The Las Vegas, NV metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $443,000, reflecting a modest year-over-year increase of 0.7%. In contrast, the Median List Price has decreased by 2.2% to $450,000, indicating a potential shift in seller expectations or market dynamics.

Price Per Square Foot metrics reveal an upward trend, with the median Price Per Square Foot rising by 3.8% to $257.05, and the Median List Price per square foot increasing by 4.6% to $268.10. These figures suggest a growing demand for space, even as overall list prices decline.

Sales activity has slowed, with 2,373 Homes Sold, marking a 7.2% decrease from the previous year. Pending Sales have also declined by 6.1%, totaling 3,030. However, New Listings have increased by 4.4%, reaching 3,297, which may indicate a growing interest among sellers to enter the market.

Inventory levels have surged by 33.4% to 8,241, contributing to a significant rise in the Months of Supply, now at 3.5 months, a 110% increase year-over-year. This increase in supply could provide more options for buyers, potentially easing competitive pressures.

The Median Days on Market have extended by 8% to 59 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.1% to 98.2%, while the percentage of Homes Sold above list price has seen a marginal increase of 0.1% to 17.6%.

Price reductions are more prevalent, with 25.2% of listings experiencing Price Drops, a 6.3% increase from last year. Additionally, the percentage of homes going off the market within two weeks has decreased by 7.9% to 29.5%, indicating a potential cooling in buyer urgency.

Overall, the Las Vegas housing market in February 2025 is characterized by increased inventory and longer selling times, alongside stable to slightly rising prices per square foot. These dynamics suggest a market in transition, with opportunities for both buyers and sellers to navigate carefully.