Are home sales rebounding in the Las Vegas Valley?

Residential sales in the Las Vegas Valley have rebounded year over year, according to multiple reports as some industry experts see a potential light at the end of the tunnel and the return of a balanced market.

Closed home sales in February were up 33.6 percent compared to the same month last year, according to Remax’s spring report, which uses Multiple Listing Service data. There were 2,956 closed transactions during the month, but also a marked rise in two other metrics: active inventory was up 15.4 percent and new listings were up 13.3 percent.

This is a sign of the market “normalizing” after the roller-coaster ride residential real estate went on during the pandemic, Remax Advantage agent Robert Little said.

“Inventory is up year over year, giving buyers more choices and slightly more negotiating power,” he said. “With more competition on the market, pricing and presentation are more important than ever. The days of simply listing and waiting are behind us. Buyers have more opportunity and options, while sellers who price correctly are still seeing strong results. This is one of the healthiest market conditions we’ve had in years.”

March sales in the valley appear to be building off of a strong February as home sales in Southern Nevada jumped 41.8 percent in March compared to February and increased by 6.8 percent compared to March of last year, according to Las Vegas Realtors, which pulls its resale data from the MLS.

This is translating into a rise in mortgage applications, said Hector Amendola, president of Las Vegas-based Panorama Mortgage Group.

“Application volume this spring is running ahead of last year, which tells us demand hasn’t disappeared, it’s just been cautious,” he said. “We saw strong momentum early in the year, with a slight pullback when the Iran conflict began, but overall activity still feels healthier than it did a year ago. Buyers remain very sensitive to uncertainty, and overall this feels more like a cautious recovery than a full rebound.”

A number of local market factors have to be taken into account as well, said Danny Khalil, associate director of market analytics for CoStar Group and Homes.com, adding there are two different subsets playing against each other. He said Las Vegas has a deep pool of luxury housing that places upward pressure on pricing. The large, master-planned community of Summerlin, as well as the concentration of luxury condos near the Las Vegas Strip, is a key factor that has contributed to the stabilization the valley are seeing in pricing and listings.

“Throughout the Sun Belt, the top half of the market for pricing has generally seen appreciation while the bottom half has witnessed steep discounts. This has been especially true in Nevada, where California accounts for 40 percent of in-migration to the state. Many buyers in Las Vegas are newcomers to the market,” he said.

Population growth, itself, is one of the key tailwinds supporting Las Vegas’ housing market right now, Khalil added.

“The most recent release from the Census Bureau confirms that this momentum continued well into 2025. Among the nation’s 35-largest metropolitan areas, all with a population of at least two million people, Las Vegas grew faster than 22 of them last year.”

Khalil said he sees this trend continuing, which will invariably continue to put upward pressure on housing supply and keep prices elevated.

“This momentum has likely continued through 2026, creating significant demand for housing in Las Vegas, even as interest rates continue to generate substantial headwinds for transactions as the spring homebuying season heats up.”