Economy

More luxury homes for sale in Nevada than ever before

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LAS VEGAS (KLAS) — There are more luxury homes for sale in the Las Vegas valley than ever before.

According to new data from realtor.com, million-dollar home listings jumped more than 40% since last year.

However, with so many options, some sellers may be forced into lowering their asking price. One buyer told 8 News Now it is good news for his family, as it allows them to be more particular while shopping and have greater negotiating power.


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“We’ve noticed that there’s plenty to choose from. That is the big difference between here and Hawaii,” Quintan Brassfield, who recently moved to the valley from Oahu with his wife said.

There are more luxury homes for sale in the valley than ever before. According to new data from realtor.com, million-dollar home listings jumped more than 40% since last year. (KLAS)

Their family is looking to purchase a modern home in Las Vegas, but does not feel the same rush they did when they were living in Hawaii. He said the competition there was greater due to military families.

“You had this pressure on you to buy a home as soon as you possibly can because you are competing with so many people funneling into the island at once,” Brassfield said. “I don’t feel that same pressure here.”


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Las Vegas realtor Lance Sherman attributes the current trend to market balancing.

“About a year ago, homes were selling in a week, in all price points. Today, homes are taking a little longer,” Sherman said. “Your average-sales priced homes are selling in about 30 to 45 days. These luxury homes might take four to six months.”

The realtor said a luxury home in Southern Nevada starts at $1 million. However, he explained that it is not the case for other metropolitan cities.


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“My sister in Staten Island has a million-dollar home. A million-dollar home in Staten Island, New York, is a brownstone.  It’s a smaller home, maybe three or four bedrooms on 2,000 square feet,” Sherman said. “Here you’re getting more than double that.”

Sherman said he’s seen the most available luxury homes in areas such as MacDonald Highlands, The Ridges, and The Summit Club in Summerlin.