Study: Las Vegas Valley home prices dropped in 6 ZIP codes last year

Home prices in the Las Vegas Valley rose in all but six ZIP codes over the last year, according to a new analysis of Redfin data by UNLV’s Lied Center for Real Estate.

Shawn McCoy, the director of the center, said home prices rose in 91 percent of all ZIP codes in the valley from 2023 to the end of 2024.

“The overwhelming majority of neighborhoods are seeing price increases,” he said. “Only three ZIP codes had prices fall by at least one percent, everything else was either close to zero or increased.”

At the end of the fourth quarter of last year, median sale prices in Clark County rose 6.6 percent from a year prior to that. Median sale prices fell in only six ZIP codes (89085, 89014, 89119, 89129, 89110, 89015) and median sale prices fell by at least 1 percent in only three ZIP codes (89085), the northern edge of North Las Vegas in the Iron Mountain Ranch Area, (89014) in Henderson in the Whitney Ranch area and (89119), which encompasses the area around the Harry Reid International Airport.

On the other end of the spectrum, median sale prices rose by at least 10 percent in 11 different ZIP codes: 89139, 89122, 89117, 89166, 89135, 89118, 89012, 89178, 89161, 89169 and 89146.

Las Vegas finds itself in the middle of a housing crisis caused by a number of factors including elevated mortgage and interest rates, a slowdown in building, a lack of land to develop and increased construction and labor costs within the industry.

McCoy said looking at the national picture, home prices increased in all but two states and historically, homebuilding across the nation has yet to return to healthy levels which has pushed the entire country into a housing crisis.

“And when you put these two pieces of the equation together what the data seems to suggest is whatever’s happening under the hood, it’s driving home prices up, and I think a lot of this probably has to do with the fact that demand isn’t that high. Interest rates are high, but I think that the core thing is the scale of the U.S. housing shortage. Between COVID and supply chain disruptions, all the foregone housing stock that happened during the great financial crisis, populations kept growing but housing growth and development did not keep up.”

The reality of the housing market now in 2025, said McCoy, is prices are rising across the board due to a supply-demand imbalance caused by multiple factors.

“In all asset classes, multifamily, detached condos, single-family housing, we don’t have enough housing and those shortages are rearing their ugly heads right now across all markets.”

Redfin’s Homebuyer Demand Index is down 11 percent month over month to its lowest level since August of last year. On top of that, pending home sales fell 8.4 percent year over year during the four weeks ending January 12, which was the biggest decline since October of 2023. Prospective sellers are also “sitting on the sidelines,” according to Redfin, with new listings posting their biggest annual decline since September of 2023.

A new report from Wells Fargo is predicting a tough year ahead for local real estate due to a number of factors, one of them being elevated mortgage rates.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.