L
as Vegas, a city once synonymous with rapid growth and retiree appeal, is experiencing an unusual reversal. Homes are flooding the market, while buyers are holding back. According to Realtor.com, Las Vegas saw the largest year-over-year increase in inventory nationwide, with listings jumping 77.6% in June.

    Sellers, particularly retirees and investors, are trying to capitalize on equity gains before interest rates rise further and heat becomes unbearable. However, many are struggling to find buyers in a saturated market. Inventory has surged nearly 78%, the biggest spike in the country, as aging homeowners and investors scramble to cash out before the equity well dries up.

    Las Vegas realtor Avi Dan-Goor attributes the current activity to uncertainty and fear-driven decisions. "It's fear-based from what I'm hearing from people that reach out to me," he said. This fear stems from a belief that the window to turn a profit may be closing, leading buyers to adopt a wait-and-see approach.

    The surge in supply is creating a vicious feedback loop: more listings, more hesitation, and more price cuts. Retirees over 55 are driving much of the turnover, relocating to be closer to family or avoid the heat. Investors who bought into the market during favorable conditions are also looking to cash out.

    Despite some sellers adjusting expectations by offering incentives or cutting prices, others remain firm. Agents say it's panic-driven, with sellers convinced they'll miss their shot if they don't sell now. However, Dan-Goor cautions against assuming this slowdown is permanent, noting that the market can change quickly in Las Vegas.

    The city remains a seller's market, with a median asking price of $480,000. While casinos continue to draw billions annually, the real estate market appears stuck in a holding pattern – caught between a rush to exit and a reluctance to buy. Dan-Goor remains cautiously optimistic, believing lower interest rates could quickly reignite demand.