Las Vegas real estate market shows signs of stabilization after five years of volatility

Las Vegas' real estate market has seen significant fluctuations over the past five years, particularly during the pandemic. According to Zillow, the market is now entering a more balanced phase, with home prices rising 5.7% year-over-year, despite a slight monthly drop. The average home price in Las Vegas is currently $431,000, nearing the record high of $433,222 from September 2022. Increased building permits may improve housing supply, but high mortgage rates are keeping many potential sellers from entering the market. Local real estate experts suggest that while the market has been volatile, it may stabilize. They note that a strong job market and low inventory could prevent a market crash, leading to a more sustainable growth pattern in the future.