoff. Sellers are listing in high numbers, but buyers are not biting yet. Prices are holding for now, though the market is leaning toward buyers.
If you’re a buyer, this is your moment to negotiate wisely and move strategically. Sellers should evaluate their pricing honestly to avoid sitting on the market too long.
Ready to Make Your Move in Vegas?
Whether you’re buying, selling, or just exploring your options, timing matters more than ever in today’s market. Don’t navigate these changes alone. Our team is here to help you understand the numbers, spot the opportunities, and make confident decisions.
Contact us today, or reach out to me directly for a one-on-one conversation. I’m here to answer your questions, walk you through your options, and create a strategy that fits your goals.
Ruchelle Stuart
Broker | Investor | Creative Deal Specialist |Property Manager
Office address:215 E. Warm Springs Rd #109, Las Vegas Nv 89119
Email: ruchelle@ffsrealty.com
Phone: 702-321-7493
Office: 702-373-9939
Website: www.ffsrealty.co
License: B.0053430
