‘We’re going through a reset’: Realtor talks current market conditions for Las Vegas Valley’s residential game

The local housing market is going through a “reset” right now, according to Las Vegas Realtors President George Kypreos, as home prices are just down from record highs, and the Realtor and brokerage owner said the Las Vegas Valley’s future hinges on adequate supply of affordable housing, especially for first-time homebuyers.

Born and raised in Las Vegas, Kypreos got his start in the restaurant industry and then transitioned into real estate after selling one of his businesses. He earned Rookie of the Year honors his first year as an agent in 2004 for Coldwell Banker and launched GK Properties in 2016.

He also made waves recently in the local world of real estate as his GK Properties merged with Brandon Roberts’ Signature Real Estate Group. Roberts is currently the president of Nevada Realtors, and the two companies will now have a combined 550 agents.

Kypreos took some time to talk to the Las Vegas Review-Journal about the current market conditions playing out in the Las Vegas Valley, what buyers and sellers need to know right now and where he thinks the local residential real estate market is headed in the future.

What has it been like working in the Las Vegas real estate scene for so many years?

Las Vegas real estate is like no other market in the country. It’s dynamic, fast-paced, and always evolving, just like the city itself. Over the past 20-plus years, I’ve seen the skyline grow, new neighborhoods develop, and buyer expectations change dramatically. I’ve worked through booming markets, slower cycles, and everything in between.

The key to lasting success in this industry is adaptability. You have to be willing to evolve with the market, anticipate changes, and truly understand the people you’re serving. Real estate is not just about square footage or prices. It’s about timing, trust, and understanding the real needs of homebuyers and sellers. Being part of this city’s transformation has been a privilege, and I’m proud to continue serving the Las Vegas community.

Where is the local market at right now for residential real estate, and what are some of the factors playing into it?

Right now, the Las Vegas housing market is going through a bit of a reset. After the rapid post-pandemic growth, we’re seeing more inventory on the market than usual. This shift is helping to bring more balance between buyers and sellers, creating a healthier and more stable real estate environment.

Demand remains strong, particularly for buyers who can qualify in today’s lending conditions. While interest rates have affected affordability, opportunities still exist for those who are financially prepared. Our median home price sits around $480,000. That might seem high at first, but it’s still significantly more affordable than what buyers are seeing in nearby markets like California and Arizona. With continued job growth, lifestyle appeal, and Nevada’s tax advantages, Las Vegas remains a top destination for real estate investment and relocation.

What would your advice be for potential buyers or sellers right now?

For buyers: preparation is everything. Get pre-approved, understand your budget, and work with a real estate agent who knows how to navigate the Las Vegas housing market. There’s less competition now than in recent years, which means more room to negotiate and more chances to find the right property.

For sellers: make your home stand out. Homes that are clean, staged, and priced properly still sell quickly. Today’s buyers are informed and expect value. Don’t wait for a perfect market because the perfect time is when you’re ready and you have a clear plan in place.

What would you like to see for the future of the valley’s residential market?

I’d love to see more initiatives that support affordable housing for first-time homebuyers and longtime residents. Las Vegas is growing fast, and it’s important that we continue to create opportunities for families and individuals looking to plant long-term roots here.

I also want to see smart development. That means building communities with great schools, strong infrastructure, and sustainable planning. As someone who lives here, raises a family here, and works every day in real estate, I care deeply about how this valley grows. I want to make sure we’re creating a future where both homeowners and the real estate industry can thrive together.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.