Las Vegas Homes Are Getting Cheaper to Buy | November 2025 Market Update

📈 The big picture: what changed and why it matters

I track local MLS numbers every month because the national headlines rarely tell the whole story. Right now the big national stat you hear — that most homeowners have mortgage rates under 5 percent — is true, but it misses how sharply Las Vegas is shifting. The combination of recent Federal Reserve rate cuts, falling mortgage rates, and a surge in active listings has created one of the clearest buyer markets we’ve seen in years.

Three headline numbers explain the shift:

• Inventory: About 7,500 single-family homes are actively for sale without offers, up roughly 30 percent year over year. Months of inventory sits at 4.8 months for single-family homes and 5.4 months for condos and townhomes.
• Days on market: Average days on market for single-family homes is now 55 days, up from 39 last year. Roughly half of listings still sell within 30 days, down from nearly 60 percent a year ago.
• Price adjustments: Price reductions are common. During the week of November 7th, almost 40 percent of single-family listings had price cuts and overall 75 percent of homes are selling below original asking price.

Those shifts change the game. Under four months of inventory is typically a sellers market. Over six months is a buyers market. At 4.8 months we’re in a balanced-to-buyers-leaning market — meaning buyers have options, time, and negotiating leverage that didn’t exist in the frenzy years.

📊 Neighborhood breakdown: where prices and demand stand

Las Vegas is not one homogeneous market. Price and demand vary dramatically across city limits and suburbs. Looking at October MLS numbers gives a real snapshot of what buyers and sellers face right now.

• Las Vegas proper: 1,087 homes sold in October with a median price of about $485,000.
• Henderson: 338 sales at roughly $520,000 median — pricier, more stable demand in sought‑after neighborhoods.
• North Las Vegas: 221 sales with a median around $420,000 — still the most affordable option for many buyers.

Condos are a separate story. Condo sales have softened more than single-family homes: median condo prices are down about 9.5 percent year over year. In October, condo medians were approximately $262,500 in Las Vegas, $351,000 in Henderson, and $319,990 in North Las Vegas.

That 9.5 percent decline for condos means real purchasing power for buyers who are flexible on property type or who need lower entry costs. For many military families PCSing to Nellis or Creech, this is the clearest opportunity to move into neighborhoods they couldn’t before.

🧭 Three forces driving this market shift

A market this directional doesn’t happen by accident. Three major forces are converging to make homes easier to buy in Las Vegas right now.

1. Builder incentives are dramatically aggressive

I’m seeing builders offer rate buydowns, flex cash, closing cost allowances and temporary interest rates that make a new home’s monthly payment substantially lower than an existing resale home priced similarly or even lower.

Example: A $475,000 new build with a builder-offered 3.49 percent first-year rate can have a monthly payment around $2,130. A $460,000 resale at today’s typical rate around 6.12 percent would have a payment near $2,786. That is about $656 per month in savings, or roughly $7,872 per year. Over five years you’re saving $12,000 to $36,000 depending on further buydowns and incentives.

2. Sellers are finally adjusting pricing expectations

Nearly half of all sellers have cut their asking price recently. When price reductions become routine, the advantage shifts to buyers. The “list high and wait” strategy no longer works the way it did. Well-priced homes still sell quickly, but overpriced homes sit and then get discounted repeatedly — destroying seller leverage.

3. Mortgage rates have eased from peak levels

Mortgage rates fell from over 7 percent earlier in the year to just above 6 percent in November. That drop shaves roughly $250 per month on a $400,000 mortgage — about $3,000 per year — and the effect compounds when combined with the other advantages buyers now have.

💡 The one buyer mistake that costs thousands

Most buyers look at list price and dismiss newer inventory because it’s "more expensive." That’s the mistake. Monthly payment math is the lens that matters.

Builders are packaging rate buydowns and significant closing cost contributions so that a higher-priced new home can cost substantially less each month than a lower-priced resale bought at prevailing rates. Always run the payment comparison, including buydown structure, closing credits, and taxes/insurance differences before disqualifying a property on price alone. When you do, that "too expensive" new build might become the most affordable monthly option.

🛠️ A practical buyers action plan

If you’re ready to act, here’s a realistic, executable plan to take advantage of this market.

1. Get preapproved now. Rates are lower than they were earlier in the year and locking in preapproval gives you confidence and speed. Talk to a trusted local lender, or at least run the numbers with a realtor who understands the best lenders for your situation.
2. Make offers below asking on homes that have been listed over 30 days, especially those over 60 days or already reduced. Remember: 75 percent of homes are selling below original asking price.
3. Run the monthly payment math on new construction. Include rate buydowns, closing cost credits, and HOA fees. A higher list price often hides major monthly savings.
4. Take your time on inspections and negotiate repairs and closing costs. You have more leverage now to get concessions and protect yourself.
5. For condos and townhomes, use even more aggression on negotiations — inventory is up 48 percent and condo supply is at 5.4 months, with prices down about 9.5 percent year over year.

🏠 What sellers need to know and do right now

I’ll be blunt: the market has changed and that reality is not optional. Sellers who treat this like the old frenzy risk losing time and money. Here’s how to adapt.

