Political and economic uncertainty has put a damper on the market since late February.

Overall Trends

Month over month, the numbers have remained relatively flat, but there’s more to the story when you look at the year-over-year data…

Compared to May 2024, inventory jumped a substantial 49% (from 323 to 481 homes). Closed sales declined 25% compared to last May, falling from 100 to 75 sales. Prices are determined by supply (the number of available homes for sale) and demand (the number of willing and able buyers). This uptick in supply and decrease in demand make for a much more competitive market.

Months of Supply (Supply and Demand)

Months of Supply indicates the balance of supply and demand in a particular market segment. Overall, Months of Supply increased across eight out of ten price points, with several segments now showing conditions that favor buyers. The right side of the chart above helps illustrate supply and demand by price range. When Months of Supply go up, it indicates there are more homes sitting on the market and fewer deals closing.

Look at the Months of Supply in your price range to help you make your next move. Buyers can use this data to assess where they might have the most negotiating power, while sellers can use it to gauge competition and make strategic pricing decisions.

Examples:

1. If you’re a buyer looking for a home priced between $2M and $2.49M, there were 11.2 months of supply in May—well into buyer’s market territory.
2. If you’re a seller looking to list your home between $1.5M and $1.99M, there were 4.2 months of supply in May—still in seller’s market territory.

Discounts

In May, 23.3% of guard-gated home sales required a 5.1-10% discount—nearly double the number recorded in May 2024. This means that almost a quarter of buyers successfully negotiated 5.1–10% off the asking price to close the deal. If you’re thinking of selling, it’s best to price your home realistically from the start and then make strategic adjustments if needed—most buyers just won’t make an offer if your property isn’t priced right. If you’re buying, know that sellers are becoming more negotiable, so don’t be afraid to make offers.

Sales Above List Price

Despite the shifting market, some homes are still selling at or above asking price. In May, 5 homes closed above their original list price. These properties not only avoided price reductions—they also secured offers above asking. Even in today’s more competitive environment, well-priced homes that are marketed effectively can still attract strong offers—sometimes even multiple offers.

Days on Market

Homes are still selling relatively quickly. While most homes sold within 30 days of their last list price last month, only 3 homes took over 90 days to sell from their last list price. These sales represent the longest times on the market once pricing was corrected. We’ve listed the homes below, along with some additional info.

• 5423 San Florentine Avenue – After 71 days on market, this property went under contract the first time. It fell out of contract and was back on the market for 26 days before selling with an 11.8% discount for $1,125,000.
• 8109 Dark Hollow Place – After 109 days on market, this property sold for a 2.1% discount at $1,370,000. Normally, we don’t see homes sit on the market for this long and sell for practically full price, but the seller ended up including the furniture as part of the sale, which likely kept the price up.
• 21 Olympia Hills Circle – After 165 days on market, the seller withdrew the listing, likely because they weren’t getting what they wanted—whether that was a full price offer, another price, or any offers at all. Then Pete Carroll, the new head coach of the Las Vegas Raiders, entered the market. He didn’t find anything he liked on the MLS, but he ended up buying this home for the full price of $4,600,000 after his agent tracked it down and approached the homeowners—essentially an off-market deal.

Cash vs. Financing

Our market analysis reveals that 48% of buyers paid cash in May—just 2 more cash buyers than those who used a loan. With about half of deals closing in cash, it’s a relatively even playing field. Sellers should be prepared to navigate both types of offers, while buyers using loans may feel more confident competing without being at a major disadvantage.

Positioning for Success

Properties must be positioned well for buyers to even consider more than a cursory glance online. As we’ve mentioned before, there are almost 2 separate markets. Buyers have a strong preference for new or renovated homes that reflect modern design trends. There are less of these options available, which creates a stronger market for these types of homes. Even the Review-Journal recently reported on the strength of new home sales, particularly at the new community of Ascension.

If your home is what most buyers would perceive as “dated” and you’d prefer to sell it without making any changes, please keep in mind that the delta between a similarly sized renovated home that sold down the street is more than just the cost of the renovation; it could easily be a 2-3x premium.

Sales are happening. At the Rob Jensen Company, we have active buyers making offers and properties going under contract. We are also working with some of our clients to make further renovations to be better positioned in the market.

May 2025 Sales

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

May 2025 Sales Data Download

You can download a detailed spreadsheet of the May 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, 6 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!