WHERE HOME PRICES ARE RISING — AND DROPPING — ACROSS THE VALLEY

It’s been a wild ride for the Las Vegas housing market this year — and not every ZIP code is moving in the same direction.

A new study from the UNLV Lied Center for Real Estate shows that about three-quarters of all ZIP codes in Southern Nevada have seen home price declines over the past year. But, as always in real estate, location is everything.

Where Prices Are Falling

Most of the areas showing the steepest year-over-year price drops are tied to The Las Vegas Strip — where the housing mix leans heavily toward high-rise condos and luxury apartments rather than single-family homes.

Leading the declines:

• 89158: Down 17.5% — this includes properties between I-15 and Las Vegas Boulevard, such as Park MGM and Aria Sky Suites.
• 89109: Down 10.5% — home to major resort properties like MGM Grand and Caesars Palace.
• 89119: Down 9.8%
• 89103: Down 9.6%
• 89145: Down 9.3%, bordering Summerlin Parkway.

While these numbers sound dramatic, remember: these ZIPs are dominated by condos, not single-family homes. That means local homeowners in surrounding neighborhoods may not feel the same impact.

Where Prices Are Rising

Not every part of the valley is cooling off — in fact, the east side of Las Vegas is holding strong.

Top gainers include:

• 89156: Up 13.5%, covering the far east side of the valley.
• 89101: Up 12.4%, home to Downtown Las Vegas and Fremont Street.
• 89110: Up 7.9%, running east of North Pecos Road.

A couple of southwest ZIP codes also stood out as positive outliers:

• 89118 and 89146 each posted roughly 4% gains over last year.

The Bigger Picture: Price Deceleration Hits Home

According to study co-author Shawn McCoy, Las Vegas is sitting near the “geographic epicenter” of a national pattern: home price deceleration.

Translation? Prices aren’t necessarily crashing — they’re slowing down, as rising mortgage rates and higher construction costs cool off demand.

“The trends emerging in Las Vegas stem from a unique mix of national factors — like higher interest rates — and local ones, such as limited land supply and rising building costs,” McCoy explained.

With mortgage rates holding above 6% since 2022, many buyers and builders have hit pause. Combine that with limited land (most of the valley’s remaining undeveloped land is federal), and you get today’s uneven price map.

What This Means for Buyers and Sellers

If you’re shopping for a starter home, you may not notice much of a discount yet. McCoy noted that most price reductions appear to be above the median price range, meaning high-end properties are driving much of the overall decline.

“Buyers targeting homes below the median may not yet be seeing meaningful price relief,” he said. “But that relief could be right around the corner.”

Statewide, 54% of ZIP codes in Nevada saw year-over-year declines — the sixth-highest rate in the nation — yet Nevada’s median home price still sits about $24,000 above the national average.

Bottom Line

Las Vegas remains a market of contrasts — high-rises and luxury units softening, while entry-level neighborhoods stay competitive.

So, whether prices are rising or falling depends entirely on your ZIP code and your price point.

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