Headline Snapshot
Las Vegas has emerged as the U.S. city with the highest share of unsold housing inventory, reflecting a broader slowdown in real estate markets across the country. Nearly half of active listings in the metro remain on the market beyond 60 days, significantly above national averages.
- Key Market Data
Unsold Inventory Levels:
Las Vegas currently has the largest proportion of stale listings nationwide.
Roughly 50% of homes have been listed for 60+ days without offers.
Comparison to National Trends:
Nationwide, about 44% of listings remain unsold for 60 days or more.
Cities like Tampa Bay and Phoenix are also showing high levels of stale inventory but trail Las Vegas.
Price Movements:
Despite weak demand, asking prices in Las Vegas remain elevated compared to pre-pandemic levels.
Median listing prices are showing only mild corrections (around 1–2% declines in recent months).
- Factors Driving the Slowdown
High Mortgage Rates: Buyers remain sidelined as borrowing costs keep monthly payments unaffordable.
Oversupply of Listings: More sellers are entering the market, but demand is not keeping up, creating imbalances.
Cautious Buyers: Economic uncertainty and affordability challenges are leading to “wait-and-see” behavior from prospective homeowners.
Investor Retreat: Unlike during the 2021–2022 boom, investor activity in Las Vegas has cooled sharply, reducing competitive bidding.
- Expert Insights
Buyer’s Market Signal: Analysts note that the excess inventory gives buyers more leverage, with room to negotiate price cuts and concessions.
Short-Term Correction Likely: If conditions persist, Las Vegas could see greater price declines than other major metros in the second half of 2025.
National Reflection: The city’s market challenges echo a national trend of record-high total listing values ($700B+) paired with sluggish demand.
- Strategic Implications
Stakeholder Implication
Homebuyers Stronger bargaining power; opportunities to negotiate down prices.
Sellers Longer wait times to sell; may need to lower prices or offer incentives.
Investors Potential to re-enter at discounted prices if market softens further.
Local Economy Slower real estate turnover may cool construction and related industries.
- Summary
Las Vegas currently tops U.S. metros in the share of unsold listings, with roughly half of homes on the market for over 60 days. High mortgage rates, oversupply, and muted buyer demand are creating one of the strongest buyer’s market conditions in the country. Unless demand rebounds, the city could see further price softening and longer time-to-sale averages in the coming months.