Las Vegas, NV multifamily market
The Las Vegas multifamily market has shown measured price appreciation over the past two years, with the median sale price rising from roughly $172,500 per unit in early 2024 to approximately $227,500 per unit by end of 2025, a gain of about 7%. Institutional buyers remain active, with several nine-figure trades closing in 2025, though elevated vacancy (near 9.4% in late 2025), new supply pressure, and elevated interest rates are keeping operators cautious. Cap rates have generally clustered in the low-to-mid 5% range for stabilized assets, with value-add and older Class C product trading at wider spreads. The market is expected to stabilize through 2026 as the construction pipeline slows and population-driven demand gradually absorbs recent deliveries.
What's driving Multifamily prices in Las Vegas
Las Vegas multifamily sale prices trended upward over the 24-month window, with the median price per unit rising from approximately $172,500 in the first half of 2024 to $227,500 by full-year 2025, driven by institutional demand for stabilized assets despite softer operating fundamentals.
- Vacancy rose to ~9.4% in 2025 as heavy new supply deliveries outpaced absorption, pressuring asking rents and NOI
- Multifamily construction deliveries fell ~30% in 2025 to roughly 4,000 units, beginning to relieve supply pressure through 2026
- Median sale price per unit climbed 7% year-over-year in 2025, reflecting continued institutional demand for stabilized Class A and B assets
- Elevated interest rates and stricter lending requirements are suppressing overall transaction volume and widening cap rates for value-add product
Market intelligence
Tracking this market · 7 comps · latest deal Dec 2025.
This quarter: 0 comps added to our corpus in Q3 2026. Trend medians use closed-deal dates from our growing comp corpus; automated estimates, not an appraisal.
Where these comps are
MomentumPins are geocoded from each comp's public address, so positions are approximate. Comps quoted at the submarket level aren't pinned. The shaded area is Las Vegas's municipal boundary, coloured to match the momentum read above.
Recent Multifamily comps in Las Vegas, NV
| Address | Date | Type | Size (SF) | Price / Rate | $/SF |
|---|---|---|---|---|---|
| 2150 N Tenaya Way, Las Vegas, NV 89128 news | Jul 2024 | Sale | 388800 | $90,500,000 | $233 |
| 7100 Grand Montecito Pkwy, Las Vegas, NV 89149 news | Sep 2024 | Sale | 341100 | $93,000,000 | $273 |
| Elysian at Post, Las Vegas, NV news | Sep 2025 | Sale | $121,475,000 | ||
| The Lyric at Silverado Ranch, Las Vegas, NV 89183 news | 2025 | Sale | 338400 | ||
| Las Vegas, NV Metro (Class B suburban, H1 2024 median benchmark) news | Jun 2024 | Sale | $172,500 per unit (median) | $155 | |
| Las Vegas, NV Metro (full-year 2025 median benchmark) news | Dec 2025 | Sale | $227,500 per unit (median) | $207 | |
| Las Vegas, NV (Q2 2025 Lee Associates benchmark) news | Jun 2025 | Sale | $221,000 per unit (avg) | $207 | |
| Median of 5 recent sales · $207/SF | $207 | ||||
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Figures are automated estimates derived from public listings, records, and brokerage announcements for Las Vegas, NV, not an appraisal or a broker opinion of value. Verify independently before relying on them. CompNinja connects owners with licensed local brokers; it is not a brokerage.