Sales of million-dollar-plus homes, led by The Peaks in Summerlin, increased 13.6 percent last year in Southern Nevada, according to a new report.
The average price of a luxury home in Southern Nevada moved up to $1.9 million as luxury sales increased by 294 to 2,462 last year compared to 2024, according to data provided by the Nevada State Bank.
Summerlin remains a hot spot for high-end homes as it recorded 927 sales (a 20.5 percent jump) with an average price of $2 million for a luxury house, according to the report. Of note, 292 of those homes were in The Peaks in Summerlin, with the second-closest enclave being Redpoint with 82.
Homes for sale between $2 million and $3 million rose by 55.9 percent last year in Summerlin, however sales in the $4 million to $5 million range fell by 16.7 percent, according to the Nevada State Bank report. Henderson saw sales of luxury homes fall by 10.1 percent last year.
“Southern Nevada’s luxury market saw healthy growth in 2025,” reads the report. “This increase followed four years of relatively flat activity after the surge during the post-pandemic housing boom in 2021.”
In contrast, overall home sales in Southern Nevada fell 9.0 percent to the lowest annual total since 2007, according to Las Vegas Realtors.
The Nevada State Bank report noted Summerlin saw a rebound last year after a down point.
“Following a dip in sales in 2024, the past year’s rebound surpassed the 915 sales recorded in 2023,” reads the report. “New construction in The Peaks neighborhood accounted for 292 sales with an average price of $2.0 million. The Summit neighborhood recorded the highest average sales price in the Summerlin region at $11.0 million across seven transactions.”
Henderson was the second most active luxury real estate market in Southern Nevada last year with 517 sales and an average sale price of $2.3 million, however it was an uneven market, according to Nevada State Bank’s report.
“Sales activity declined across several neighborhoods, including Anthem Country Club and Seven Hills,” reads the report. “McCullough Hills recorded just 16 sales, down sharply from 52 in 2024. Meanwhile, the Ascaya neighborhood posted the second-highest average price in Southern Nevada at $10.1 million across four sales.”
In the overall Southern Nevada area, sales in the $1 million to $2 million range accounted for approximately 71.8 percent of all luxury transactions, with volume increasing 7.7 percent year-over-year from 2024 to end of last year. The $2 million to $3 million segment saw the biggest growth, jumping 55.9 percent, which represented 18.2 percent of all luxury sales. Transactions above $3 million remained relatively flat however (up 2.5 percent), which the report said was largely due to a 16.7 percent decline in sales within the $4 million to $5 million range.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
