The numbers are in, and they tell a clear story: the Las Vegas real estate market is in the midst of a correction—not a crash.
With over 10,000 homes currently listed, buyers now have more choices and negotiating power than at any point in recent years. But as inventory grows, market movement has slowed. In May, only 2,842 homes closed escrow, a 16% decline from the same time last year. Meanwhile, 5,217 new homes were listed, and around 3,000 properties went under contract.
This slowdown might seem like a red flag—but in reality, it signals a return to pre-pandemic normalcy. Many homes have quietly adjusted in value, with some areas seeing a 3% to 10% price dip. Sellers still clinging to 2021 comps are seeing less interest, while well-priced homes continue to attract offers and sell quickly.
What This Means for Buyers:
You now have more leverage, less competition, and better opportunities to negotiate price and terms—especially on listings that have lingered on the market.
What This Means for Sellers:
Success hinges on strategy and realistic pricing. The days of multiple over-ask offers in 24 hours are behind us—but serious buyers are still out there. Homes that are priced and presented well are still closing.
This isn’t a frozen market—it’s a stabilizing one. Thousands of deals are still happening each month. In this kind of environment, working with the right expert makes all the difference.