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Short answer: yes, a little, and it depends a lot on where you look and what you’re buying. I’ve lived in Las Vegas since I was five, so I’ve watched this valley go through every kind of market, and what we’re in right now is a soft cooling, not a crash.

Let me walk you through what I’m actually seeing.

The median price on an existing single-family home in the Las Vegas Valley came in around $473,875 in April, which is down about 1.3% from where it was a year earlier. That matters because it’s the first time in a good while the year-over-year number has actually gone negative instead of climbing.

For context, we hit an all-time high right around $489,000 back in November of last year. So we’ve eased down off that peak, but I want to be clear, this is a gentle slide, not a drop-off.

Condos and townhomes have softened more than houses. That median has been sitting near $285,000, down close to 6% year over year and well off its own record high from late 2024. If that’s the part of the market you’re shopping, you’ve got more room to negotiate than single-family buyers do.

It really comes down to inventory. For years there was almost nothing to buy, and that scarcity is what drove prices up so fast.

That has changed. We’ve got noticeably more homes on the market than we did a year ago, and supply has climbed back to about four months, which is what I’d call a balanced market.

More homes sitting available means sellers can’t just name their price the way they could in 2021 and 2022. Deals are still getting done, and plenty of homes still go under contract within a couple of months. The frenzy has just cooled off.

-> What this means if you’re buying

You’ve got leverage you didn’t have a couple of years ago. More listings, more time to actually think it through, and far less pressure to waive your inspection or throw money over asking just to compete.

I’m seeing seller concessions show up in a real share of closings now, and a lot of homes are closing below their original list price. These aren’t dramatic discounts, but they tell you the bidding-war days are behind us for most of the valley.

-> What this means if you’re selling

You can still sell, and sell well, but pricing it right out of the gate matters more than it has in years. An overpriced home just sits now while the well-priced one down the street goes pending.

Where you actually land depends on your neighborhood, your price range, and your timing, because this valley never moves all as one piece.

If you want me to pull the current numbers for your specific area and show you what your options really look like, reach out to us at 702-604-7739 and we’ll go through it together.

*Market figures are informational only and not a guarantee. Commissions and fees are negotiable.*