Las Vegas Real Estate Market Update: January 29th

If you're keeping an eye on the Las Vegas real estate market, this update is for you! Whether you're buying, selling, or investing, staying on top of weekly trends can give you a real edge. As we move closer to spring, activity across the valley is picking up. So, what happened in Vegas this past week? Buckle up—we’re diving into the numbers, the momentum, and what it all means for you.

Key Market Insights This Week

‍Before we get into the nitty-gritty, let’s highlight some major takeaways from this week’s market activity:

• 99% of List Price Received – Sellers are still getting close to asking price, signaling strong pricing discipline.
• 55 Days on Market – Homes are taking longer to sell, giving buyers more time to make thoughtful decisions.
• 16 Weeks of Supply – Inventory is tightening, shifting the market closer to seller-friendly territory.
• 601 New Listings – Fresh inventory continues to enter the market at a healthy pace.
• 5,992 Active Listings – Buyers still have solid choices across the valley.
• 368 Homes Sold This Week – Strong sales volume shows buyers are active and committed.
• 486 Homes Under Contract – A robust pipeline pointing to continued momentum.
• $633,513 Average Weekly Sales Price – Prices held steady at a healthy level.
• $7,000,000 Highest Sale This Week – Luxury properties made a strong statement.

Home Prices: Are They Rising or Falling?

‍Las Vegas home prices remained stable this week, with an average sales price of $633,513. This suggests that demand is steady and buyers are comfortable moving forward at current price points.

If you’re wondering whether prices are about to rise or fall, the answer depends on where you’re looking. While overall pricing remains consistent, tightening inventory in certain neighborhoods could create upward pressure. That said, homes that are well-maintained, competitively priced, and move-in ready continue to command the most attention—and the strongest offers.

Days on Market: How Fast Are Homes Selling?

‍Homes spent an average of 55 days on the market this week, which is a far cry from the lightning-fast pace of recent years.

For buyers, this is good news. You have time to compare options, evaluate neighborhoods, and negotiate terms without feeling rushed. For sellers, it reinforces the importance of pricing your home correctly from the start. Overpriced homes risk sitting too long, which can lead to price reductions and less buyer interest over time.

Inventory Levels: Are There Enough Homes for Buyers?

‍The market saw 601 new listings this week, bringing total active listings to 5,992. That’s still a healthy level of inventory, but the story here is the 16 weeks of supply.

This tighter supply means the market is no longer heavily favoring buyers. While options still exist, competition is starting to creep back—especially for homes that check all the boxes. Buyers should be prepared to move decisively on the best listings, while sellers may benefit from reduced competition compared to earlier in the year.

Sales Volume: How Many Homes Are Changing Hands?

‍This week, 368 homes sold, showing strong transaction activity as we head toward spring. That’s a clear sign buyers are not just browsing—they’re making moves.

Even more telling, 486 homes went under contract. This level of activity points to continued strength in the coming weeks and suggests that demand remains healthy despite higher interest rates and a more cautious buying environment.

How This Week Compares to Last Year

Market Trends Year Over Year

‍While exact year-over-year numbers aren’t included in this snapshot, current trends tell a clear story. Inventory is tighter, sales volume is higher, and buyer confidence appears stronger than during the slower periods of recent years. The market feels more balanced and intentional—less frenzy, more strategy.

The Role of Interest Rates in the Market

‍Interest rates continue to influence how buyers approach the market, but they haven’t stopped activity. Many buyers and sellers are using tools like rate buydowns, seller credits, and flexible terms to bridge affordability gaps. Instead of freezing deals, rates are simply reshaping how negotiations happen.

What This Means for Buyers and Sellers

Advice for Buyers: Navigating the Market

‍• Act decisively on well-priced homes, especially as inventory tightens.
• Use days on market as leverage when negotiating terms or credits.
• Focus on long-term value rather than trying to time the market perfectly.

Advice for Sellers: Maximizing Your Sale

‍• Price your home correctly from day one to attract serious buyers.
• Invest in staging, curb appeal, and professional photography to stand out.
• Work with an experienced agent who understands how to market in a shifting inventory environment.

Spotlight on Las Vegas Neighborhoods

Most Popular Areas for Buyers

‍• Summerlin – Continues to attract buyers with lifestyle amenities and strong resale value.
• Henderson – A mix of affordability and upscale living appeals to a wide audience.
• Southwest Las Vegas – Growing demand thanks to modern homes and convenience.

Hidden Gems for Great Deals

‍• North Las Vegas – Ongoing development and affordability create opportunity.
• Downtown Las Vegas – Revitalized areas offer walkability, character, and upside.

Market Predictions: What Lies Ahead

Home Prices: Stability or Growth?

‍Analysts expect home prices to remain relatively stable, with minor increases in highly desirable neighborhoods where inventory is limited. Sharp spikes seem unlikely, but selective growth is possible.

Inventory Projections for the Coming Months

‍Inventory may continue to tighten as spring approaches, potentially increasing competition among buyers. Those planning to purchase may benefit from acting sooner rather than later.

Conclusion

‍The Las Vegas real estate market delivered a strong week, marked by tightening inventory, steady pricing, and impressive sales activity. Buyers remain active, sellers are confident, and the luxury market continues to shine with a $7M top sale. Whether you’re buying, selling, or investing, staying informed and strategic is the key to making smart moves in today’s market.

Thinking of buying or selling? Contact The Brendan King Group today for expert advice and personalized service!

FAQs

Is it a buyer’s or seller’s market right now?
It’s a balanced market that is slowly shifting toward sellers as inventory tightens.
Will home prices drop in Las Vegas?
Prices are holding steady, with small fluctuations depending on location and demand.
How long do homes take to sell in Las Vegas?
Homes are currently selling in about 55 days on average.
Should I sell my home now or wait?
Now is a solid time to sell, especially if your home is priced competitively and well presented.
What are the top neighborhoods to buy a home in Las Vegas?
Summerlin, Henderson, Southwest Las Vegas, and Downtown Las Vegas remain highly desirable areas.

Luxury Market Spotlight: $7M Sale of the Week

‍The luxury market remained a standout this week, led by a $7,000,000 top sale.

Homes priced over $1M averaged a sales price of $1,858,766, with properties spending about 83 days on the market. Luxury buyers are active but patient, focusing on lifestyle, privacy, and long-term value rather than speed.

Luxury market snapshot this week:
• 1,080 active luxury listings
• 86 newly listed
• 42 sold
• 43 under contract

Luxury continues to play a vital role in the Las Vegas market. For deeper insights and current listings, visit www.bkgluxury.com.