Just days into the new year, you may wonder if now is the right time to buy a home. While home sales continue to climb here in Southern Nevada, prices are still just shy of record highs— so what does this mean for locals?
I spoke with a recent transplant considering homeownership and got some answers on what buyers can expect in 2025. With home prices climbing and inventory growing, Southern Nevada’s housing market is ending the year stronger than it started.
“It is very expensive for me,” said Nate Porter, who dreams of owning a home. “My payments of a house would probably outlive me.”
Porter recently moved to Las Vegas from Mississippi, hoping to buy a home. However, with the latest Las Vegas realtor report showing the median price of single-family homes at $475,000— which is up 5.6 percent from last year— he said affordability is a hurdle.
Abel Garcia: What comes to mind for you as someone who potentially wants to buy here?
Nate Porter: That’s a little bit steep in price.
Despite increased prices and high interest rates, the report also shows sales are up more than 331,300 homes, condos, and townhomes sold in 2024— an eight percent from 2023.