LAS VEGAS (KLAS) — Las Vegas housing costs have leveled off, remaining at record-high ranges for the third straight month, based on data launched Monday by Las Vegas Realtors (LVR).
The primary quarter of 2025 introduced peak costs for single-family houses, with a median worth of $485,000. Condominiums and townhomes offered at a median worth of $306,495 in March, a rise of $3,495 since February. That is the second-highest ever in Las Vegas, behind solely October 2024’s $315,000. The median worth is the one within the center, with half promoting for extra and half for much less.
With tariffs wreaking havoc on the nationwide economic system, specialists say mortgage charges will go down. Bankrate is reporting some 30-year fixed-rate mortgages as little as 5.750% in Las Vegas. However the different facet of tariffs may imply costs on some constructing supplies is likely to be going up.
“The market is in the early stages of evaluating where the latest federal policies will land — both in terms of tariffs and interest rates,” based on Brian Gordon, a principal at Utilized Evaluation right here in Las Vegas. “That said, we remain confident in the local market fundamentals as population in-migration remains robust, housing supply is limited, and Las Vegas remains well sought-out.”
LVR President George Kypreos, a longtime native Realtor, mentioned, “It is fascinating to see that the median worth of current houses hasn’t modified for the reason that begin of 2025. That is one other indication of stability and the way houses costs have been rising extra regularly.
“At the same time, home buyers are benefiting from more homes available for sale and a recent drop in mortgage rates,” Kypreos mentioned.
On-line dealer Redfin studies that the housing market has cooled nationwide as stock has climbed.
LVR estimates lower than a three-month housing provide within the valley. Final yr right now, Southern Nevada had lower than a two-month housing provide.
Based on LVR’s month-to-month report, 5,416 single-family houses had been listed on the market with none kind of supply on the finish of March. That is up 63.0% from one yr earlier. The two,204 condos and townhomes listed with out presents in March characterize an 86.9% leap from one yr earlier.
A complete of two,712 current native houses, condos and townhomes offered in March.
Gross sales had been up 2.9% for houses and down 3.4% for condos and townhomes in comparison with March 2024.
LVR’s report consists of solely houses offered by the group’s A number of Listings Service (MLS). It doesn’t embody new house development or houses offered by their house owners.
