B
enzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Las Vegas' real estate market has taken a sharp turn, with a record $7 billion worth of homes currently for sale in the valley. According to Redfin data, the median home price in May was $480,000, just shy of the all-time high of $485,000. This slowdown may be attributed to affordability concerns, as Las Vegas' appeal has traditionally been its affordable prices. The city's real estate market had become a haven for frustrated buyers priced out of California's expensive markets, combined with low interest rates. However, higher interest rates have changed the equation, making it harder for buyers to afford homes.

    ReMax Legacy agent Dale Jones told the Las Vegas Review-Journal that while the market is still seller-friendly, sales are slowing down due to increased inventory and changing buyer behavior. Regular buyers are being replaced by investors with deep pockets, driven in part by interest rates but also by growing consumer unease about the economy. President Trump's economic policies have pushed the dollar to a three-year low and dented consumer confidence, leading to concerns about a looming recession. The impact of Trump's tariffs and high interest rates is taking a toll on Las Vegas' real estate market, with numerous economic indicators pointing towards a slowdown.