March brought a surge in activity to the Las Vegas guard-gated real estate market.

Overall Trends

There were 105 closed sales, marking a 59% increase from February. Inventory also rose slightly month-over-month, from 406 to 427 homes.

Year-over-year, closed sales increased from 96 in March 2024 to 105 in March 2025, a modest gain of just 9 homes. Meanwhile, inventory rose from 306 to 427 homes—an increase of 121 homes!

Supply & Demand

Supply levels dropped in nearly every price segment, indicating increased buyer activity and faster absorption of available inventory. Most of these segments now hover near or below the six-month mark, suggesting more stable conditions. This is not the case in the ultra-luxury market, which remains deep in buyer’s market territory. However, there were 3 closed sales in the $8M+ tiers in March, and with 8 additional homes currently under contract, this segment is demonstrating potential for continued improvement.

Sales Above List Price

In March, 66.7% of guard-gated home sales closed within a 5% margin of their last list price, while 8.1% of properties required discounts of 10% or more. Meanwhile, 8 homes still managed to close above their original list price. Half of these homes were built over 20 years ago—one as early as 1984—further proof that well-presented and competitively priced properties, regardless of age, can capture strong buyer interest.

Days on Market & Discounts

Below are the homes that took 90+ days to sell from their last list price. These sales represent the longest times on the market once pricing was corrected.

• 4395 Grey Spencer Drive – After 92 days on market, this property sold with a 5% discount for $1,325,000.
• 4 Olympia Chase Drive – After 106 days on market, this property sold with an 8.4% discount for $3,657,500.
• 11 Belfair Court – After 111 days on market, this property sold with a 3.7% discount for $1,925,000.
• 11166 Villa Bellagio Drive – After 112 days on market, this property sold with a 6.1% discount for $3,335,000.
• 3035 Lullingstone Street – After 164 days on market, this property sold with a 13% discount for $1,300,000.

Cash vs. Financing

Our market analysis reveals that 47% of buyers paid cash in March, down from 61% in February.

March 2025 Sales

Here is a list of March’s guard-gated sales in Las Vegas, Henderson, and Summerlin. Scroll to the bottom to download a spreadsheet.

March 2025 Sales Data Download

You can download a detailed spreadsheet of the March sales data—including final sold prices, original list prices, price reductions, previous sales dates, percent appreciations, and more—by clicking here.

Please reference the following info to help you understand the spreadsheet:

When you encounter a negative number for the % Discount Off the Last List Price, this means the sales price was higher than the last list price.

DOM = Days on Market

REO = Real Estate Owned/Bank Foreclosure

Finally, six properties are missing data for the % Increase, Last Sold Price, and Last Sold Date because they had no prior sales as completed properties.

Any Questions?

If you have any particular questions or additional data that you’re curious about, we’re happy to help. Just give us a call at 702.605.7482 or leave a comment!