If you feel like 2025 has been one long roller coaster — you’re not wrong. Between the government shutdown (and the hopeful deal now on the table to reopen it), the latest round of airline fiascos, and mortgage rates that refuse to sit still, it’s fair to say we’re all feeling a little motion sick from the headlines.

And now, according to a new report from UNLV’s Lied Center for Real Estate, the Las Vegas housing market is right in the middle of it all — the geographic epicenter of national home-price declines.

Read the full Las Vegas Review-Journal article here.

The Market Mood: All Over the Map

The new UNLV study found that three-quarters of ZIP codes in Southern Nevada saw home prices decline year over year. But this isn’t a one-size-fits-all story — it’s a tale of two markets.

• The biggest dips came from areas packed with high-rises and resort properties — 89158 (Park MGM, Aria Sky Suites) dropped 17.5%, while 89109 (MGM Grand, Caesars Palace) fell 10.5%.

• A few bright spots emerged on the east side — 89101, 89110, and 89156 — posting gains between 8% and 13%.

• And outliers in the southwest valley, like 89118 and 89146, managed to climb about 4% year-over-year.

As UNLV’s Shawn McCoy put it, Las Vegas is “at the epicenter of the nation’s largest cluster of submarkets experiencing price declines.” Translation: what’s happening here is part of a bigger story — a market recalibrating under the weight of high interest rates, economic anxiety, and an affordability ceiling that finally hit its limit.

Why It Feels Quiet (and What That Means)

The market may feel still, but it’s really just catching its breath.

• Sellers who were anchored to 2022 pricing are finally adjusting.

• Buyers are watching rates daily, hoping for a break before spring.

• And even builders — after years of go-go construction — are scaling back starts amid higher costs and cautious demand.

This isn’t a crash. It’s a correction of confidence — a pause while the market finds its next normal.

For Sellers: Strategy Over Sentiment

If you’re thinking of listing, the key right now isn’t panic — it’s positioning.

• Price smartly. Buyers are informed, and they’re comparing every price-per-square-foot across ZIP codes.

• Lead with presentation. Beautiful photos, thoughtful staging, and professional marketing aren’t optional — they’re your advantage.

• Stay flexible. If you want to move, meet the market where it is — not where it was.

Download my Seller’s Guide to learn how to navigate this shifting landscape, price strategically, and attract real buyers who are still very much in the market.

For Buyers: Timing the Pivot

For buyers, patience may finally pay off. The UNLV study suggests that most price softening is happening in higher-end segments, which means entry-level and mid-range buyers could soon see their own window of opportunity.

And when that happens — it’ll move fast.

If you’ve been waiting for the market to “calm down,” it’s already happening. The next six months could quietly become one of the best buying environments in years.

My Vegas Confidential Take

There’s no denying it — 2025 has been a wild one. Between shutdowns, travel chaos, and nonstop headlines, it’s easy to feel like the world’s spinning a little too fast. But here’s the truth: the Las Vegas real estate market is doing what it always does — adapting.

Vegas has never been defined by its dips. It’s defined by its comebacks.

So whether you’re planning to list, buy, or just stay informed — stay close. Because when this market turns, it’ll turn fast.

Read the full Las Vegas Review-Journal article
Download my Seller’s Guide to prepare your home for today’s market
Subscribe to Living in Las Vegas with The New Home Experts on YouTube — now over 7,000 subscribers strong

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