Luxury home prices have risen 16.1 percent year over year in Las Vegas, ranking the city second in the country, according to a new study from Redfin.
The valley was beaten only by Tampa, Florida (17.1 percent) for the increase in luxury home prices in April compared to the same month last year, according to the study. Redfin defines luxury homes as those estimated to be in the top 5 percent of a metro’s price range, while non-luxury homes fall into the 35th to 65th percentile.
Las Vegas beat Kansas City (15.2 percent) for second spot overall, and luxury home prices only fell in four metros year over year, including Detroit, Cincinnati, New York and Denver, according to the Redfin study.
However, pending sales of luxury homes in the valley are down 5 percent year over year, luxury homes sold are down 14.3 percent, new listings are down 13.2 percent and active listings are down 1.9 percent in April, according to the study. The median days on market for a luxury listing in the valley is now 97 days, a 31-day increase from the previous April.
Redfin has the median sale price for a luxury home at $1.38 million, compared to a non-luxury home at $377,734. The overall median sale price for a luxury home rose 3.6 percent nationally, which is more than double the non-luxury sale price.
The report noted the luxury market may be one of the bright spots in an overall sluggish residential real estate market coming out of the pandemic.
“The uptick in luxury home prices and demand in many parts of the country is likely incentivizing more high-end homeowners to put their houses up for sale,” reads the report. “Luxury prices are on the rise as demand for luxury homes increases. Pending sales of luxury homes jumped 4.3 percent year over year—the largest gain since January 2025. That’s slightly larger than the 4 percent gain in non-luxury pending sales, which was the biggest since December 2024. Homebuyer demand has generally been climbing thanks to an improving job market and a decline in mortgage rates last month, though rates have been more volatile in May.”
Last year, sales of million-dollar-plus homes, led by The Peaks in Summerlin, increased 13.6 percent in Southern Nevada, according to a new report from Nevada State Bank.
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.
Contact Patrick Blennerhassett at pblennerhassett at pblennerhassett@reviewjournal.com.
