May Las Vegas Home Prices Hold Steady at $480k, Market Leaning Towards Buyers LVR Says

LAS VEGAS, NV – Following three months in a row where home prices in Las Vegas reached and maintained their all-time record high $485,000, April finally saw that number dip to $480,000. And according to a new report by Las Vegas Realtors (LVR), that dollar amount remained firmly in-place for May as well, signifying a possibility that the market may be slowly shifting to favor buyers once again.

LVR notes that the median price of a single-family home in the Las Vegas Valley in May was once again $480,000, just $5,000 shy of the record peak that price reached during 2025’s first three months.

In contrast, the median price of condominiums and townhomes in May reached $307,000, which represents an increase of $5,700 over April. The previous high for condos was $315,000, which occurred in October 2024.

LVR President George Kypreos said these numbers represent a degree of stability returning to the residential real estate market in the valley, which he anticipates will foster in more of a buyer’s market in the near future.

Home prices have been very steady so far this year, with more homes on the market,” he said. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”

The housing inventory has grown to a three-and-a-half-month supply; at the end of May, there were 6,646 homes listed for sale without any offers, which represents an increase of 71.8 percent year-over-year, LVR said. As for condos and townhomes, there were 2,510 listed without offers at the end of May, which is an 89.6 percent jump from the same period of time in 2024.

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.

LAS VEGAS, NV – Legislators in Nevada have approved a bill that, if signed into law by Governor Joe Lombardo, will institute changes to the state’s probate law in order to protect heirs and prevent fraud.

The bill comes following the results of an investigation published by the Las Vegas Review-Journal that shoed the discovered a group comprised of private administrators, real estate agents, lawyers and house flippers who were making money hand-over-fist by selling properties of people who had passed away via probate cases sthat tarted without any participation on the part of the deceased’s relatives.

As a result, the members of this so-called “cottage industry” cashed in on the estates of dead people across Southern Nevada for years, with the heirs often completely shut out and not getting one red cent.

Under current Nevada law, almost anyone – regardless if they are related to the deceased or not – can manage a probate case and even sell the dead person’s property with almost no oversight from the courts. In fact, the only instance of someone not being allowed to manage a probate case in Nevada is if they are a convicted felon.

The Nevada Senate Judiciary Committee’s Chair, Melanie Scheible (D-Las Vegas), said that she was unaware of the state’s probate law issues until she read the Review-Journal’s report.

“Something is wrong here,” she recalled thinking at the time.

The new bill approved by Nevada legislators – Senate Bill 404 – changes probate law by adding additional steps that must be undertaken in order for an entity to manage a probate case or sell a dead person’s home, and also greatly narrows the scope of who is allowed to sell homes in probate cases without the approval of a judge.

SB404 was delivered to the desk of Governor Lombardo earlier this week, and he has approximately one week under Nevada’s legislative process to sign it into law.

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.

LAS VEGAS, NV – While sales of new single-family homes have decreased during the first quarter of 2025 – having dropped 19 percent over the course of the first three months of the year – luxury listings with prices exceeding $1 million within the same span of time experienced a huge surge in purchases, jumping an impressive 41 percent.

This news comes as luxury development and sales – especially in Summerlin – remain ongoing at a brisk pace.

According to Las Vegas-based Home Builders Research, the number of homes sales closing at $1 million or more in the first quarter in Las Vegas numbered at 154, which represents a significant increase year-over-year, with 109 sales in that range being made in the first quarter of 2024.

When the luxury numbers for Q1 2025 are broken down, 39 of the 154 closings ranged between $1 million and $1.1 million; however, at the opposite end of the spectrum, the two highest sales in the first three months of the year were $10.5 million for a MacDonald Highlands residence, followed by a Blue Heron-designed home in Roma Hills in Henderson which sold for $6.3 million.

