Market Updates · May 2025
Las Vegas Market Update: May 2025
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for May 2025. Report released .
More homes were for sale without offers in Las Vegas in May 2025 than in April. Single-family inventory rose 7.0%, to 6,646, and condo and townhome inventory rose 5.0%, to 2,510 (Las Vegas REALTORS, May 2025). The single-family median sales price held at $480,000, the same as April.
Sources: Las Vegas REALTORS, May 2025; Zillow Observed Rent Index.
Key Numbers
Figures for May 2025, compared with April 2025 and May 2024.
| Metric | May 2025 | April 2025 | May 2024 | Change from April | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $480,000 | $480,000 | $473,000 | no change | up 1.5% |
| Single-family homes sold | 2,087 | 2,174 | 2,401 | down 4.0% | down 13.1% |
| Single-family new listings | 3,591 | 3,663 | 3,123 | down 2.0% | up 15.0% |
| Single-family homes for sale without offers | 6,646 | 6,213 | 3,869 | up 7.0% | up 71.8% |
| Single-family months of supply | 3.2 | 2.9 | 1.6 | up 11.4% | up 97.6% |
| Single-family homes sold within 30 days (share) | 61.3% | 60.3% | 70.9% | up 1.0 point | down 9.6 points |
| Condo and townhome median sales price | $307,000 | $302,700 | $295,000 | up 1.4% | up 4.1% |
| Condos and townhomes sold | 559 | 544 | 690 | up 2.8% | down 19.0% |
| Condo and townhome new listings | 1,103 | 1,015 | 907 | up 8.7% | up 21.6% |
| Condos and townhomes for sale without offers | 2,510 | 2,390 | 1,324 | up 5.0% | up 89.6% |
| Condo and townhome months of supply | 4.5 | 4.4 | 1.9 | up 2.2% | up 134.0% |
| Condos and townhomes sold within 30 days (share) | 54.9% | 52.9% | 64.9% | up 2.0 points | down 10.0 points |
| Zillow Observed Rent Index (asking rent) | $1,719 | $1,722 | $1,705 | down 0.2% | up 0.8% |
Sources: Las Vegas REALTORS, May 2025 (home sales rows); Zillow Observed Rent Index (rent row).
Closings by Home Type
Single-family closings fell 4.0% from April, to 2,087, while condo and townhome closings rose 2.8%, to 559 (Las Vegas REALTORS, May 2025). Compared with May 2024, single-family closings were down 13.1% and condo and townhome closings were down 19.0%.
A Larger Share Sold Within 30 Days
Of the single-family homes that closed, 61.3% sold within 30 days, up 1.0 point from April's 60.3% and down 9.6 points from May 2024's 70.9%. The condo and townhome share was 54.9%, up 2.0 points from April (Las Vegas REALTORS, May 2025).
Months of Supply and New Listings
Single-family months of supply rose to 3.2 from 2.9 in April, and condo and townhome months of supply was 4.5, up 2.2% from April. New single-family listings totaled 3,591, down 2.0% from April and up 15.0% from a year earlier. New condo and townhome listings rose 8.7%, to 1,103.
Medians in May
The single-family median was up 1.5% from a year earlier (Las Vegas REALTORS, May 2025). The condo and townhome median rose 1.4% from April, to $307,000, and was up 4.1% from May 2024.
Rents for May
The Zillow Observed Rent Index for the Las Vegas metro was $1,719, down 0.2% from April and up 0.8% from May 2024, measured across all rental types.
If you're weighing a sale against a lease, May's market-wide reference points were a $480,000 single-family median and 3.2 single-family months of supply. A single home can lease or sell for more or less.
TPMF and Your Rental
TPMF is a broker-owned, Nevada-licensed brokerage, and we primarily manage long-term residential rentals in Las Vegas, North Las Vegas and Henderson. We screen residents, take care of the day-to-day work and check with you before larger repairs and before renewal terms are set. All of our marketing photos are shot by professional photographers we hire. If you'd like numbers for your own home, Get a Free Rental Analysis. We reply within one business day.
Frequently Asked Questions
What was the median home price in Las Vegas in May 2025?
It was $480,000 for single-family homes, up 1.5% from a year earlier, according to Las Vegas REALTORS, May 2025. The condo and townhome median was $307,000.
How many homes sold in Las Vegas in May 2025?
According to Las Vegas REALTORS, May 2025, 2,087 single-family homes and 559 condos and townhomes closed.
What was the median rent in Las Vegas in May 2025?
The Zillow Observed Rent Index for the metro was $1,719, up 0.8% from a year earlier.
How many months of supply did Las Vegas have in May 2025?
Single-family homes had 3.2 months of supply and condos and townhomes had 4.5, according to Las Vegas REALTORS, May 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, May 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 May 1, 2025 through May 31, 2025.
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