Inventory is rising, up 7% since last month and 25% since January, while the number of homes sold has gone down. In January, 2,227 homes sold. By May, that number dropped to 1,983.
That’s led to a common question:
Should you sell before prices drop? Or, if you’re buying, should you wait?
Here’s the short answer:
Prices haven’t come down. When you look at the median price, it’s holding steady.
Yes, inventory is up and sales are down, which has created downward pressure on pricing. But right now, we’re in a weird phase: lots of price reductions are happening, yet the median price hasn’t dropped.
That’s because the homes that are selling are generally well-priced and in desirable locations. These properties are still closing near asking price. On the other hand, most reductions are showing up on overpriced or stale listings, and those don’t impact the median unless they actually sell.
So while the market is softer, the data reflects only what’s closing, not what’s sitting.
For sellers, this could be a window to list before more competition enters the market. But rushing to sell without the right pricing and strategy can do more harm than a small market shift.
For buyers, more inventory means more choices and better opportunities to negotiate, even if homes prices aren’t crashing like the headlines say.
If you’re on the fence, I’m happy to run the numbers and talk strategy with you. No pressure, just the real picture.
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Las Vegas Market Snap Shot
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