Las Vegas Home Prices Hit Record High as Investors Cash Out and Buyers Drive Up Demand

The Las Vegas housing market is showing signs of a comeback, with home prices hitting a record high in November.

The November median list price for existing single-family homes "sold" in Southern Nevada was $488,995, according to Las Vegas Realtors®. That's a 1.9% increase from October 2025, when the median list price of single-family homes "sold" was $474,370.

"While nationwide listings are increasing, the Las Vegas real estate market shows signs of normalization and price stability," Robert Little, real estate agent with The Robert Little Group at Re/Max Advantage in Henderson, NV, tells Realtor.com®.

Little says one of the main reasons sellers are entering the market is due to "typical" life changes, including those who want more space for growing families, empty nesters downsizing, and others relocating for career changes or a desire to be closer to family.

"Additionally, the intense summer heat can occasionally drive residents to seek milder climates, and we are also seeing some investors opt to cash out after achieving significant appreciation," says Little.

"Buyers continue to be drawn to the region for compelling economic and lifestyle reasons, including lower taxes, relatively more affordable housing, a business-friendly environment supported by no state income tax, job relocation, favorable weather, and access to world-class entertainment, sports, and shopping."

International appeal

Nationally, home inventory has climbed for the 25th straight month, according to the Realtor.com November 2025 Monthly Housing Market Trends report.

Realtor.com data reveals the Las Vegas metro saw a sharp increase in year-over-year inventory growth—a 33% increase. It's not alone. Charlotte, NC, (34.7%) and Washington, DC, (32%) saw significant inventory increases too.

"Inventory (in Las Vegas) started to pick up significantly most recently starting in September 2024. Since then, for-sale single-family inventory has picked up an average 49.2% year over year," says Hannah Jones, senior economic research analyst at Realtor.com. "June 2025 saw the biggest annual increase, with for-sale single-family home inventory rising 78.6% year over year."

But the abundant inventory offers choices for home shoppers. According to Little, homes are selling because the area is a draw for both families and tourists.

"Las Vegas' economy provides a strong foundation for continued housing demand," Little says. "Tourism remains a key driver, with nearly 40 million visitors recorded so far this year."

Most recently, the 2025 Formula 1 Heineken Las Vegas Grand Prix drew an international and celebrity audience in November.

"The region’s gross domestic product reached $178.4 billion in the fall of 2025, marking a 40% increase since 2019," Little explains.

Forward thinking

Sin City has attracted a slew of high profile artists with residencies, including Jennifer Lopez, the Backstreet Boys, Zac Brown Band, and Mariah Carey.

And the population is seeing steady growth. Clark County reports more than 2.4 million residents and an average of 43 million visitors a year.

"It's fueled by one of the largest construction booms in the city's history, spanning infrastructure, sports, manufacturing, and luxury development," Little says.

Major projects include:

A's Stadium: The new ballpark for what's currently known as the Oakland A's is projected to open in 2028 on the former site of the Tropicana Las Vegas Resort at a cost of about $2 billion. It will have a capacity of 33,000, with plans on providing under-seat cooling for fans—a first in Major League Baseball.

Hard Rock/Mirage development: The Hard Rock sold its resort to the Virgin Hotels group in 2018. Now, it's coming back after buying the Mirage for $1 billion in 2021. A new Hard Rock Casino will open in 2027.

Four Seasons Residences in MacDonald Highlands: This $1.3 billion project is expected to open in 2027 and will feature 171 luxury units.

Brightline West: To make the "fun" even more accessible, a high-speed train is in the works—set to depart in 2028. The Brightline train will link Las Vegas to Southern California, potentially ferrying millions of travelers.

The project is spearheaded by a $3 billion grant from the Department of Transportation. The trains will be electric with zero emissions and will travel up to 200 mph, cutting the trip from Rancho Cucamonga, CA, by 50%, approximately two hours instead of a four-hour drive.

"Las Vegas has demonstrated its strongest growth after market slowdowns. Today’s market conditions, therefore, represent potential long-term opportunities," says Little.

"Las Vegas real estate is well-positioned for sustained growth: It remains affordable compared to costly coastal markets, continues to attract new residents, is supported by rising incomes, and faces natural supply constraints."