Record number of million-dollar homes for sale right now in Las Vegas Valley, report says

The Las Vegas Valley has more million-dollar properties for sale right now than ever before, according to a new report.

Homes on the market in the valley listed at $1 million or more rose 42 percent year over year in July, more than double the national average of 20.3 percent, according to a report from Realtor.com, which pulled data from the Multiple Listing Service.

The average price of a luxury home in the valley has more than doubled since 2019, a 107 percent jump in the average price of an “ultra luxury” home from 2019 through 2024, according to a study from Concierge Auctions.

Ivan Sher, a Las Vegas-area real estate agent and founder of IS Luxury, said the overall residential market has clearly taken a turn. Home prices in Southern Nevada sit at record highs; however, listings continue to flood the market and sellers are cutting prices to close sales as overall numbers slump for 2025.

“The market has shifted, but what’s often misunderstood is that it isn’t declining so much as the aggressive push on pricing has hit a ceiling,” he said. “With inventory high, many sellers are still chasing that upward trajectory instead of adjusting to a more dynamic market.”

The Las Vegas Valley finds itself in the middle of a housing crisis as many homeowners are locked into low rates they got during the pandemic when interest rates bottomed out. However, Las Vegas has increasingly become a place for investors to park their money in the housing market, and for high net worth Californians with increased purchasing power to relocate to. Redfin data found that investors have bought more than 131,000 homes in the valley since 2000.

Clark County is adding approximately 115 residents a day to its population, according to projections, with about a third of those coming from California. The county is growing faster than the national average for large metropolitan areas and is expected to break 3 million residents by 2045.

Sher said the luxury market is trying to sort itself out right now and find some type of equilibrium when it comes to pricing.

“In an accelerating market, one home sets a record and suddenly everyone lists at that same number,” he said. “But once the market settles, what we’re left with is a wave of overpriced homes.”

There has also been an anecdotal rise in off-market listings in the valley, according to Sher.

The Las Vegas Review-Journal reached out to multiple real estate analysis firms and listing services to see if there was a database for off-market listings but was unable to obtain any data.

Sher said the rise of off-market listings can be attributed to a number of factors.

“Listing off-market can be a smart strategy, especially when supply is high, because it gives sellers the chance to quietly test demand,” he said. “For some, privacy is key, whether they’re business owners or navigating personal circumstances. If the home doesn’t sell off-market, there’s still the opportunity to come on the market strategically and present the property in a way that stands out from the masses.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.