The Nevada housing market in January 2025 presents a complex landscape characterized by both growth and contraction in various metrics. The Median Sales Price for homes in Nevada stands at $455,000, reflecting a slight decrease of 0.6% year-over-year (YoY). This decline suggests a cooling in the market, potentially offering opportunities for buyers seeking more favorable pricing.

Conversely, the Median List Price has increased by 5.1% YoY, reaching $475,700. This rise indicates that sellers are optimistic about the market's potential, setting higher initial asking prices. The median Price Per Square Foot has also seen an upward trend, increasing by 5.2% YoY to $264, while the Median List Price per square foot is up by 5.3% YoY, now at $275.

In terms of sales activity, 2,711 homes were sold in January, marking a 1.3% increase YoY. However, Pending Sales have decreased by 7.2% YoY, totaling 3,692. This decline in Pending Sales could signal a slowdown in future transactions, possibly due to the higher list prices or changing buyer sentiment.

The number of New Listings has surged by 13.9% YoY, with 4,301 homes entering the market. This increase in supply is further evidenced by the inventory, which has grown by 24.1% YoY to 10,511 homes. The Months of Supply, a critical indicator of market balance, has risen dramatically by 70.0% YoY to 3.9 months, suggesting a shift towards a more balanced or even buyer-favored market.

The Median Days on Market for homes in Nevada is 64 days, a 4.0% increase YoY. This longer duration indicates that homes are taking slightly more time to sell, possibly due to the increased inventory and higher list prices.

The average sale to list ratio remains stable at 97.9%, with no significant change YoY. However, the percentage of Homes Sold above list price has decreased by 2.2% YoY to 15.4%, reflecting a more cautious approach by buyers. Price Drops have increased by 3.3% YoY, now at 23.8%, suggesting that sellers are adjusting their expectations in response to market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 2.9% YoY to 28.8%, indicating a slower pace of transactions. This trend, combined with the other metrics, paints a picture of a market in transition, with sellers adjusting to new realities and buyers navigating a landscape of increased options and pricing considerations.