Responding to the very real demand for luxury housing options in Southern Nevada, homebuilder Taylor Morrison recently broke ground in Summerlin West on Esplanade at Red Rock, which will take the form of a high-end community offering 400-unit single-family homes ranging in size from 1,500 to 3,200 square feet. Over 50 percent of the houses for sale in Esplanade will be in the price range of $1 million and up.

Meanwhile, Summerlin’s ultra-affluent The Summit Club community regularly sees homes selling for $30 million or more.

Despite the challenges being faced by the overall housing market in Las Vegas, luxury home sales and development are still going strong for the time being.

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.

LAS VEGAS, NV – While many rental property owners take a do-it-yourself approach to managing their investments, experts say that hiring a professional property management company may actually save money in the long run — and in some cases, significantly more than expected.

Common self-management pitfalls such as pricing misjudgments, prolonged vacancies, and unexpected legal issues can quickly eat into an owner’s bottom line. According to , you guessed, Shelter Realty, a Las Vegas-based property management firm, landlords who forgo professional assistance often underestimate the hidden costs involved in managing properties independently.

Pricing Mistakes Lead to Missed Revenue

One of the most frequent issues facing self-managed landlords is incorrect rental pricing. Properties listed above market value often sit vacant, while those listed too low fail to generate competitive returns.

Many owners lose thousands over time simply because they don’t have access to current market data,” said a representative from Shelter Realty. “We use real-time analytics to price rentals strategically — not just based on guesswork.”

Vacancies and Delays Cost More Than Many Realize

Every month a unit sits empty is a month of lost revenue. Property managers typically have systems in place for marketing, tenant screening, and leasing that help reduce vacancy rates.

With professional leasing services, we’re able to fill most units faster than the average owner can on their own,” the representative added. “Time is money, and we work to minimize downtime. We also do not charge any fees when there is no rent income.”

Emergency Repairs and Legal Risks

Unexpected maintenance problems — especially those occurring at odd hours — can be costly and stressful. Additionally, legal compliance remains a significant concern for landlords, especially when it comes to evictions, lease enforcement, and fair housing laws.

A single legal misstep can result in thousands of dollars in fines or legal fees,” Shelter Realty warned. “Our team ensures compliance at every level and handles all emergency maintenance issues around the clock.”

Streamlined Rent Collection and Evictions

Rent collection and enforcement can also be difficult for self-managing landlords, particularly with delinquent tenants. Property managers often have established procedures to handle non-payment and, when necessary, eviction — ensuring both speed and legal compliance.

Professional Management as a Cost-Saving Strategy

When factoring in higher rental income, fewer vacancies, bulk maintenance savings, and reduced legal risks, many owners find that the cost of hiring a property manager is offset — or even outweighed — by the financial benefits.

For real estate investors looking to maximize returns while minimizing stress and risk, companies like Shelter Realty offer full-service solutions designed to improve efficiency and profitability.

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.

LAS VEGAS, NV – Southern Nevada is currently experiencing a large amount of home sale cancellations, and while this is following a nationwide trend, it is a phenomenon that has grown more pronounced in Las Vegas when compared to most other major metropolitan areas.

According to Redfin, in April 2025 14.3 percent of all home-purchase agreements nationwide were cancelled, which equates to contracts for approximately 56,000 homes; this represents an 0.8 percent increase in such activity over April 2024, when that percentage was 13.5.

Las Vegas has landed in the top ten of major metros that are experiencing higher-than-average levels of home sale cancellations, currently ranked at number eight with 18.6 percent. The number-one ranked city in cancellations, however, was Atlanta, Georgia, which saw 20 percent of all home contracts nixed in April.

Redfin cites several reasons for this uptick in last-minute cold feet when it comes to home purchases, such as a greater amount of inventory on the market – which results in a wider array of choices for those looking for a house – as well as the current uncertainty gripping the nation when it comes to both the economy and politics.

However, the number one reason for the rise in home contract cancellations simply comes down to dollars and cents; both home prices and interest rates on mortgages are remaining “stubbornly high,” according to Redfin, leading to more and more buyers panicking and pulling out of deals at the last moment.

