LAS VEGAS (FOX5) — Las Vegas home prices remain near record highs, with the median price of a single-family home sitting at $482,000 in February — down slightly from the record $489,000 reached in November 2025.
Nevada, once considered one of the more affordable states for homebuyers, has become a symbol of the broader housing affordability challenges facing the country.
Prices have quadrupled since the 1990s
Las Vegas realtor Tony Clifford, who grew up in the valley, said homes in the Peccole Ranch neighborhood — built in the 1990s — once sold for around $100,000 to $115,000.
“Now you’re looking at $485,000, which is kind of right where we are with the median home price,” Clifford said.
He said prices have roughly quadrupled since those homes were first built between 1993 and 1997.
Out-of-state buyers driving demand
Clifford said a significant portion of the demand has come from buyers relocating from states including Washington, Oregon, California and Illinois.
“People hate snow. Everybody wants to come here where the median prices where they’re at are almost double of where we’re at,” Clifford said. “And so locals feel a little bit, hey, I’ve been outpriced, but you have all these other people coming in and thinking it’s a fire sale.”
He said the advantage once held by California buyers — who could sell their homes and arrive with a large nest egg — has narrowed as Las Vegas prices have climbed.
“But when you get out to these kind of suburbs, outer parts of the cities and into kind of the smaller cities, it’s looking more and more comparable nowadays,” Clifford said.
COVID-era shift
Clifford said the most significant price jump for the average home across the valley occurred in the years following the COVID-19 pandemic.
“You could probably subtract $100K almost before COVID to now,” he said.
Current market conditions
Clifford said about half of his clients are local, with many being renters looking to become first-time buyers. He said one trend he is not seeing much of is local homeowners moving into larger homes.
He said many current homeowners are holding onto the low interest rates they locked in during the pandemic and are not planning to move until rates come down.
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