Las Vegas Real Estate Economics in 2025:

Homes, Warehouses, and a Few Sarcastic Truths

presented by www.GuardGatedHomes.com | Jennifer Franco BS 0146613 Simply Vegas 

By Jennifer Franco, Las Vegas Realtor (and resident for over 30 years)

If the Las Vegas real estate market in 2025 were a show on the Strip, it would be equal parts drama, comedy, and suspense. On one stage, you’ve got builders slowing their roll with fewer permits. On another, buyers are circling like they’re waiting for a half-off buffet coupon. And then there’s the industrial sector, which just got interesting after years of being about as available as a table at Carbone on a Saturday night.

Let’s talk homes first. Henderson has been hogging the spotlight with nearly a third of new-home sales this year. The southwest and northwest aren’t far behind, with North Las Vegas steadily growing its share of the pie. But the overall pace is slower. Closings have dipped compared to last year, and permits are down almost 40 percent. Builders are still building, just not at the breakneck pace they once did, which means buyers actually have time to think before signing on the dotted line, imagine that. With this happening we are seeing builders offer incentives we havent seen in years, rate buy-downs, closing costs paid for buyers, even paying buyer agents/ brokers fair comissions. 

 Where we really need to focus our attention is to the master-planned communities, because they tell the real story. Summerlin is about three-quarters built, with plenty of land still in the pipeline. Cadence in Henderson is roughly half done and could sell out in the next two to three years. Inspirada is in its "final act" and expected to wrap up by 2026. Meanwhile, Tule Springs in North Las Vegas and Skye Canyon up northwest have longer runways ahead, with thousands of homes still planned. Translation: Henderson is in its closing chapters, while the north and northwest are just getting warmed up. Most new homes are selling within 45 to 75 days if they’re priced right, which is about as close to “normal” as we’ve seen in a while (meaning "quick moves", the ones the builders have completed).

Now let’s pivot to industrial space, because yes, it’s worth talking about.  For years now, the market has been tight and companies needing warehouse space felt like they were competing for a golden ticket. In 2025, new projects have pushed vacancy up a few percent, but its not that doom and gloom. It just means tenants have choices for once. Think of it as the difference between a one-hour wait for dinner and being able to walk right in and grab a table. However long term Vegas is looking at hurdles with new business coming to the area and needing both warehouses, land, etc and not wanting to be pushed to the outskirts like Pahrump. Prices continue to rise and most construction cpmanies and any needing to store supplies or their fleet are on the lookout for the right deal. 

So lets talk where we are seeing new growth happen, the hot zones for new industrial development are Apex Industrial Park in North Las Vegas, which is set to add millions of square feet thanks to big players like Prologis, and  West Henderson, where Haas Automation is building a massive manufacturing campus. The southwest valley is also seeing action, especially near Blue Diamond and I-15. What does that mean? Companies may have opportunity to negotiate better deals, move in faster, and pick a location that actually works for their logistics instead of just taking whatever tiny box was left, although central locations are still some of the most sought after. 

If you are wondering what does all this mean for you? Well, lets break it down: If you’re buying a home, you’ve got real choices depending on how quickly you want to move and which side of the valley fits your lifestyle. Sellers still have leverage, but the days of everything going in 24 hours are on pause. And if you’re a company looking for space, congratulations—you finally get the opportunity to have some selection.

I’ve been around long enough to know this market always finds its rhythm, even when the music changes. The real question is, are you ready to dance with it or are you going to sit at the bar and watch everyone else make their moves? In my opinion Vegas has and will continue to grow and pricing will increase. And as always remeber the #1 rule in real estate is LOCATION! LOCATION! LOCATION! so let me help you find the perfect spot. 

I'd love to know what do you think?

Would you bet on Henderson finishing strong, or is North Las Vegas about to steal the spotlight?

Jennifer Franco
Las Vegas Realtor | Simply Vegas BS 0146613 | 702-848-4663