Summerlin’s luxury market is booming, so why are some homes selling under asking?

While Summerlin’s luxury residential real estate market remains hot, a number of the biggest sales this July went under asking price, according to a new report from Homes.com.

The report notes that three of the Las Vegas Valley’s five priciest publicly marketed home sales in July were in Summerlin, led by a $7.7 million estate in The Ridges. The five largest public transactions of residential real estate in the valley ranged from $4.9 million to $7.7 million.

However, each of the five properties sold below initial asking price, according to original listing and closing prices outlined in the report. Discounts ranged from approximately 3 to 16 percent.

Jared Koeck, an associate director of market analytics at CoStar and Homes.com, explained the unique market fundamentals at play right now in residential real estate and the overall U.S. economy. He noted the country is going through a “K-Shaped Recovery,” a term economists uses to describe how wealthier citizens are better able to cope in a new climate of heightened interest rates and elevated mortgage rates.

“Just because the luxury market in Las Vegas is having a lot of sales, that doesn’t necessarily mean that homes should be selling for over asking price and there’s a few reasons for that,” he said. “One is there’s a lot of supply, a lot of these new homes have been constructed relatively recently, and there are a lot of them too.

“Summerlin is a good example. The most inventory of any neighborhood is in Summerlin, by a good portion and there’s just a large area, so there’s a lot to choose from, so the fact that there’s a lot of demand, there is also a lot of supply.”

Koeck explained that high-end homes sales are doing well in many metro regions across the country, and Las Vegas has been building more expensive homes as of late, which contributes to the supply side of the equation.

“We are seeing strong luxury markets across the country, I wouldn’t say its even necessarily unique to Las Vegas,” he said. “The other important thing to note is that especially in high growth markets like Las Vegas in terms of lots of apartment construction and single family home construction, it is, generally speaking, not dramatically more expensive to build very large homes than it is to build starter homes.”

A new report also found that the median price for a luxury home in Las Vegas has increased almost 60 percent since the beginning of the pandemic. May statistics from Realtor.com have the price for a luxury home in the valley (within the top 10th percentile of all sales) was $752,891 in December 2019. By the same month in 2025, that threshold had climbed to $1.1 million. As of May, it stands at approximately $1.2 million.

Elevated mortgage rates since 2022 have doused cold water on most of the residential real estate sector across the country, however the luxury market — specifically in Sun Belt cities such as Las Vegas, Phoenix, Austin and Miami — has remained relatively hot. Luxury home prices in all those metro regions have increased exponentially and sales have remained steady despite mortgage rates being the highest they’ve been since before the Great Recession’s onset in 2008.