Residential real estate inventory in the Las Vegas Valley jumped 44.5 percent in March compared to the same month in 2024, according to Zillow’s latest market report.
“What’s happening nationally is playing out similarly but more prominently in Las Vegas,” said Kara Ng, a senior economist with Zillow. “Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate. This has left more homes lingering on the market.”
Though inventory is rising fast, it still hasn’t reached pre-pandemic levels. “Las Vegas inventory is up almost 45 percent over the year, it’s still about 20 percent lower than pre-pandemic norms,” Ng added.
National Comparison Highlights Las Vegas Spike
Across the U.S., inventory rose 19 percent from March 2024 to March 2025, putting the total number of homes on the market at 1.15 million — the most since March 2020.
Las Vegas far outpaced this trend, with its inventory growth 25 percent higher than the national average.
Home Values Still Rising Despite More Listings
Home values increased 0.2 percent from February and are up 3.3 percent year-over-year, pushing the average Las Vegas home price to $433,664 — well above the national average of $359,741.
Sellers in the valley are also adjusting expectations. “Sellers of homes in the valley cut prices on 27.1 percent of listings, up from 19.8 percent last year at this time,” the report said. Meanwhile, new listings increased 17.9 percent year over year.
Ng emphasized that Las Vegas is among the top cities experiencing both rising listings and prices. “Home values increased in 41 of the 50 biggest metro areas in the country month over month ending in March,” she said, noting San Jose led the pack at 1.3 percent, followed by Milwaukee and San Francisco (both at 0.9 percent).
Only five metro areas saw price drops, including Miami (0.4 percent) and Tampa Bay (0.3 percent).
Affordability Issues Could Be Limiting Buyers
“Home values in Las Vegas have risen significantly. Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach,” Ng explained.
These affordability pressures may be shrinking the pool of buyers. “Sellers, on the other hand, are typically more financially stable and have the benefit of home equity to put toward their next purchase. Together these forces are leading to the accumulation and normalization of inventory.”
Homes Sitting Longer, Valley Still Underbuilt
A report by Clever Real Estate noted that homes in the valley were sitting longer on the market — 44 days — than the national average last year.
Additionally, a UNLV study found that Las Vegas has been underbuilding homes for approximately 15 years, falling behind pre-Great Recession norms.
