The new year started with shifting dynamics in the Las Vegas guard-gated real estate market.
Overall Trends
January saw 53 closed sales, a 31% decline from the 77 sales in December 2024 and a slight 4% dip compared to January 2024. Meanwhile, inventory continued its upward trend, with 388 homes on the market—48% higher than the 263 available in January 2024.
Supply and Demand
Rising supply levels are shaping market conditions. In all price segments under $4M, supply has trended closer to the six-month mark—a number that typically signals a balanced market where supply and demand are roughly equal and prices tend to stabilize. Meanwhile, there’s still an excess of supply in the ultra-luxury market. To provide better insights moving forward, we’ve split this market into three new segments: $4M-$7.999M, $8M-$11.999M, and $12M+.
Sales Above List Price
Four sales in January closed above their last list price. One of these properties was a new build, while the others—built between 1998 and 2001—had only minor to moderate renovations. This highlights that homes of all ages and finishes do sell when priced correctly—and can even generate offers over list price.
Days on Market & Discounts
In January, 82% of the closed sales went under contract within 60 days of their last list price.
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. The 142-day sale, however, was not an arm’s length transaction, meaning its sales price did not reflect true market value. If we exclude this outlier, properly priced homes took no longer than 110 days to sell.
- 5166 Peak Climb Drive – After 98 days on market, this property sold with a 6% discount.
- 8813 Greensboro Lane – After 105 days on market, this property sold with a 17.1% discount.
- 716 Pont Chartrain Drive – After 106 days on market, this property sold with a 4.5% discount. This property was quite dated.
- 641 Dragon Peak Drive – After 110 days on market, this property sold with a 9% discount.
- 11443 Opal Springs Way – After 142 days on market, this property sold with a 3.4% discount. This was an owner-financed deal, meaning the seller acted as the lender for at least part of the buyer’s loan. Most sellers avoid this approach since they prefer to cash out their equity and move on. It also comes with risks, as the buyer could default on their loan. However, owner financing will often result in a higher sales price, as buyers who need this option have limited alternatives, and sellers expect a premium for the added risk.
Cash vs. Financing
Our market analysis reveals that 51% of buyers paid cash in January, down from 56% in December.
January 2025 Sales
Here is a list of January’s guard-gated sales in Las Vegas, Henderson, and Summerlin. Scroll to the bottom to download a spreadsheet.
January 2025 Sales Data Download
You can download a detailed spreadsheet of the January 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
Three properties sold without being listed on the Multiple Listing Service (MLS):
- 609 Pinnacle Heights Lane
- 11745 Glowing Sunset Lane
- 43 Crested Cloud Way
Finally, five 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!
