Market Updates · March 2025
Las Vegas Market Update: March 2025
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for March 2025. Report released .
More homes came on the market and more sold in Las Vegas in March 2025. Single-family closings rose 20.3% from February, to 2,142, and new single-family listings rose 19.3%, to 3,340 (Las Vegas REALTORS, March 2025). Condos and townhomes moved the same way, with closings up 10.7% to 570 and new listings up 10.0% to 1,053.
Sources: Las Vegas REALTORS, March 2025; Zillow Observed Rent Index.
Key Numbers
Figures for March 2025, compared with February 2025 and March 2024.
| Metric | March 2025 | February 2025 | March 2024 | Change from February | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $485,000 | $485,000 | $465,000 | no change | up 4.3% |
| Single-family homes sold | 2,142 | 1,781 | 2,082 | up 20.3% | up 2.9% |
| Single-family new listings | 3,340 | 2,799 | 2,724 | up 19.3% | up 22.6% |
| Single-family homes for sale without offers | 5,416 | 5,229 | 3,323 | up 3.6% | up 63.0% |
| Single-family months of supply | 2.5 | 2.9 | 1.6 | down 13.9% | up 58.4% |
| Single-family homes sold within 30 days (share) | 56.9% | 53.2% | 62.5% | up 3.7 points | down 5.6 points |
| Condo and townhome median sales price | $306,495 | $303,000 | $282,500 | up 1.2% | up 8.5% |
| Condos and townhomes sold | 570 | 515 | 590 | up 10.7% | down 3.4% |
| Condo and townhome new listings | 1,053 | 957 | 864 | up 10.0% | up 21.9% |
| Condos and townhomes for sale without offers | 2,204 | 2,025 | 1,179 | up 8.8% | up 86.9% |
| Condo and townhome months of supply | 3.9 | 3.9 | 2.0 | down 1.7% | up 93.5% |
| Condos and townhomes sold within 30 days (share) | 54.2% | 50.5% | 56.0% | up 3.7 points | down 1.8 points |
| Zillow Observed Rent Index (asking rent) | $1,725 | $1,723 | $1,690 | up 0.1% | up 2.1% |
Sources: Las Vegas REALTORS, March 2025 (home sales rows); Zillow Observed Rent Index (rent row). The March 2024 condo and townhome 30-day share is shown as reprinted in the March 2025 report (56.0%; it was first printed as 56.3%).
Months of Supply Dipped
Single-family months of supply fell to 2.5 from 2.9 in February, and condo and townhome months of supply was 3.9, down 1.7% from February (Las Vegas REALTORS, March 2025). Single-family homes for sale without offers numbered 5,416, up 3.6% from February and up 63.0% from March 2024's 3,323. Condo and townhome inventory was 2,204, up 86.9% from a year earlier.
The 30-Day Share Rose
Of the single-family homes that closed, 56.9% sold within 30 days, up 3.7 points from February's 53.2% and down 5.6 points from March 2024's 62.5%. The condo and townhome share was 54.2%, up 3.7 points from February (Las Vegas REALTORS, March 2025).
Prices Compared With March 2024
The single-family median sales price was $485,000, the same as February and up 4.3% from March 2024's $465,000. The condo and townhome median rose 1.2% from February, to $306,495, and was up 8.5% from a year earlier.
Single-family closings were up 2.9% from March 2024, while condo and townhome closings were down 3.4% (Las Vegas REALTORS, March 2025).
Asking Rents in March
The Zillow Observed Rent Index for the Las Vegas metro was $1,725, up 0.1% from February and up 2.1% from March 2024. It measures asking rents across all rental types.
For owners comparing a sale with a lease, March offered a $485,000 single-family median and 2.5 single-family months of supply, with asking rents up 2.1% on the year. These are market-wide figures, so a single home can lease or sell for more or less.
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We're The Property Management Firm, a broker-owned, Nevada-licensed brokerage that primarily manages long-term residential rentals in Las Vegas, North Las Vegas and Henderson. We screen residents and handle the day-to-day work, and we check with you before larger repairs and before renewal terms are set. Our marketing photos are all taken by professional photographers we hire. 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 March 2025?
It was $485,000 for single-family homes, up 4.3% from a year earlier, according to Las Vegas REALTORS, March 2025. The condo and townhome median was $306,495.
How many homes sold in Las Vegas in March 2025?
According to Las Vegas REALTORS, March 2025, 2,142 single-family homes and 570 condos and townhomes closed.
What was the median rent in Las Vegas in March 2025?
The Zillow Observed Rent Index for the metro was $1,725, up 2.1% from a year earlier.
How many months of supply did Las Vegas have in March 2025?
Single-family homes had 2.5 months of supply and condos and townhomes had 3.9, according to Las Vegas REALTORS, March 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, March 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 March 1, 2025 through March 31, 2025.
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