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Las Vegas Luxury Homes Flood Market, Prices Plummet
15 Aug
Summary
- Luxury home listings in Las Vegas up 42% from last year
- Prices down 12-18% in high-end ranges as demand cools
- Buyers taking their time, negotiating harder with sellers
As of August 17, 2025, the Las Vegas luxury housing market is undergoing a significant shift. Listings for homes priced at $1 million or more have jumped 42% from the previous year, more than double the national increase of 20.3%.
This surge in inventory is part of a broader trend in the West and South, where rising supply is giving buyers more leverage. In Las Vegas, the total new property count rose 5% year-over-year in July, but the pace has cooled notably from earlier in the year. The latest figures suggest that builder and seller momentum is beginning to taper, mirroring a broader slowdown in the national market.
The impact of this shift is evident in the pricing. In the $1.2 million-plus range, prices are down 12.17% year-over-year, compared to a 1.14% national drop. The steepest cuts are in the $2 million-plus range, where prices have fallen 18.3% - about triple the 6.15% national decline. Even at the top of the market, homes priced at $6 million or more have seen a 15.21% decrease, outpacing the 6.78% national drop.
These price adjustments reflect a broader recalibration in the Las Vegas luxury market. After years of appreciation and competitive buying, even the city's most exclusive estates are now adjusting to slower demand and rising choice. Sellers are learning that they can no longer rely on multiple-offer frenzies to push prices higher, as buyers take their time and negotiate harder.
