The 2025 Housing Market: A Data-Driven Report
As we settle into 2025, the real estate landscape looks different. This is not because of dramatic headlines, but because of the subtle shifts the data reveals. From transaction volume to interest rates, from pricing to buyer behavior, the numbers show us a market that’s adjusting, not collapsing. And understanding those shifts is key whether you’re buying, selling, or just watching from the sidelines.
Fewer Closings, But More People
So far this year, we’ve seen 7,185 resale closings across all property types. That’s just a 1% decrease from the first quarter of 2024, when there were 7,263. On the surface, it looks like a stable market. But when we look further back, the trend tells a different story.
In Q1 of 2015, there were 8,014 closings, about 10% more than today. Meanwhile, the population has grown roughly 18% over that same period. That means more people are living here, with less houses being bought and sold.
Two primary factors are driving this trend: rising mortgage rates and increasing home prices.
Rates and Prices Are Redefining Affordability
In 2015, the average mortgage rate was about 3.85%. Today, it’s closer to 6.82%. That shift has a huge impact on affordability for both buyers trying to enter the market, and for current homeowners who are reluctant to give up their low-rate loans.
At the same time, the median home price has jumped from $220,000 in 2015 to $485,000 in 2025, a 120% increase in just ten years. Combined, these two forces are reshaping how people buy and sell homes. Many potential sellers are staying put, while buyers have to get more creative with financing and location choices.
A Stronger and Smarter Buyer Activity
Looking at these numbers, you would think that housing demand has waned but this is not the case. Even with affordability challenges, demand hasn’t disappeared. In fact, the number of showings per listing is up 14.1% year-over-year. This means that buyers are still active, they’re just being more selective. All of these data shows that when a well-priced, well-presented home hits the market, it attracts attention quickly.
For sellers, this means pricing and home presentation are more important than ever. For buyers, it means being fully prepared, flexible, and persistent can still win the day.
The market isn’t slowing down, it’s evolving. While higher rates and prices are changing the rules, opportunity still exists for those who are paying attention to the data, not just the headlines.
In a market shaped by rising rates, tight inventory, and evolving buyer behavior, having an experienced real estate agent by your side is more important than ever. The right agent doesn’t just open doors, they help you understand the data, spot opportunities, negotiate smartly, and navigate the process with confidence. If you’re thinking about making a move, let’s talk about what these numbers mean for you.
Dulcie Crawford is a native Nevadan, born and raised in Las Vegas. Dulcie is a Community Expert & stays current with updates on market trends & market conditions. Her experience of 27 years will help you navigate the real estate landscape with confidence. A senior Realtor with Signature Real Estate Group, she has sold over 1,300 homes since 1998. You are assured an exceptional experience when buying or selling Real Estate with The Dulcie Crawford Group.
