Las Vegas Real Estate Market Update: February Trends and What to Expect This Spring
The Las Vegas real estate market remained active in February, with increasing buyer activity and strong home prices setting the stage for a competitive spring season. Whether you’re looking to buy or sell, understanding these trends can help you make informed decisions.
Market Overview: More Sales, Strong Prices
In February, 2,318 homes sold, reflecting a 15% increase from January but slightly below last year’s figures. This uptick signals growing buyer confidence despite ongoing affordability concerns and fluctuating interest rates.
Home prices continue to show resilience, with the median price holding steady at $485,000, unchanged from last month but up 5.4% year-over-year. This steady appreciation reinforces Las Vegas as a strong market for both homeowners and investors. For buyers, it’s a reminder that now may be the best time to secure a home before prices rise further.
Inventory and Buyer Demand: More Choices, Increased Activity
While new listings dipped 10% from January, they are still up 10% compared to last year, signaling renewed confidence among sellers. Some homeowners are waiting for spring’s peak selling season, while others are already taking advantage of strong demand and stable prices.
Buyer interest remains high, with 3,096 homes under contract, reflecting a 7.4% increase from January and 15.8% growth year-over-year. Meanwhile, inventory has expanded to 7,977 homes, a slight increase from last month and 22% higher than last year. This results in a 3.3-month supply, giving buyers more options while still favoring well-priced homes that attract strong competition.
What This Means for Buyers and Sellers
- For buyers: With more inventory and less market pressure, this is a great time to explore options before prices climb further.
- For sellers: Demand remains strong, and well-positioned homes continue to sell quickly. Listing now could mean standing out before the seasonal surge of new listings.
Get Expert Guidance for Your Next Move
With spring approaching, real estate activity is expected to heat up even more. Whether you’re buying, selling, or simply exploring your options, having an experienced real estate expert on your side is crucial.
As a Las Vegas native and area specialist, I provide the market insights and strategies you need to succeed. Let’s discuss your goals and create a plan that works for you. Contact me today to get started!
Click to Download the Complete February 2025 Market Report
