Luxury home prices continue to skyrocket in the Las Vegas Valley, according to a new report.
The Las Vegas area ranks seventh overall in the country for metro regions that kept their pandemic-era luxury home price gains, according to a May Luxury Housing Report from Realtor.com
This means the valley kept 81.6 percent of its luxury home price gains during the pandemic, the report said. The baseline price for a luxury house in the valley in February 2020 before the pandemic kicked off was approximately $799,000 Realtor.com equates each metro region’s luxury market to the 90th percentile of homes sold.
The nation’s housing market went through a massive boom and bust cycle that was kicked off when COVID lockdowns and pandemic-era restrictions coupled with supply chain issues and government cash injections pumped up the market. The roller coaster subsequently bottomed out starting in late 2022 when mortgage rates began to shoot up due to rising inflation and essentially locked the housing market.
In the Las Vegas Valley, the luxury market’s pandemic-era median home sale price peaked at $1.28 million in April 2022. That number has since come down to approximately $1.2 million as of May, which puts the valley in the top 10 of luxury home price retention during that wild swing.
The pandemic caused a dramatic two-year run of price growth for homes across the nation, explained Realtor.com in its report, nothing that price growth between 2020 and 2022 was a run of appreciation that would have normally taken a decade.
Anthony Smith, a senior economist with Realtor.com, said the valley has undergone a luxury transformation since the start of the pandemic.
“Las Vegas has gone through various phases over the last few years,” he said. “The metro was often seen as a hidden gem, a place with year-round sun, a favorable tax structure, and the ability to get more for your money than in pricey coastal markets in California. While that value proposition still holds to some degree, with the Las Vegas metro offering just over 4,600 square feet for homes in the $1 to $2 million tier compared to nearly 3,000 square feet at the national level, prices have risen substantially.”
Before the pandemic in December of 2019 in the valley, added Smith, the entry point into the top 10 percent of the market sat around $753,000. By December of 2025, that threshold had climbed to $1.17 million and stands at $1.2 million as of May.
The number of million-dollar listings has also grown considerably over the same period, rising from roughly 600 before the pandemic to 1,246 today, he added.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com
