Vegas Housing Update: A Time Machine to 2017? Same Patterns Emerging in 2025
Is the Las Vegas real estate market repeating history? In this week’s housing update, Rob Hau dives into market trends, comparing the dynamics of 2025 with a surprisingly relevant year—2017. While many focus on the dramatic events of 2020, Rob makes the case that 2017 was the real turning point, and the similarities to today’s market conditions are striking.
2017: The Quiet Turning Point
After bottoming out in 2012, the Las Vegas market began its recovery, and by 2017, it had entered a phase of steady growth. That year marked a shift in pricing, inventory, and buyer behavior—a pattern Rob sees echoing again in 2025. While the circumstances have evolved, the underlying signals suggest a market entering a softening phase, similar to what occurred back then.
Where the Market Stands Today
Fast forward to 2025, and the median list price has jumped from $275,000 in 2017 to over $500,000. Inventory now sits at around 10,400 active listings, and the number of homes sold in recent months closely mirrors 2017 levels—indicating surprising stability, despite affordability pressures.
Sellers Hold Tight, Buyers Stay Hopeful
One key factor influencing current dynamics is seller reluctance. With many homeowners locked into ultra-low interest rates, fewer are willing to give up their existing mortgages. Meanwhile, new construction isn’t keeping pace, compounding the housing shortage that intensified post-2020. Still, buyer demand holds steady—especially as more price reductions appear and some sellers become willing to negotiate.
Looking Ahead: Will Rates Change the Game?
If interest rates ease, Rob predicts a surge in market activity. For now, prices may decline slightly in the short term, offering buyers a chance to grab better deals. While this isn’t a crisis market, it’s certainly a challenging one, requiring smart strategy and timely decisions.
Shifting to a Buyer-Friendly Market?
We’re seeing a rise in price cuts, steady new listings, and increasing withdrawals, signaling that some sellers would rather wait than sell at reduced prices. As summer rolls in, the typical seasonal slowdown may occur—but with tight inventory and strategic buyers still in play, market dynamics will remain fluid.
Bottom line: Understanding 2017’s role in shaping the market helps predict where we might be heading. Whether you're buying, selling, or just watching the numbers, knowing the past gives you an edge in the present.
