glitterpunkrealtor blog

Spring 2025 Market Trends

April 15, 2025

The Las Vegas real estate market in April 2025 presents a nuanced landscape for both buyers and sellers. Characterized by increasing inventory, steady demand, and relatively stable prices, the market is exhibiting signs of balance as it moves further into the spring season. This is some good news for buyers and stability remains for homeowners and sellers.

Key Market Trends:

Increasing Inventory: The number of active listings for single-family residences (SFR) has seen a notable increase. Over the past month, SFR inventory rose by approximately 10%, climbing from around 5,700-5,800 listings in March to approximately 6,350 in April. This provides buyers with more options compared to the tighter inventory experienced in previous months.

April 2024: Inventory levels were significantly lower. In March 2024, there were around 3,323 SFR listings without offers, suggesting a much tighter supply compared to April 2025. The months of supply for SFR in March 2024 were around 1.6 months, indicating a strong seller’s market.

Steady Sales Activity: While there was a dip in sales during the winter months, the market has seen a rebound in spring. The number of units sold in April reached around 2,150, marking the highest level since July 2024. This indicates sustained buyer interest and activity.

April 2024: Sales activity was brisk, with a higher percentage of homes selling within 30 days. In March 2024, 62.5% of homes were on the market for 30 days or less, compared to 56.9% in March 2025.

Stable Months of Inventory: Despite the increase in both inventory and sales, the months of available inventory have remained relatively stable at around 2.95 months. This suggests that demand is keeping pace with the rising supply, preventing a significant shift towards a buyer’s market. Generally, a market with less than 4 months of supply is considered to favor sellers, while more than 6 months favors buyers.

April 2024: With 1.6 months of supply in March, the market strongly favored sellers, indicating rapid sales and limited buyer negotiation power.

Slight Price Appreciation: The median home price in the Las Vegas area has shown modest year-over-year increases. Reports indicate a median price for previously owned single-family homes around $485,000 in March 2025, up about 4.3% from March 2024. The median price for condos and townhomes also saw an increase, reaching approximately $306,495 in March 2025, up about 8.5% from the previous year.

Days on Market Increasing Slightly: Homes are spending a bit more time on the market compared to the rapid pace seen in previous years, with an average of around 37-39 days. This gives buyers more time to consider their options, but well-priced and well-maintained homes in desirable areas are still selling relatively quickly.

April 2024: Homes sold at a faster pace, with a higher percentage closing within the first month.

Luxury Market Remains Strong: The luxury segment of the market continues to show strength, with a significant number of active and new listings, as well as notable high-end sales.

Summary of Data by Property Type (as of late March/early April 2025):

Note: the adjustment in median price from March to April of 2025

Single-Family Residences (SFR):

• Inventory: Approximately 6,350 active listings (as of late April).
• Median Sales Price: Around $485,000 (as of March).
• Months of Inventory: Approximately 2.95 months (as of late April).
• Days on Market: Around 39 days.

Condos and Townhomes:

• Median Sales Price: Approximately $306,495 (as of March).
• Increase from Previous Year: Approximately 8.5%.

Luxury Homes:

• Active Listings: Over 1,000.
• Strong sales activity at the higher end of the market.

Overview of Interest Rates Available (April 2025):

Mortgage interest rates in Nevada, as of late April 2025, are hovering in the mid-to-high six percent range for a 30-year fixed-rate mortgage.

30-Year Fixed-Rate Mortgage: Average rates are around 6.74% to 7.06%, with the APR (Annual Percentage Rate) potentially reaching slightly higher.

15-Year Fixed-Rate Mortgage: These offer lower interest rates, averaging around 6.08% to 6.11%.

FHA Loans (30-Year Fixed): Rates are generally a bit lower, averaging around 6.125% to 6.64%.

VA Loans (30-Year Fixed): Similar to FHA loans, rates are competitive, averaging around 6.34% to 6.60%.

Adjustable-Rate Mortgages (ARMs): Rates for 5/1 ARMs are around 6.250% to 7.81%, and 7/1 Jumbo ARMs around 6.500%. It’s important to note that these are average rates, and actual rates can vary based on the borrower’s credit score, down payment, loan type, and lender.

New Types of Loans and Programs Available to Buyers in 2025:

Several new and ongoing programs aim to assist homebuyers in Nevada in 2025, particularly first-time buyers and those with specific needs:

Home Is Possible (HIP): This Nevada Housing Division program offers 30-year fixed-rate mortgages with potential down payment assistance ranging from 2% to 4% of the loan amount in the form of a forgivable second mortgage. It’s available to first-time homebuyers (defined as not owning a home in the past three years). Home At Last (HAL) Down Payment Assistance Grant: This program provides grants that can be used for down payment and closing costs. It’s available with various loan types, including FHA, VA, USDA, and conventional loans. The grant does not need to be repaid.

Home First: Another program for first-time buyers in Nevada, offering a 30-year mortgage with down payment assistance up to $15,000 (though it cannot be used for closing costs). It requires at least six months of Nevada residency. Home Means Nevada Rural DPA: For buyers purchasing in designated rural areas of Nevada, this program offers forgivable down payment assistance up to $15,000 as an interest-free second mortgage that is forgiven after three years of continuous occupancy.

Mortgage Credit Certificate (MCC) Program: This statewide program provides a federal income tax credit of up to 30% of the annual mortgage interest paid, benefiting both first-time buyers and qualified veterans. FHA Down Payment Assistance Grants: Beyond the state-specific programs, various national and local down payment assistance programs can be used in conjunction with FHA loans. These include grants from non-profit organizations and local government initiatives.

Builder Incentives: Some new home builders, like Richmond American Homes and Toll Brothers, are offering temporary interest rate buydowns or other financing incentives on select properties if buyers use their preferred lenders and close by a certain date. For example, 2/1 buydowns are being offered where the interest rate is lower for the first two years of the loan.

Conventional 97 Loan: This is a conventional loan option requiring only a 3% down payment, making homeownership more accessible for some buyers.

Greater Nevada Mortgage Programs: This local lender offers various programs for first-time homebuyers, including down payment assistance options and government-backed loans (FHA, VA, USDA). They also have a “Keys to Greater” program that donates a portion of revenue to local housing non-profits.

Buyers are encouraged to explore these programs and consult with lenders to determine their eligibility and find the best options for their individual circumstances. The Las Vegas real estate market in April 2025 offers a range of opportunities, and understanding the current trends and available financing options is crucial for a successful transaction.

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