The Las Vegas high rise market had quite a March. The numbers tell two very different stories depending on which metric you look at, and Christina and Kristen are breaking it all down so you know exactly where things stand.
Median & Average Sales Price
The median sales price came in at $319,000, which is down 33.5% from last month and down 20% compared to last year. That’s actually the lowest median sales price recorded since Christina and Kristen started doing these market updates.
A big reason for that drop is the wave of new listings coming in, many of which are at The Palms and Signature MGM. Some units sold for as low as $175,000 to $220,000, which is pulling that median number down significantly.
On the flip side, the average sales price hit $775,194, up 3.7% from last month and up 38% from last year. There were 7 sales over $1 million this past month, including the highest-priced sale of $6.5 million at Turnberry, which is a good sign for the luxury side of the market.
Closings & Pending Sales
There were 39 closings in March, down 7.1% from last month and down 31% from last year. It was a slow month overall for Las Vegas condos, and things haven’t quite picked up yet on the closing side.
That said, pending sales tell a more optimistic story. There are currently 58 pending sales, which is up 18.4% from last month. That suggests next month’s closings should look noticeably better.
New Listings & Inventory
New listings came in at 155, up 2.6% from last month and up nearly 10% from last year. More inventory hitting the market means more sellers are willing to negotiate on price, which is contributing to that drop in the median sales price.
Total inventory is now at 635 units, up 8% from last month and up 28.5% from last year. With 18 months of supply, which is the highest recorded in these updates, this is clearly a buyer’s market for Las Vegas condos. If you’ve been waiting for the right time to buy, there are more options available right now than there have been in a while.
One thing to keep in mind, though: if you have your eye on something specific, like a corner unit or a place with great views, don’t expect every seller to budge. Some will hold firm on price for units that have real standout features.
Waldorf Astoria Update
Good news for anyone interested in the luxury end of Las Vegas real estate. The Waldorf Astoria is currently undergoing a renovation of its common areas, which is a big deal for both buyers and current unit owners.
The updates keep the amenities current and competitive with what luxury buyers expect from high rise condos. Given that there’s a strong and active segment of buyers looking specifically for that level of experience, this renovation is well-timed.
What This All Means
March 2026 is a clear reminder that the Las Vegas high rise market doesn’t move in one direction at once. While the median price is at a historic low and inventory is at its highest point yet, the luxury segment continues to push average prices higher. Buyers have more choices and more leverage than they’ve had in years, but the data also shows that the market is not one-size-fits-all.
The best move right now is to go in well-informed, negotiate strategically, and keep an eye on those pending sales numbers as they roll into closings next month.
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