• Price correctly from day one. Forty-four percent of sellers have cut their price. Overpricing causes your home to sit, and every extra week on market reduces buyer interest.
• Work with an agent who knows current comps. The market from six months ago is not the market today. Use current MLS data to set a competitive price.
• Invest in presentation. Professional photos and staging matter more in a market where buyers have choices. Don’t skimp on first impressions.
• Manage HOA expectations if you’re selling a condo. High HOAs are a deal killer right now; buyers are using HOA costs to compare monthly value.
• Expect longer marketing times. Average days on market is 55 for single-family homes and can be 77 or more for condos, depending on price and HOA.

🔮 Looking ahead: what 2026 likely brings

Short answer: stabilization, not a crash. The market is correcting from an overheated phase to something healthier and sustainable.

Key forward-looking points:

• Population growth: Clark County grew by about 1.7 percent in 2025 and projections show roughly 2 percent growth in 2026. That is continued housing demand from real people relocating for jobs and tax advantages.
• Job growth: Employment is forecast to rise about 1.1 percent in 2026. Hotel expansions and convention-related development in Las Vegas continue to create jobs and housing demand.
• Inventory: Inventory peaked in late October and will drop seasonally, but remain elevated compared to the boom years. Expect a balanced market in many neighborhoods.
• Mortgage rates: Most experts expect rates to remain in the low‑6 percent range through year end, with a possibility of sliding into the high‑5 percent range during 2026 if inflation continues to cool.

Zillow and other forecasting models predict anything from a slight decline to modest growth. The most likely outcome is flat pricing with pockets of appreciation in high-demand neighborhoods. Over the next five years home values in Las Vegas are still expected to rise meaningfully — long-term ownership remains a strong wealth-building vehicle.

🎯 Military families: a rare window of opportunity

I work with a lot of military families relocating to Nellis and Creech. This market turns a lot of pressure into breathing room. Families that previously made sight-unseen offers now have time to tour, compare, inspect, and negotiate.

Real example: a tax sergeant moving to Nellis spent three days looking at eight properties. We negotiated $15,000 off the price and got sellers to contribute $8,000 in closing costs, plus uncovered AC issues during inspection that saved future repair headaches. That kind of result is happening more often because sellers are motivated and builders are offering creative financing.

📚 Resources and checklist I use with buyers

When I sit down with buyers, we run five things immediately:

1. Preapproval with a local lender
2. Payment comparisons for resale vs new construction, including buydowns
3. Neighborhood comparables and HOA cost analysis
4. Inspection and repair negotiation plan
5. Closing cost and credit strategy

Those five steps turn uncertainty into an actionable plan that saves money and reduces stress.

❓ Frequently asked questions

Is Las Vegas heading for a housing crash similar to 2008?

No. The conditions that caused the 2008 collapse — reckless lending, massive oversupply, and a financial system in freefall — are not present today. Population and job growth continue, lending standards are tighter, and the current shift is toward balance rather than collapse.

What does months of inventory mean and why is 4.8 months significant?

Months of inventory measures how long it would take to sell all active listings at the current sales pace. Under 4 months is typically a sellers market, 4 to 6 months is balanced, and over 6 months favors buyers. At 4.8 months Las Vegas is moving toward a neutral market with increasing buyer leverage.

Should I consider new construction over resale?

Absolutely run the numbers. Builders are offering rate buydowns and flex cash that can make a new home’s monthly payment much lower than a resale at today’s rates. Don’t dismiss new builds based on list price alone; monthly cost tells the real story.

How do I know if my home is priced correctly to sell?

Use recent MLS comps within your specific neighborhood and property type, account for condition and upgrades, and compare similar days on market. If a competitive, well-presented listing is sitting past 30 to 60 days, it’s likely overpriced. Presentation and professional photos are also essential.

Are mortgage rates expected to fall further?

Most forecasters expect rates to remain in the low six percent range through the end of the year, possibly dipping into the high five percent range in 2026 if inflation keeps cooling. Rate movement is tied to broader economic data and Fed policy.

How can military families get the best deal during a PCS?

Get preapproved early, prioritize neighborhoods near base that match your school and lifestyle needs, and use the increased inventory to compare options. New construction incentives can be particularly valuable. Inspections and negotiations are where you’ll save the most.

🔚 Final takeaways: how to act now

Las Vegas is transitioning from a seller-driven frenzy to a healthier, more balanced market. That creates opportunity for buyers to find choice, time, and negotiating power — and it forces sellers to be realistic and strategic.

If you’re buying, prioritize payment calculations over sticker price, get preapproved, and don’t rush. If you’re selling, price correctly, invest in presentation, and work with an agent who understands today’s comps. For everyone, remember that stabilization is positive: it replaces unsustainable frenzy with a more predictable market that rewards good decisions.

📎 Closing note

I’ve assembled neighborhood guides, a monthly payment calculator tailored to builder buy down offers, and negotiation checklists that help buyers and sellers make confident choices. If you want a practical guide that saves hours of research and helps you compare real numbers, those resources can speed up your decision-making and protect your wallet.

The market isn’t dead; it’s becoming selective. Make informed choices and you’ll find value where others see only headlines.