Market Updates · February 2025
Las Vegas Market Update: February 2025
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for February 2025. Report released .
Months of supply fell in Las Vegas in February 2025. Single-family months of supply dropped 11.2% from January, to 2.9, and the condo and townhome figure dropped 14.3%, to 3.9 (Las Vegas REALTORS, February 2025). Closings rose for both: 1,781 single-family homes, up 12.9%, and 515 condos and townhomes, up 24.7%.
Sources: Las Vegas REALTORS, February 2025; Zillow Observed Rent Index.
Key Numbers
Figures for February 2025, compared with January 2025 and February 2024.
| Metric | February 2025 | January 2025 | February 2024 | Change from January | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $485,000 | $485,000 | $460,000 | no change | up 5.4% |
| Single-family homes sold | 1,781 | 1,578 | 1,896 | up 12.9% | down 6.1% |
| Single-family new listings | 2,799 | 3,130 | 2,533 | down 10.6% | up 10.5% |
| Single-family homes for sale without offers | 5,229 | 5,215 | 3,471 | up 0.3% | up 50.6% |
| Single-family months of supply | 2.9 | 3.3 | 1.8 | down 11.2% | up 60.4% |
| Single-family homes sold within 30 days (share) | 53.2% | 47.0% | 56.1% | up 6.2 points | down 2.9 points |
| Condo and townhome median sales price | $303,000 | $293,000 | $283,000 | up 3.4% | up 7.1% |
| Condos and townhomes sold | 515 | 413 | 530 | up 24.7% | down 2.8% |
| Condo and townhome new listings | 957 | 955 | 738 | up 0.2% | up 29.7% |
| Condos and townhomes for sale without offers | 2,025 | 1,896 | 1,160 | up 6.8% | up 74.6% |
| Condo and townhome months of supply | 3.9 | 4.6 | 2.2 | down 14.3% | up 79.7% |
| Condos and townhomes sold within 30 days (share) | 50.5% | 51.1% | 56.0% | down 0.6 points | down 5.5 points |
| Zillow Observed Rent Index (asking rent) | $1,723 | $1,719 | $1,689 | up 0.2% | up 2.0% |
Sources: Las Vegas REALTORS, February 2025 (home sales rows); Zillow Observed Rent Index (rent row).
Homes for Sale Without Offers
Single-family inventory without offers was 5,229, up 0.3% from January and up 50.6% from February 2024's 3,471. Condo and townhome inventory rose 6.8%, to 2,025, and was up 74.6% from a year earlier (Las Vegas REALTORS, February 2025). Single-family months of supply was 2.9, against 1.8 in February 2024.
Prices Above February 2024
The single-family median sales price was $485,000, the same as January and up 5.4% from February 2024's $460,000 (Las Vegas REALTORS, February 2025). The condo and townhome median rose 3.4% from January, to $303,000, and was up 7.1% from a year earlier.
New Listings and the 30-Day Share
New single-family listings fell 10.6% from January, to 2,799, while new condo and townhome listings were 957, up 0.2% from January. Of the single-family homes that closed, 53.2% sold within 30 days, up 6.2 points from January's 47.0%. The condo and townhome share was 50.5%, down 0.6 points from January (Las Vegas REALTORS, February 2025).
Rents in February
The Zillow Observed Rent Index for the Las Vegas metro was $1,723, up 0.2% from January and up 2.0% from a year earlier, across all rental types.
If you're weighing renting against selling, February's market-wide reference points were a $485,000 single-family median and 2.9 single-family months of supply. A single home can lease or sell for more or less.
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The Property Management Firm is a broker-owned, Nevada-licensed brokerage. We primarily manage long-term residential rentals in Las Vegas, North Las Vegas and Henderson. Our team screens residents and handles the day-to-day work, and we check with you before larger repairs and before renewal terms are set. We hire professional photographers for all of our marketing photos. Get a Free Rental Analysis, and we'll reply within one business day.
Frequently Asked Questions
What was the median home price in Las Vegas in February 2025?
It was $485,000 for single-family homes, up 5.4% from a year earlier, according to Las Vegas REALTORS, February 2025. The condo and townhome median was $303,000.
How many homes sold in Las Vegas in February 2025?
According to Las Vegas REALTORS, February 2025, 1,781 single-family homes and 515 condos and townhomes closed.
What was the median rent in Las Vegas in February 2025?
The Zillow Observed Rent Index for the metro was $1,723, up 2.0% from a year earlier.
How many months of supply did Las Vegas have in February 2025?
Single-family homes had 2.9 months of supply and condos and townhomes had 3.9, according to Las Vegas REALTORS, February 2025.
Do these numbers apply to my neighborhood?
Not directly. They're market-wide figures, and results for a single home can differ by neighborhood and by the home itself.
Sources
Las Vegas REALTORS, February 2025: home prices, sales, listings, inventory and months of supply
Zillow Observed Rent Index (ZORI), Las Vegas metro, smoothed and seasonally adjusted: asking rents
Related Reading
About the Author
Matthew Gambill is a Broker-Owner of The Property Management Firm, a Nevada-licensed brokerage that primarily manages long-term residential rentals in Las Vegas, North Las Vegas and Henderson. Meet the brokers.
This is general market information, not financial or legal advice. Market-wide figures can be revised and won't match every home, so talk with a licensed professional about your own situation.
Based on information from the Greater Las Vegas Association of REALTORS® Multiple Listing Service for the period February 1, 2025 through February 28, 2025.
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