Other factors include buyers making offers on properties sight-unseen, and then changing their minds when finally touring them in-person; buyers failing to sell their current home to raise funds for a new one; and finally, buyers’ remorse when they discover what their monthly payments will be once everything is factored in.

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.

LAS VEGAS, NV – Ground has officially been broken on a new community comprised of nearly 400 new homes that is being developed on an 88-acre plot of land along Lake Mead Boulevard in the Las Vegas neighborhood of Summerlin West by homebuilder Taylor Morrison.

Upon completion, Esplanade at Red Rock will take the form of a 400-unit single-family neighborhood with homes ranging in size from 1,500 to 3,200 square feet, and will offer two-to-four-bedroom layouts and garages that can accommodate up to four cars.

According to Bill Renteira – Vice President of Sales for Taylor Morrison’s Las Vegas division – extensive planning was put into the community to ensure that it meets the unique needs of Southern Nevada residents.

Many of the hurdles were addressed at the beginning of the project, like making sure we would be able to meet the demands of the area’s current needs,” he said. “We did intensive market research to get the correct buyer segmentation addressed to best serve this community.”

Esplanade at Red Rock – which will evoke the modern, tropical feel of California’s Plam Springs, a lush city known for its hot springs, stylish hotels, golf courses and spas – will boast numerous high-end amenities for its residents, including a 10,000-square-foot clubhouse with a restaurant, spa, golf simulator, fitness center, pool, and pickleball courts; there will also be walking trails with beautiful scenic views.

In addition, residents of the community will have access to the many perks provided by Summerlin itself, a 22,500-acre master-planned, mixed-use neighborhood that boasts dining, retail, entertainment, and Class A office spaces.

Also, nearby attractions that will be within easy driving distance of Esplanade at Red Rock include the Las Vegas Ballpark, City National Arena, Nevada Ballet Theatre and Summerlin Library and Performing Arts Center.

Esplanade at Red Rock is expected to open in early 2026. There is currently a waiting list, however, there is a ‘coming soon’ campaign running where interested parties can signup for alerts at: https://www.taylormorrison.com/nv/las-vegas/las-vegas-valley/esplanade-at-red-rock

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.

LAS VEGAS, NV – Following the facility’s groundbreaking ceremony that took place in September 2024, construction on Visions Park – a unique and pioneering affordable living apartment complex in downtown Las Vegas that caters exclusively to the needs of blind and visually impaired residents – has officially reached its halfway point, according to officials.

To celebrate the construction milestone, the Blind Center of Nevada invited local dignitaries and officials on a tour – while wearing hard hats, of course, since it is an active work zone – to review the progress on the complex, which is situated near the Blind Center’s main campus at 950 Visions Park Lane.

This collaborative $30 million project was brought to life – financed via $4 million from the city of Las Vegas, $15 million from the State of Nevada, $1.5 million from the city of North Las Vegas, $1.5 million from the city of Henderson and $8 million from Clark County – in order to create an apartment complex that is accessible to those who rely on the resources of the Blind Center.

Upon completion, Visions Park will feature numerous amenities to help sight-challenged tenants retain some degree of independence, including flooring that makes different kinds of noises when you walk on it in order to help blind individuals navigate, as well as special types of lighting to assist those who are visually impaired.

In addition, the project will aid in reducing travel time and costs getting to and from the Blind Center, as currently some report a commute of anywhere from one to two hours every day, according to Henderson City Councilwoman Carrie Cox.

It takes a toll. I’ve had a personal experience with my own mother and seeing her sight fail her towards the end of her life,” Cox said, noting that her mother’s situation improved when she began attending the Blind Center. “And to know the difference that that made for her, there was really not a lot of options. So, this is amazing to me that the Blind Center has taken this leap to bring us all together and to make something happen for those that are visually impaired.”

