• 🏠 Southern Nevada's median home price now stands stable at $465,000, reflecting a plateau after pandemic-era booms.
• 📈 Zip codes like 89138 and 89044 show price increases of up to 9.2%, driven by luxury demand.
• 📉 Inventory surged 35% year-over-year, putting downward price pressure on areas like 89110 and 89031.
• 💸 Mortgage rates near 6.79% impact mid-market homes more than luxury properties purchased with cash.
• 🚚 California transplants continue to drive demand in premium Las Vegas ZIP codes despite interest rate hikes.

Las Vegas Housing Trends in 2025

The Las Vegas real estate market in 2025 is entering a period of equilibrium—neither surging nor collapsing. After years of high prices from the pandemic and not enough homes for sale, we now see that things are evening out across Southern Nevada. The median home price is mostly flat across the region. But the real story is that prices go up in some neighborhoods and down in others. Knowing what's happening in different areas is very important for buyers, sellers, and investors.

Southern Nevada by the Numbers: 2025 Market Overview

At a glance, the Southern Nevada housing market appears stable. As of May 2025, the median price for a single-family home in the Las Vegas Valley is $465,000. This is almost the same as last year (Las Vegas Realtors, 2025). But this steady look hides a market with many small differences. And it is changing fast from one ZIP code to the next.

Market Statistics Overview (May 2025)

• Median Home Price: $465,000 (Flat YoY)
• Available Inventory: ~6,000 homes (+35% YoY)
• Resale Closings: 1,878 homes sold in April (+4.2% YoY)
• Builder Activity: Increasing, with noticeable buyer incentives
• Price Movement by ZIP: Some areas saw prices go up by 9.2%, while others saw prices drop by 7.5% (GLVAR, 2025)

Big economic forces, like mortgage rates, affect how many people want to buy. But the real effect is very different based on the neighborhood, the price of the home, and who is buying it.

Where Las Vegas Home Prices Are Rising in 2025

The median price is flat. But even then, some Las Vegas ZIP codes are seeing strong price increases. Most of these are in nicer, planned communities.

Top Appreciating ZIP Codes

• 89138 – Summerlin West: This is one of the fastest-growing areas in Las Vegas. It is helped by new high-end homes being built, being close to Red Rock Canyon, and how appealing the life there is.
• 89135 – The Ridges / South Summerlin: These luxury single-family homes have golf courses, security, and top-notch features. They bring in high-income workers and buyers from other states.
• 89044 – Anthem Highlands: This area has more suburban development. It combines access to Henderson schools with luxury homes that cost less.

These areas still bring in demand from wealthy people moving from California, tech workers, and retirees. They are usually not affected by how much mortgages cost.

📣 Steve’s Take: “Rich Californians are still buying many luxury homes in Summerlin and Henderson. This is true even with higher rates. And they often pay with cash. They are focused on living out their retirement there, or they are moving for tax reasons.”

What’s Driving the Growth?

• Planned community layouts with landscaping, parks, and carefully run HOAs.
• Easy access to top-rated schools and medical centers.
• New builds from recognizable developers like Toll Brothers and Pulte Homes.
• Cash buyers always want homes here. This keeps competition high, even with higher rates.

ZIP Codes Seeing Home Price Declines

Some areas do well, but others are seeing prices drop. And there is less interest from buyers. These neighborhoods are often known for older homes, or for having many investors who already own homes there. Also, some things make homes too expensive for some buyers.

Areas with Declining Prices

• 89031 – North Las Vegas: This area was always popular with investors and first-time buyers. But now it has too many homes for sale as inventory climbs. And people who buy to quickly resell are leaving.
• 89101 – Downtown Las Vegas: People have tried to make this area better. But buyers are still not very interested, especially away from the Fremont corridor.
• 89110 – East Las Vegas: Old buildings and roads, and new homes being built outside of town, mean homes here seem less valuable.

📉 Steve’s Take: “These areas are not always ‘bad bets.’ But buyers should be careful. If you want to fix up a home or rent it out, there is still a chance to do so. But only if the price is right.”

What’s Behind the Declines?

