L
as Vegas is now the fastest cooling housing market in the country, with a 10.2% decline in home sales and a 44.8% increase in inventory compared to last year. This oversupply of homes has pushed prices down, with the median sale price falling 2.2% to $440,000 in July, below the national median.

    The city's housing market is experiencing a boom-and-bust cycle similar to other pandemic boomtowns like Austin and Tampa. During the pandemic, Las Vegas saw an explosion in demand, leading to prices shooting up from under $300,000 in 2019 to over $447,500 by June 2022. However, as buyers receded due to rising costs and mortgage rates, inventory landed on the market, causing a glut.

    The city's tourism slump is also affecting its economy and job market, with visitor volume down 11.3% and convention attendance falling 10.7% in June. This downturn has led to a surge in luxury home listings, with prices dropping 12.17% year-over-year in the $1.2 million-plus range.

    Despite these challenges, local realtors remain optimistic about Las Vegas' future, citing its fame and attractions as draws for visitors and potential residents. However, sellers will need to adjust their price expectations to move homes quickly, as buyers now have more leverage in negotiations.