In a competitive battle for dominance among luxury brokers in Las Vegas during the first half of 2025, Simply Vegas has emerged on top in the category of transactions exceeding $1 million, according to the latest BrokerMetrics analysis.
Simply Vegas reported a substantial total of $338.3 million in transactions over $1 million, marking an increase from $294.8 million recorded in the same period last year.
Conversely, IS Luxury claims the lead in high-end transactions valued at $2 million and above, although it saw a decline from $355.7 million to $323.3 million compared to the first half of 2024.
Overall, the luxury market for transactions exceeding $1 million in Las Vegas generated $3.85 billion in the first six months of 2025, reflecting a 4 percent growth from $3.7 billion a year earlier.
The increase in luxury transactions included single-family homes, condominiums, townhomes, and high-rises, with the average transaction price rising to $2.14 million from $2.05 million last year.
A total of 1,950 transactions were recorded in the $1 million category, an increase from 1,816 a year prior, while 566 of those transactions were for properties priced at $2 million and above.
For transactions exceeding $2 million, IS Luxury recorded $272.8 million, substantially outperforming Simply Vegas’s $213.9 million.
IS Luxury owner Ivan Sher asserted that his firm’s overall figures are higher than what BrokerMetrics has reported, noting discrepancies in how off-market transactions are credited.
Sher contended that their actual figures should stand at $363.3 million for transactions of $1 million and higher, and $308 million for those over $2 million.
Sher acknowledged the smaller size of IS Luxury might be a factor in Simply Vegas’s current lead in the lower transaction category.
Berkshire Hathaway Home Services secured the third position in both categories, with $268 million in transactions exceeding $1 million and $213.9 million for those exceeding $2 million.
The company saw an increase from $251.9 million in the $1 million category last year.
Douglas Elliman of Nevada ranked fourth in transactions over $2 million, with $109.6 million reported.
In the $1 million and above category, it placed ninth with $142.7 million, a decrease from its $203.8 million total the previous year.
Fifth place was held by non-MLS Realtors, whose total transactions of $2 million and above reached $98.1 million, while also ranking fifth for transactions over $1 million with $178.6 million.
Las Vegas Sotheby’s International came in sixth with $87 million for transactions over $2 million and $148.8 million for those exceeding $1 million, a rise from $141 million last year.
Real Broker LLC, a cloud-based brokerage, achieved seventh place with $81.5 million in transactions, and was fourth with $180.5 million in the $1 million and above category, which marked a significant rise from its previous standing at 13th with $124.5 million.
Huntington & Ellis took the eighth spot for transactions exceeding $2 million with $69.4 million, and sixth place for those over $1 million with $169.9 million, up from $152.5 million last year.
Ninth place was occupied by eXp Realty with $60.6 million for transactions over $2 million and tenth place for $1 million and above transactions with $131.5 million, an improvement as it was not ranked in the previous year.
Realty One Group completed the top ten list with $54.7 million in transactions over $2 million and seventh place in the $1 million category at $160.8 million, down from last year’s sixth position with $184.9 million.
Douglas Elliman of Nevada broker Don Kuhl commented on the dynamics of the current market.
He stated, “We’re a little cautious using $1 million for luxury because there are new homes creeping up to just over $1 million.”
Kuhl expressed uncertainty about whether the minor price increases represent genuine growth within the luxury segment.
Gavin Ernstone, broker owner of Simply Vegas, reflected positively on their performance thus far, noting that the first quarter was significantly stronger than the second, although the latter was still decent.
Ernstone pointed out that the second quarter softened somewhat due to economic uncertainties affecting buyers.
“We hit our target of $1 billion in sales for the first half of the year. That’s where I anticipated we would be,” Ernstone remarked.
He added that while luxury buyers have remained steady, there is now increased inventory on the market, particularly in prominent developments like MacDonald Highlands and Ascaya in Henderson.
“We’re seeing a little softening in pricing, but there’s still a lot of activity,” Ernstone concluded.
Troy Reierson, CEO of Berkshire Hathaway HomeServices Nevada, California and Arizona Properties, shared insights on the luxury market trends.
He highlighted that despite some month-over-month declines, the luxury market continues to perform well.
Reierson anticipates a leveling off over the next 90 days as the market adjusts to a variety of factors including political uncertainties and tariffs, which have contributed to unease over investment.
He expressed, “There’s a fair amount of uncertainty. We all have a level of concern in general, and I believe that’s part of the reason why we’re seeing a slight decrease in buying. I think we will see more of a slight decline over the next 30 to 60 days. Do I think it’s going to dry up? Absolutely not.”
Reierson remains optimistic about the market’s trajectory.
Sher also observed a slowdown in the luxury market for about 60 to 75 days attributed to current uncertainties.
He noted, “Luxury homebuyers love good news and can handle bad news, but they have a challenge with the unknown.”
Sher’s outlook is optimistic, citing an increase in inquiries from buyers interested in luxury properties priced between $10 to $20 million, particularly from California buyers looking in the $5 million to $10 million range.
As the luxury real estate market continues to evolve, industry leaders remain hopeful for a strong ending to the year.
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