In the fiercely competitive luxury real estate market of Las Vegas, Simply Vegas has emerged as the leader in transactions exceeding $1 million for the first half of 2025, surpassing IS Luxury.
According to the latest analysis from BrokerMetrics, a service that monitors transactions in the Multiple Listing Service of the Las Vegas Realtors association, Simply Vegas recorded $338.3 million in transactions over $1 million, a notable increase from $294.8 million during the same period in 2024.
In contrast, IS Luxury, which had a stronghold in the category of transactions of $2 million and above, reported $323.3 million in transactions, marking a decline from $355.7 million in the first half of 2024.
The luxury market overall is seeing growth, with a total of $3.85 billion in transactions of $1 million and higher reported, reflecting a 4% increase compared to the $3.7 billion recorded in the previous year.
With transactions covering single-family homes, condominiums, townhomes, and high-rises, the average transaction now stands at $2.14 million, up from $2.05 million last year.
There were 1,950 transactions of $1 million and above, an increase from 1,816 a year ago, and 566 transactions of $2 million and above.
While Simply Vegas holds the top position in the $1 million and above category, IS Luxury leads in transactions of $2 million and higher, with $272.8 million compared to Simply Vegas’s $213.9 million.
Ivan Sher, owner of IS Luxury, asserted that BrokerMetrics does not credit listing agents in off-market non-MLS transactions, only recognizing the buyer’s agent.
He insists that, considering their own figures, IS Luxury has reached $363.3 million in transactions of $1 million and above and $308 million for those of $2 million and higher.
Sher acknowledged that he is not surprised by Simply Vegas’s lead in the $1 million and above listings, attributing it to the smaller size of IS Luxury.
Another competitor, Berkshire Hathaway Home Services, has secured the third position in both categories, with $268 million in transactions of $1 million and above and $213.9 million for those of $2 million and above.
Last year, Berkshire Hathaway held $251.9 million in transactions for the $1 million and above bracket.
Douglas Elliman of Nevada ranked fourth in the $2 million and above category with transactions totaling $109.6 million but fell to ninth place for transactions of $1 million and above at $142.7 million, down from $203.8 million last year.
In fifth place, transactions conducted by non-MLS Realtors totaled $98.1 million for the $2 million and above category and $178.6 million for $1 million and above transactions.
Las Vegas Sotheby’s International came in sixth, reporting $87 million for transactions of $2 million and above and $148.8 million for transactions of $1 million and above, a decrease from $141 million in the latter category a year ago.
Real Broker LLC, a cloud-based real estate brokerage, seized the seventh spot with $81.5 million for transactions of $2 million and above.
It previously placed fourth in transactions of $1 million and above with $180.5 million and was not ranked in the top 10 a year earlier.
Huntington & Ellis came in eighth with $69.4 million in transactions of $2 million and above, ranking sixth with $169.9 million for $1 million and above transactions.
Exp Realty secured ninth place with $60.6 million in transactions of $2 million and above and tenth place with $131.5 million in the $1 million and above category, having previously finished 14th with $120.2 million in the first half of 2024.
Realty One Group rounded out the top ten with $54.7 million for transactions of $2 million and above, while ranking seventh with $160.8 million in the $1 million and above category, having previously been sixth with $184.9 million a year prior.
Don Kuhl, the broker for Douglas Elliman of Nevada, noted the intriguing dynamics of price growth coinciding with a drop in sales.
He expressed caution regarding the use of the $1 million mark for denoting luxury properties, as newer homes are increasingly being listed just above that threshold.
Kuhl pointed out that while the recent price increase of 4% to 6% has pushed certain homes into higher segments, it raises questions about the actual growth within the luxury segment.
Gavin Ernstone, the broker owner of Simply Vegas, acknowledged a strong start to the year, though he described the second quarter as ‘decent’ but not as robust as the first.
He attributed some of the softening in the second quarter to economic uncertainties affecting buyer behavior.
Despite this, Ernstone mentioned that Simply Vegas hit their target of $1 billion in sales for the first half of the year across all price points, which was in line with his earlier predictions.
He noted a steady demand from luxury buyers and an increase in inventory, particularly in areas like MacDonald Highlands and Ascaya in Henderson, signaling ongoing activity in the market.
Troy Reierson, CEO of Berkshire Hathaway HomeServices Nevada, California and Arizona Properties, conveyed a positive outlook despite some month-to-month dips in trends.
He anticipates a leveling off in the market as political factors come into play, citing concerns over tariffs and interest rates as influencing buyer decisions.
Sher also reported a brief slowdown in the luxury market during the previous months due to uncertainty.
However, he remains optimistic, noting renewed buyer interest, especially from California, particularly in the $5 million to $10 million range.
As the year progresses, industry leaders express confidence in the luxury market’s future, expecting continued activity and resilience despite current economic challenges.
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