The Nevada housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Nevada stands at $457,000, reflecting a modest year-over-year increase of 0.4%. In contrast, the Median List Price has decreased by 1.4% to $467,900, indicating a potential shift in seller expectations or market dynamics.

Price Per Square Foot metrics show a more pronounced upward trend. The median Price Per Square Foot has risen by 3.6% to $264, while the Median List Price per square foot has increased by 4.8% to $274. These figures suggest that while overall list prices have slightly decreased, the value attributed to each square foot of property has appreciated, possibly due to demand for smaller, more efficient spaces.

Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 4.2% year-over-year to 3,108 units. Pending Sales have also declined by 4.1%, totaling 3,972. Despite this, New Listings have surged by 5.9% to 4,221, contributing to a significant 28.4% increase in inventory, which now stands at 10,827 homes. This rise in inventory has led to a substantial 90% increase in the Months of Supply, now at 3.5 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 9% to 63 days, suggesting that homes are taking longer to sell. The average sale to list ratio remains relatively stable at 98.2%, with a slight year-over-year decrease of 0.1%. The percentage of Homes Sold above list price has seen a minor increase of 0.3%, now at 17.6%, indicating that competitive bidding is still present in certain segments of the market.

Price Drops have become more common, with 24.2% of listings experiencing reductions, marking a 5.4% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.5% to 30.8%, further highlighting the extended time properties are spending on the market.

Overall, the Nevada housing market in February 2025 is characterized by increased inventory and longer selling times, alongside stable pricing metrics. While some indicators suggest a cooling market, others point to continued demand and value appreciation in specific areas. Buyers and sellers alike should remain informed and adaptable to navigate these evolving conditions effectively.