Listings are soaring in this long-famous resort city as residents try to flee — and buyers hold back

Las Vegas, a city once synonymous with fast growth and retiree appeal, is experiencing a rare reversal: Homes are hitting the market in droves, and buyers are holding back.

Sin City saw the steepest year-over-year increase in inventory nationwide, with the number of listings jumping 77.6% in June, according to Realtor.com. 

Sellers — particularly retirees and investors — are trying to capitalize on equity gains, and escape rising interest rates and record-breaking heat. Yet many are finding themselves stuck, unable to secure a buyer in an increasingly saturated market.

“We do have more inventory at the moment,” Las Vegas realtor Avi Dan-Goor told the Daily Mail in an interview. “It’s higher over the same period last year.” 

He said much of the current activity is driven by uncertainty. “It’s fear-based from what I’m hearing from people that reach out to me.”

That fear, Dan-Goor added, stems from a belief that the window to turn a profit may be closing. 

“It’s a reaction. A reaction to the news, to what people are telling them. It’s a fear that things are going to get really terrible.”

The surge in supply is leading many would-be buyers to adopt a wait-and-see approach, further slowing transactions. 

“They’re saying ‘well, I like this but let’s see what else comes on the market,’” he told the outlet. “When the inventory comes on the market at a much faster pace than it’s selling, it’s just a vicious cycle.”

Retirees, particularly those over 55, are driving much of the turnover. Many are relocating to be closer to family, to avoid the increasingly punishing summer heat or to transition into assisted living. 

At the same time, investors who bought into the market during more favorable conditions are looking to cash out — either to downsize or redirect capital elsewhere.

Though some sellers are adjusting expectations by offering closing cost incentives or cutting asking prices, others remain firm. One local home listed at $619,900 for more than two months recently saw its price drop by $5,000.

Still, Dan-Goor cautions against assuming this slowdown is permanent. 

“It could change in a week, and what I mean by that is not all prices are going to drop,” he said. “It’s Vegas. One week can be crickets, the next week the phone is blowing up with showings. Vegas goes whichever way the wind blows.”

Despite the listing surge, Las Vegas technically remains a seller’s market, with the median asking price in the metro hovering just under $480,000. 

Casinos continue to draw billions annually — $31.5 billion in total revenue in fiscal year 2024, according to the Nevada Gaming Control Board — even as net income has declined.

Dan-Goor remains cautiously optimistic about what lies ahead. 

“Every local will tell you that in the past, we’ve seen a rapid change in the city and all of a sudden it is blowing up into a major city with traffic and construction and entertainment and sports events,” he said. 

He believes lower interest rates could quickly reignite demand. “If the interest rate starts to drop drastically, that always creates a buying frenzy.”

For now, though, the city’s real estate market appears to be stuck in a holding pattern — caught between a rush to exit and a reluctance to buy. 

“I’ve always said that sitting and waiting in real estate is a losing game,” Dan-Goor said. “It’s going to level out. I don’t think this current market is the new norm.”