The Las Vegas, NV metro area housing market is currently experiencing a period of relative stability, with nuanced shifts in various metrics. As of January 2025, the Median Sales Price stands at $440,000, reflecting a modest year-over-year increase of 0.2%. This indicates a stabilization in home prices, contrasting with the more robust growth seen in the Median List Price, which has risen by 4.5% to $460,000.

Price Per Square Foot metrics further illustrate this trend. The median Price Per Square Foot has increased by 4.9% year-over-year, reaching $256.56, while the Median List Price per square foot has similarly risen by 4.5% to $267.39. These figures suggest a steady appreciation in property values, albeit at a more tempered pace compared to previous years.

In terms of sales activity, the number of Homes Sold has increased by 1.3% year-over-year, totaling 2,090 units. However, Pending Sales have decreased significantly by 10.3%, indicating potential challenges in closing transactions. This decline in Pending Sales may be attributed to the substantial increase in New Listings, which have surged by 14.3% to 3,372, and the inventory, which has expanded by 28.8% to 7,988 units.

The Months of Supply, a critical indicator of market balance, has seen a dramatic year-over-year increase of 80.0%, now standing at 3.80 months. This suggests a shift towards a more balanced market, with increased inventory providing buyers with more options and potentially easing upward pressure on prices.

Market dynamics are further reflected in the Median Days on Market, which has increased by 3.0% to 59 days. This indicates that homes are taking slightly longer to sell, aligning with the increased inventory and New Listings. The average sale to list ratio remains stable at 98.0%, with a negligible year-over-year change, while the percentage of Homes Sold above list price has decreased by 1.6% to 15.6%.

Price adjustments are becoming more common, with 24.3% of listings experiencing Price Drops, marking a 3.2% increase year-over-year. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.7% to 28.7%, suggesting a cooling in the urgency of transactions.

Overall, the Las Vegas housing market is exhibiting signs of stabilization, with moderate price growth and increased inventory contributing to a more balanced environment. While some metrics indicate a cooling in market activity, the overall outlook remains positive, with opportunities for both buyers and sellers to navigate the evolving landscape.