Las Vegas dwelling costs hit all-time excessive

LAS VEGAS (KLAS) — If you’re trying to purchase a house, the excellent news is there are many houses available on the market. The difficult side is they may price you extra.

A latest report by Las Vegas REALTORS reveals dwelling costs hit an all-time excessive in January. 

“Prices have continued to rise,” Brian Gordon, Principal with Utilized Evaluation, mentioned. “We’ve seen a decent amount of home sales take place over the last month.”

Residence costs in Las Vegas jumped by $10,000 in a single month – advancing to an all-time report as 2025 settles in. Las Vegas REALTORS® reported the median worth of single-family houses offered in Southern Nevada throughout January was $485,000.

That’s up 9 % from January 2024. The median worth of native condos and townhomes offered in January was $293,000. That’s up 6.5 % from January 2024. 

 So what’s driving up the prices?

“The demand side of the equation has continued,” Gordon defined. “We continue to see people migrating in. We’re seeing people move in from California and other markets that are demanding housing.”

The price of constructing houses has additionally elevated. 

“The cost of land that’s ultimately required. The cost of building materials or labor,” Gordon mentioned. “All of that sort of factors into prices on the new home construction side and that tends to ripple through the real estate market. I think the resale market is also seeing some of that upward pressure on pricing as demand continues to persist.”

The excellent news for present householders is that rising dwelling costs means extra fairness generated in your house. Alternatively, that poses a problem for patrons available on the market. 

“For folks that have yet to get into the game and are looking for that first home-buying option, it creates challenges,” Gordon mentioned. “It’s just more difficult to get into that first home.”

So, with housing costs persevering with to climb and rates of interest exhibiting little indicators of coming down, is now an excellent time to purchase? Gordon mentioned it relies upon. 

“If you can afford the home that you’re looking at, it’s a perfect time to buy,” mentioned Gordon. “If you can’t afford that home, then maybe it’s not the appropriate time to move forward on a transaction.”