November 2025 Las Vegas Housing Market Update: Prices Rise as Inventory Tightens

Closed Sales: A Predictable Seasonal Dip

Closed sales fell to 1,459, the lowest monthly total of 2025. This is not surprising—November reliably tapers off as buyers shift focus to holidays and year-end life planning. Important to note closings reflect decisions from 30 to 45 days earlier.

To understand buyer behavior now, we look ahead.

And that’s where the paradox emerges.

Pending Sales: A Slight Dip, but Stronger Than Last Year

Pending contracts dipped 4.5% from October, landing at 1,901. But the year-over-year number tells a more important story:

Pending sales are up 13.3% compared to November 2024.

This is the first resilience marker woven into the data:

• Buyers may be slower, but they are not gone.
• Engagement is meaningfully stronger than last year.
• The market’s forward pipeline remains healthy.

It’s a sign of quiet demand—not a sharp pullback.

Inventory: Tightening Into Year-End

Active listings fell to 6,741, down 6.2% month over month. This tightening contradicts the narrative of an oversupplied or weakening market.

A few things stand out:

• Seasonal withdrawals are part of the story
• But absorption played a role as well
• Inventory tightening helped support a price increase
• We may have already seen the peak inventory for the year

If this were the beginning of a downturn, inventory would be rising quickly. Instead, it’s contracting. This is structural stability—not softness.

Pricing: A New High for 2025

Here’s the data point that cuts through the noise:

Median Sales Price: $492,500 — the highest median of the year.

Pricing rose:

• 3.7% month over month
• 2.1% year over year

Even with mixed signals elsewhere, pricing remains firm—another quiet indicator of underlying resilience. It’s difficult to reconcile “softening prices” with an actual new high.

This is where headline narratives and real-time data diverge.

Days on Market: A Shift Toward Deliberation

Average days on market reached 47.7 days, up from 36.5 last year.

This does not look to be a sign of buyer weakness versus buyer discernment.

More choices = More evaluation time

In fact, rising DOM is one of the clearest signals of a market finding balance after years of urgency and compression. Homes continue to sell—just not overnight.

For sellers, strategy matters more than speed.

For buyers, patience is a welcome return.

Months of Inventory: The Market Finds Its Middle Ground

With 4.6 months of inventory, the Las Vegas Valley is firmly in balanced market territory.

This supports the overarching narrative:

• Not a seller’s market
• Not a buyer’s market
• A stabilizing ecosystem based on fundamentals

And when inventory moves up slowly, not sharply, it reflects normalizing conditions—not stress.

This is the architecture of a healthy market, even if some monthly metrics soften.

Looking Ahead: The Architecture of Early 2026

As we shift toward December and into Early 2026, several trends deserve attention:

• Buyer demand remains stronger than last year
• Inventory levels may continue tightening seasonally
• Pricing has shown clear stability at higher levels
• Negotiation dynamics favor preparation and precision
• Balance is becoming the defining feature of the market

The Las Vegas Valley isn’t signaling decline—it’s signaling maturity. A balanced market rewards strategy, not speed. It favors quality listings and well-prepared buyers. And it sets the foundation for a more predictable 2026. This is not a market in retreat. It’s a market settling into its next phase.