• More homes are for sale, but not enough buyers want them.
• Investors are buying less because loans cost more.
• People are unsure about plans to rebuild and changes to how land can be used.
• Old homes need a lot of work to update them. And they often do not seem worth their asking price.

Mortgage Rates and Their ZIP Code-Level Effects

As of the second quarter of 2025, the average U.S. mortgage rate is about 6.79%, according to the (Mortgage Bankers Association, 2025). This number gives a general idea. But the real effect is very different across Las Vegas neighborhoods.

Rate-Sensitive vs. Rate-Resilient Areas

• High-End Markets (89138, 89052): Buyers with a lot of cash buy most of the homes here. So interest rates have very little direct effect.
• Middle-Income Areas (89123, 89183): These areas use mostly FHA and conventional loans. This means how affordable homes are changes more with rate changes.
• Investor Zones (89115, 89031): Flippers who make small profits get less profit and homes take longer to sell. This makes them less eager to buy.

Buyers who need a loan must carefully figure out their loan pre-approvals and monthly payment estimates with today's rates.

Strategic Tip for Buyers:

Focus on loan buy-down incentives. Builders are offering these now, especially for new homes in places like Skye Canyon (89166) and Aliante (89084). You can still save on rates there.

Why Summerlin and Henderson Buck Market Trends

Las Vegas is becoming more and more split into two parts. Summerlin and Henderson lead as areas where many people want to buy homes. This is because of their attractive lifestyle, good roads and services, and nice features.

ZIPs Showing Strength

• 89052 – Green Valley Ranch & MacDonald Highlands: Families like it for its schools and parks. And luxury buyers like its private golf clubs.
• 89012 – MacDonald Ranch & South Henderson: This ZIP combines homes that cost less with good living. It offers luxury with a suburban feel.
• 89138 – Summerlin West: It continues to grow westward. And thousands of new homes will be built there in the next 12 to 24 months.

🌐 Steve’s Take: “Henderson and Summerlin are not just doing okay. They are doing very well. It is where lifestyle is still more important than worries about rates.”

These neighborhoods see consistent interest from:

• Remote workers
• Empty nesters and retirees
• Professionals who live on both coasts are looking for second homes.

Downtown, East Vegas, and North Las Vegas: Declines or Discounted Entry?

Not every price drop is a problem. Some buyers see a chance in ZIPs where prices are falling. They think homes there could go up in value over time, or give good rental income.

Value-Play Areas

• 89110: Despite challenges, offers large lots and lower entry prices
• 89115: It still attracts renters who work in warehouses and construction.
• 89031: It has too many homes for sale now. But over time, more buyers might come.

📌 Tips from Steve Hawks:

• Treat these buys like investors, not homeowners. Look for a price-to-rent ratio under 1:15 if you are buying as an investment.
• Older townhomes with high HOA fees may cost a lot of money. And you should look closely at their reserve funds and maintenance plans.
• Use rental prices nearby and plans for downtown development to see how much it might be worth later.

Investor Insight: Where Rental Demand Remains Strong

Prices go up slower now. So smart investors are looking for places where they make money from rent. This is especially true in ZIPs where many working-class people need to rent. And not enough homes have been built there.

High Cap Rate ZIP Codes in 2025

• 89031 – North Las Vegas: Up to 7%+ cap rates still possible in smaller multiplexes
• 89115 – East Business Corridor: Steady demand from logistics employees
• 89120 – UNLV Vicinity: People move in and out often here. This is because of the student population and visiting teachers.

💼 Steve’s Take: “Investors who want to make money from rent should focus on how much rent they can get, not how much the home’s value goes up. This is not gambling. Go where the rent still covers the risk.”

Include tenant turnover rates and HOA fees when figuring out your return on investment. Focus on submarkets near transportation lines, major employers, or universities.

The Impact of New Communities and Builders

Builders are more active again across Southern Nevada. Their actions are changing how prices move in both new and existing neighborhoods.

