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rice cuts hit 39.7 % of single‑family listings in the Las Vegas‑Paradise metro during the week ending Nov. 7, 2025, signaling a clear shift toward a neutral market. Inventory now stands at 3.4 months—19 % above the national average of 2.9 months—giving buyers more leverage after years of rapid price growth.
The median list price is $549,000, $10,000 below Nevada’s statewide median of $559,000. Despite the discounts, buyer activity remains robust: 595 homes sold versus 398 new listings, keeping net absorption positive as sellers adjust expectations.
Only 1.8 % of listings saw price increases, while the median reduction was significant enough to reflect sellers’ urgency. Relisted homes make up 17.2 % of current inventory, often returning with revised pricing. Weekly absorption outpaced new listings by nearly 200 units, and the median time on market of 77 days aligns with state and national figures, indicating that homes move at the broader pace despite local price pressure.
Active single‑family listings total 7,337, translating to the 3.4‑month supply. The metro’s price per square foot is $270.9, just below Nevada’s $271.2 average but 27 % above the national median of $213.1, showing a persistent premium.
The market’s neutral classification stems from higher inventory, aggressive price cuts, and steady buyer demand at adjusted levels. Demand remains, but buyers are more selective with increased choices and sellers’ willingness to negotiate.
Key metrics to watch: the 39.7 % price‑cut rate for seller sentiment, the 3.4‑month supply trend toward buyer advantage, and the 595 weekly absorption relative to new listings to gauge pricing effectiveness.
