Record Number of Luxury Homes Hit the Market in Las Vegas—and Sellers Are Slashing Prices

Yahoo

19 hours ago

Las Vegas has more million-dollar homes for sale than ever before, but the rising inventory comes with a catch: Sellers are increasingly trimming asking prices to meet the market.
Listings priced at $1 million or more jumped 42% from last year—more than double the 20.3% national increase, according to the Realtor.com® July 2025 housing data.
Total new property count in Las Vegas rose 5% year over year in July, but that pace has cooled notably from earlier in the year. After a period of rapid inventory growth, the latest figures suggest builder and seller momentum is beginning to taper, mirroring a broader slowdown taking shape in the national market.
Luxury living in Vegas looks different
Luxury in Las Vegas doesn't look like luxury in San Francisco or New York City. In coastal markets, a $1.2 million price tag might get you a compact two-bedroom condo. Here, that budget could buy a sprawling 5,000-square-foot home with the Strip views, an entertainer's backyard, and custom finishes.
High-end homes increasingly list for $1.2 million, slightly below the national 90th percentile price of $1.3 million. But the scale changes quickly at the top. The top 5% of luxury homes sit at about $2 million, while the ultraluxury homes hover near $5.8 million, just ahead of the national $5.5 million benchmark.
Homes priced above $5 million in Las Vegas average nearly 7,800 square feet, almost 40% larger than similarly priced homes nationwide.
Las Vegas has always been a draw for affluent buyers from pricier metros. Cross-market demand from Realtor.com shows that 27.1% of luxury search traffic to the area comes from Los Angeles alone, where the median home price is $1.15 million—and that often buys far less space than in Nevada. Phoenix (4.6%) and San Jose, CA (4.3%), are also sending steady waves of interest.
The appeal is a potent mix: bigger homes, a lower cost of living, no state income tax, abundant sunshine, and proximity to major West Coast hubs. For many Californians, Vegas offers a lifestyle upgrade without the state tax bill.
More homes on the market mean lower prices
But as the supply of homes swells, the rules of the game are changing. More choice for buyers means more competition among sellers. In Las Vegas, that translates into sharper price cuts than most luxury markets are seeing.
In the $1.2 million-plus range, prices are down 12.17% year over year, compared with a 1.14% national drop. The steepest cuts are in the $2 million-plus range, a category that once commanded aggressive bidding. Here, prices are down 18.3%—about triple the 6.15% national decline. At the very top of the market, prices for homes at the $6 million-plus range are down 15.21%, compared with the 6.78% national decrease.
These drops reflect a broader recalibration. After years of appreciation and competitive buying, even the city's most exclusive estates are adjusting to slower demand and rising choice.
But, high-end-home sellers aren't just contending with lower prices—they're waiting longer for offers.
Million-dollar listings now sit on the market for a median of 64 days, five days longer than last year. At the 90th percentile, homes are averaging 68.75 days before selling—just under the national luxury average of 70.5 days.
It's a sign that buyers are taking their time, shopping around, and negotiating harder. Sellers, in turn, are learning that they can no longer rely on multiple-offer frenzies to push prices higher.
The bigger picture in Las Vegas
Las Vegas' luxury inventory boom is part of a wider trend in the West and South, where rising supply is shifting leverage toward buyers. Across all price tiers, Vegas inventory is up 65.7% from a year ago—more than double the Western region's 32.5% growth rate.
Nationally, inventory rose 24.8% in July, marking the 21st straight month of increases. While growth is slowing compared with earlier this year, the country's housing market is now more balanced between buyers and sellers than at any point since before the COVID-19 pandemic.
For the broader Las Vegas market, the median home price hit $475,000 in July, up slightly from February's record $469,974. But that's far out of reach for many local dual-income households, especially those working in hospitality, underscoring a growing divide between everyday buyers and high-end-home owners.
Las Vegas is at a crossroads
The city's luxury market is at a crossroads. The inventory surge, price cuts, and longer selling timelines signal that the seller's market dominance of recent years is giving way to a more balanced—and potentially buyer-friendly—environment.
For sellers, that means recalibrating expectations. For buyers, it's a chance to negotiate for more—whether that's a better price, upgraded finishes, or extra time to close.
In true Las Vegas fashion, the high-end housing market is playing a new game. And right now, the odds are shifting toward the people holding the checkbook.
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