Visions Park is slated to open in the beginning of 2026; there are already 300 people on the waiting list.

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.

LAS VEGAS, NV – Home builders in Las Vegas are starting to slow down their construction plans and output amid a dip in sales that is being attributed to both high prices and high interest rates on home mortgages in Southern Nevada.

According to a newly-released report by Las Vegas-based Home Builders Research, in Las Vegas in April 2025 there were only 766 net sales – that is, sales contracts that were newly signed, not including cancellations – which represents a year-over-year decrease of 29 percent.

Meanwhile, the houses in question were sold for a median price of $529,833, which is a jump of 8.1 percent from April 2024.

What makes this decrease in sales especially significant is that it occurred during what is normally the busy spring buying season, which Home Builders Research President Andrew Smith said is an unusual development for the region.

The market is steadily slowing week to week lately, unexpected for this time of year,” he said in the report, adding that net sales over the course of 2025 so far “continue to underwhelm” when compared to the same period of time last year.

Another issue, Smith added, is that homebuilders have been repeatedly increasing their base asking prices. This is causing a trickle-down effect upon the local market, as higher prices are causing fewer buyers to take the plunge, and with fewer buyers, builders are scaling their plans back.

As a result, builders are pulling less permits; Smith noted that last month there were just 978 permits issued for new homes in Las Vegas, which is a drop of 19 percent when compared to April 2024.

Basically, buyers are becoming leery of investing the money it takes to purchase a home – both in Las Vegas and nationwide – due to high prices, high mortgage rates, and the overall economic uncertainty that is currently gripping the country.

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.

LAS VEGAS, NV – According to a new study from Clever Real Estate based on data obtained from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the Las Vegas Valley now ranks as the 27th most affordable major metropolitan area in the United States when home prices and annual income are directly compared.

Based on this study, how much would the average Southern Nevada household need to be pulling in each year to afford a home?

Currently, the median price of an existing single-family home in the valley is $449,000, whereas the median annual household income is $75,065. So, as per the data contained in Clever Real Estate’s report, a household would need to be earning an annual income of $113,839 to afford the purchase of an average home with a down payment of 20 percent.

However, if you’re planning on buying a house in the valley with no money down, that yearly income requirement obviously needs to be higher; in this instance, it would have to go up to at least $138,826.

Henderson Re/Max Advantage associate Robert Little noted that the housing market in the valley, while improving for buyers, is still driving some low-earners out of the equation for the time being.

Affordability remains a real concern in the Las Vegas housing market, especially with today’s higher mortgage rate,” he said. “That said, we’ve seen a softening in prices this year, and the market has shifted slightly in favor of buyers, which offers some relief.”

Little said that despite greater and greater amounts of inventory opening up in Las Vegas, home prices are still lingering at nearly record-high levels. But despite that, he explained, there are signs that things are indeed changing.

Depending on how a home is priced relative to the competition, it’s not unusual for buyers to negotiate a price reduction, have closing costs covered by the seller, or use concessions to buy down their mortgage rate,” he said. “Builders are also stepping up with aggressive incentives—often covering all closing costs or offering significant rate buy-downs to attract buyers.”

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.

LAS VEGAS, NV –  It has been announced that UnCommons – a huge mixed-used facility in southwestern Las Vegas – is currently on the market, with it’s estimated sale value at over half a billion dollars.

The UnCommons sale is being represented by investment sales broker Kevin Shannon with Newmark, with the property’s estimated value being set at a whopping $575 million.

Construction broke ground on UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – in 2020 and was completed in April 2025, with Matter Real Estate Group being the developer of the 40-acre campus.

UnCommons is essentially a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to The Assembly, an experimental project consisting of a 5,000-square-foot conference and event pavilion that can host a variety of event types, including talks, community events, and weddings.

The apartment complex situated within UnCommons – which is dubbed Vestra – is made up of 830 units spread out amongst 3 towers; in addition, office tenants consist of notable companies such as Draft Kings, CBRE Group Inc, Deloitte and Newmark.

