LAS VEGAS (KTNV) — 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.
I checked in with local mortgage banker Darin Hahn. He said calls for pre-approvals haven't slowed down, even with the higher costs.
"I’ve had a lot of investment clients come in as well trying to build their portfolio,” Hahn said.
He said most of his customers are locals, but investors are also driving up sales and pricing some buyers, like Porter, out of the market.
I have a house in Mississippi and I got it appraised for $490,000. It’s on 4 acres, and for what I would be paying here, I wouldn’t get half of the amenities of what I have there.
Hanh told me for a median-priced home at $475,000; monthly payments run between $2,800 and $3,000.
Abel Garcia: Is that something that you would be able to afford?
Nate Porter: That is above my price range, so no.
Hahn said buyers like Porter should stay hopeful this year.
I think prices won’t go up too much. Interest rates should drop to five percent at some point in 2025, and as far as the foreseeable future, it will be a positive for everyone.
LVR also reports that condo prices in December hit $290,000— up 7.4 percent from 2023, but still below the record $315,000 set earlier this year.