Master-Planned Growth Areas

• Sun City Anthem (89044): More and more retirees like this area. Its HOA features, stability, and well-kept homes help homes keep their value.
• Siena (89135): This community is only for certain ages. But it is in a central spot. So it offers both nice living and a practical location.
• Skye Canyon (89166): This is one of the valley’s most appealing new construction areas. It has seasonal deals, planned walking paths, and more stores.

📦 Builder Trend Watch: Expect prices to hold steady in new projects with good features. This will be different from older homes in the same ZIP.

Builders are also using deals again. Things like points buy-downs, appliance packages, and limited-time upgrades give buyers more value for their money.

Inventory Movement by ZIP Code

When inventory fills the market, prices often drop. In areas with few homes for sale, mild bidding wars still happen, which is surprising.

Inventory Spikes

• 89110: Listings went up over 40%. This was because of too much supply and investors buying less.
• 89108 (Central Valley): Lower-priced homes fill the market for homes under $350K. This makes it harder to ask for high prices.

Inventory Crunch

• 89052, 89138: These areas still have few homes for sale, with less than 6 weeks of inventory.
• 89011 (Lake Las Vegas): More and more people are interested in it for second homes and vacation properties.

Having few homes for sale in ZIPs focused on a certain lifestyle helps keep prices steady. Areas with many homes for sale offer room to negotiate. But it takes longer to close a deal.

Who’s Moving to Southern Nevada in 2025?

People moving here is still one of the biggest reasons for housing demand in Southern Nevada. This is especially true in Las Vegas and Henderson.

Migrant Groups Driving Demand

• California Residents: People from California are still most of the buyers. And they are largely interested in 89052, 89138, and 89044 ZIPs (Redfin, 2025).
• Remote Workers: They want fast internet, home offices, and lifestyle features. And they like Henderson highlands and Summerlin.
• Retirees & Snowbirds: Seek age-restricted communities near medical care and golf courses.

✈️ Steve’s Take: “Californians want no state income tax, bigger homes, and good weather. That won’t change anytime soon.”

Steve Hawks’ Top Picks for 2025

If you are a buyer or investor, choosing the right ZIP code can decide if your deal works or not.

Steve's Current ZIP Recommendations:

• Investors: 89115, 89031 – Great potential to make money from rent and a good starting price.
• Families: 89138, 89052 – Good long-term value and excellent school ratings.
• First-Time Buyers: 89141 (Southern Highlands), 89183 (Silverado Ranch) – Competitive pricing with ongoing infrastructure support.

🎯 “It’s not about timing the market—it’s about where in the market you’re buying.”

Real Estate Trends Forecast: Late 2025 and 2026

Looking ahead, some neighborhoods could get better. This could happen if interest rates go back to normal or if more people move in again.

Areas Poised for Growth

• 89166 (Skye Canyon): New stores and roads are making it more desired.
• 89084 (Aliante): Prices will likely be more steady as grocery and retail centers open.
• 89141 (Southern Highlands): It is still valued too low compared to its features and how close it is to Henderson.

📊 Wildcard Game-Changers:

• The Brightline West high-speed rail terminal could greatly change property values near the Strip corridor.
• More businesses opening along the Blue Diamond beltway could lead to a lot of demand for homes.
• If inflation cools down, look for more people getting mortgages. This could boost sales of entry-level homes.

What Buyers and Sellers Should Do Now

For Buyers:

• Use data for specific ZIP codes instead of general trends.
• Look for builder deals and sellers who want to sell fast.
• Stay pre-approved. And look for homes in areas with few homes for sale to avoid bidding wars.

For Sellers:

• If in high-demand ZIPs like Summerlin/Henderson: List now.
• Set a good price in markets with too many homes.
• Think about updating older homes or offering closing credits to get buyers interested.

🧭 Need help understanding your ZIP code? Reach out for a custom home value report or price forecast.

Citations

Las Vegas Realtors. (2025). Southern Nevada housing market update for April 2025.

U.S. Mortgage Bankers Association. (2025). Weekly mortgage rate survey. 

Greater Las Vegas Association of Realtors. (2024). Market watch data by zip code.

Redfin Data Center. (2024). Migration report, Q1 2024.