On the storefront side, food and beverage locations include Urth Caffe, Teaspoon, and Amari, and retail businesses are made up of varied businesses such as Blue Bottle, Salt & Straw, Urth Caffe, and Sunlife Organics.

The concept behind the $800 million project – which originally broke ground in 2020 – is that it is a space where the various employees working for the businesses located there have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Matter Real Estate Group partner Jim Stuart said that the UnCommons project is already a rousing success, with 93 percent of the office space leased, along with 90 percent of the retail and restaurant space and 60 percent of Vestra.

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.

LAS VEGAS, NV – Howard Hughes Holdings, developer of the Summerlin master-planned community, is currently considering adding a new high-rise condominium complex to the other projects they have erected in the area, including the Downtown Summerlin open-air shopping mall, apartment buildings, a baseball park, and a recently-opened retail shopping center.

David O’Reilly, Howard Hughes Holdings’ CEO, noted that he is weighing the possibility of building a high-rise condo off Sahara Avenue and the 215 Beltway, east of the outdoor mall on a plot of land that the company currently owns.

I think that’s a great use right now,” he said, using the high volume of sales of condos in Summerlin’s The Summit Club affluent guard-gated neighborhood as an example of how these types of housing units are currently in great demand in the region.

O’Reilly also pointed out that the area where they are contemplating building the high-rise is also ripe for retail and rental housing units. Office space is also being considered, although to a lesser degree than in years past due to the fact that COVID-19 was responsible for reducing the need for such accommodations because of the increase in remote work that has persisted following the end of the pandemic.

Located along the Las Vegas Valley’s western side, Summerlin is comprised of 22,500 acres and is home to approximately 130,000 inhabitants, and homes and rental units there are currently fetching some of the highest prices in the region.

Howard Hughes Holdings takes its name from the famed aerospace engineer, business magnate, film producer, and investor; he purchased the community’s initial 25,000 acres – which he originally named “Husite” – in 1952. The community is named after Jean Amelia Summerlin, Hughes’ mother, and years later, Summerlin would go on to become the largest master-planned community in Las Vegas.

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.

LAS VEGAS, NV – According to a new report from real estate analytics company CoStar Group Inc., a historic wave of new apartments is currently hitting the Las Vegas Valley after recently finishing up development, although that number stands to lessen going forward as overall construction statistics are down year-over-year.

CoStar notes that about 4,600 multifamily apartment units have been completed and made available for rent over the past year, which have bolstered the overall number available in the valley to 193,129.

But with this latest glut of new apartments being made available for rent, now the most important thing, according to CoStar Market Analytics Associate Director Danny Khalil, is to get tenants into them.

It is fair to say that Las Vegas recently experienced a wave of deliveries, or project completions, and now the market is shifting to absorption, with less of an emphasis on active construction,” he said. “Apartments have come online throughout the Las Vegas Valley over past two years, particularly in and around Enterprise, Henderson, Spring Valley, and the far southern reaches of the metropolitan area. Central Las Vegas and the northwestern suburbs have also been no slouch either.”

Going back a bit further in time, Khalil noted, illustrates that from January 1, 2023, through April 30, 2025, approximately 13,000 apartments have been delivered throughout the valley, which represents a huge increase in developmental output.

Now the task shifts to absorbing this historic wave of supply and, for now, Vegas appears to be doing a great job at it,” he said. “Demand, measured in terms of net absorption, essentially matched new supply over the past 12 months and the vacancy rate moved down slightly, away from the double-digit territory that many Sun Belt markets find themselves in this year.”

However, as previously stated, construction on new apartments in Southern Nevada has slowed overall during the past year, so that level of output is assured not to be matched next year. For example, construction on only 342 multifamily units began during the first quarter of 2025, which represents a decrease of 25 percent when compared to the first quarter of 2024, when that number was 1,333.

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.