- Overview
Las Vegas (Southern Nevada) currently leads the nation in the number of unsold homes on the market. Both single-family homes and condos/townhomes are experiencing significant year-over-year increases in listings without any offers, signaling a marked shift in the local housing market.
- Key Market Indicators
Single-Family Homes Without Offers
At the end of June, 6,992 single-family homes in Southern Nevada had no offers—an increase of 70% from the previous year.
Condos & Townhomes Without Offers
There were 2,564 condos and townhomes without offers, marking an 87.6% jump over 2024.
Inventory Growth
Overall housing inventory in Las Vegas surged 77.6% year-over-year in June, the sharpest spike among U.S. metro areas.
Zillow reports a remarkable 44.5% increase in inventory year-over-year as of March.
A broader snapshot shows listings rising over 70% year-over-year, even as median sale prices remain steady.
Total Market Value
Nearly $7 billion worth of homes were on the market in the Las Vegas Valley as of the end of May—a record high.
- Market Trends & Context
Slower Sales & Cooling Demand
Nationwide, U.S. markets show record-setting inventory, though delistings are also up as sellers hesitate to accept lower offers—even while buyers are scarce.
Housing Dynamics in Major Metros
Las Vegas is among several high-growth metros now exceeding pre-pandemic levels of active listings. This trend contributes to shifting market dynamics wherever inventory spikes are significant.
Local Market Sentiment
According to Reuters and the Realtors Association, many Las Vegas sellers—especially retirees and investors—are listing homes out of concern for future declines. However, buyers remain cautious, as competition increases and negotiations become more buyer-friendly.
- Implications for Stakeholders
Group Key Implications
Sellers Face growing competition and longer listing times—may need to adjust pricing or marketing strategies.
Buyers Benefit from increasing inventory—more options and room for negotiation.
Investors Oversupply might create opportunities for bulk or distressed purchases.
Real Estate Agents Need to rethink selling tactics; staging, pricing, or incentives may regain traction.
Local Economy Housing slowdown could affect broader consumer activity, especially in a tourism-heavy market like Las Vegas.
- Summary
Las Vegas now ranks first across the U.S. in unsold home listings, driven by steep inventory growth—ranging from 44.5% to nearly 78% in recent months—and a record $7 billion in current listings. Single-family homes and condos alike are seeing substantial listing durations with no offers, signaling a clear cooling in demand and a market shift favoring buyers.