Number of Luxury Las Vegas Listings on Market Jumps Over 40% Amid Lowering Prices
LAS VEGAS, NV – Las Vegas currently has a record-breaking number of luxury homes listed on the market – defined as properties priced at $1 million or higher – while sellers are scrambling to cut deals by lowering prices amid the competition.
Luxury listings in Vegas have increased a whopping 42 percent year-over-year, which is over 50 percent higher than the national average increase of 20.3 percent, as per July 2025 housing data recently released by Realtor.com.
While the total number of new properties on the market in Vegas increased 5 percent in July over the same period of time one year prior, builders and sellers alike are slowing down their momentum as the overall national real estate market experiences a slowdown due to high prices and expensive borrowing costs.
However, while $1 million might get you a small two-bedroom condominium in major metros such as New York City of Los Angeles, that amount gets you a great deal more bang for your buck in Las Vegas; we’re talking large homes coming in at 5,000 square-feet of living space, packed with numerous perks and amenities.
As a result, Las Vegas luxury real estate has been a proven draw for the affluent in society, especially considering the fact that Nevada has no state income tax. But as the luxury market continues to slow down amid national economic uncertainty, there is more and more competition amongst sellers, and that is translating into price cuts.
Prices for luxury homes in the $1.2 million-plus range in Southern Nevada have decreased 12.17 percent year-over-year, contrasted by the 1.14 percent national average; homes costing $2 million-plus – the range experiencing the steepest cuts – are down 18.3 percent, compared to 6.15 nationally. And as for the homes in the $6-million-plus range, those cuts are coming in at 15.21 percent versus 6.78 percent nationally.
But lowering prices is only part of the equation – now sellers are also waiting longer to make a deal. Luxury listings in Vegas are languishing on the market for a median rate of 64 days, a 5-day year-over-year increase.
Clearly, in today’s tough economic and socio-political climate, buyers – even affluent ones – are waiting longer, shopping longer, and negotiating with more gusto, and sellers are being forced, for the time being, at least, to adjust to make a deal.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management