The Las Vegas luxury market has gotten off to a strong start to 2025, punctuated in March by three sales exceeding $10 million.
The top sale was for $16.25 million in Ascaya in Henderson. Coming in second was a deal for $14.32 million in Queensridge.
There were 188 sales of $1 million and higher in March, a 24 percent increase over the 152 in March 2024, according to Forrest Barbee, corporate broker with Berkshire Hathaway Home Services.
That’s the highest number of luxury sales since there were 218 in April 2022 and third highest month in history after the 197 in March 2022. For the first quarter, there were 456 sales of $1 million and above, 14.2 percent higher than the first quarter of 2024. The next highest was 441 in the first quarter of 2022.
There were 22 sales of $3 million and above in March, the same number as in March 2024. For the first quarter, there were 59 sales of $3 million and higher, five more than in the first three months of 2024. That’s a 9.2 percent increase.
It’s hard to compare today’s market with the one three years ago, given price appreciation at the luxury level, but the market is strong based on comments from luxury Realtors.
The biggest gain is the prices between $1 million and $2 million that is most impacted by price appreciation.
Rob Jensen of the Rob Jensen Co. said there were 305 sales of $1 million and higher during the first quarter, up from 279 a year ago. There were 73 sales of $2 million to $3 million, up from 53 in the first quarter of 2024. There were 25 sales of $2 million to $3 million, up from 19 and 32 sales of $4 million and up, down from 33 in the first quarter of 2024, Jensen said.
Overall in March, the average sales price was $2.075 million, up from $1.9 million in February, Barbee said. The luxury market shows no signs of slowing with 222 pending sales.
No. 1
Luxury Realtor Ivan Sher, owner of IS Luxury, had the top sale of the month in Ascaya at $16.25 million.
The two-story home that measures 10,459 square feet has six bedrooms, eight baths and a six-car garage. It sits on 0.58 acres.
“This home doesn’t just make a statement, it tells a story,” Sher said in his listing. “From the tiered front yard to the six-car garage and fire pit courtyard, it’s all about bold design and unforgettable moments. The massive front door, framed by walls of glass, gives a peek straight through to the Vegas skyline. Inside, it’s pure luxury with stone floors, open-concept living, a glass wine cellar and a sleek kitchen with double faucets, pot filler, custom cabinets and a hidden butler’s pantry. Walls disappear, literally, opening corners to the infinity-edge pool, spa and fire pit.”
There’s even a built-in outdoor kitchen and a second one upstairs on the terrace, Sher said. A glass elevator takes you to a lounge. The primary suite is a two-level retreat with fireplaces, a wet bar, spa bath and his-and-hers closets — one with its own fireplace. In addition, there’s a theater, sauna, balconies and en suite bedrooms.
“This isn’t just a home. It’s a private resort in the sky,” Sher said.
Sher calls the home exceptional and a unique custom home in that it has a lot of attention to detail with the architecture and design.
“The home is all about the views and it sits perched almost at the top of Ascaya looking out at the rest of the world,” Sher said. “It has floor-to-ceiling windows and views from every angle.”
No. 2
The home of Yohan Lowie in Queensridge sold for $14.32 million. Lowie is the developer of One Queensridge Place condominium tower adjacent to Summerlin.
The one-story home measures 17,643 square feet with seven bedrooms, nine baths and seven-car garage. It sits on 1.5 acres.
Michelle Sullivan with Douglas Elliman of Nevada was the buyer’s and seller’s agent who referred the property in her listing as a “realm of luxury” on a custom estate.
“Located in Queensridge, one of Las Vegas’ most prestigious luxury communities, this single-story masterpiece showcases European, Old World architecture that exudes timeless charm,” Sullivan said. “Surrounded by lush gardens and a private orchard, the estate epitomizes grandeur. Inside, discover seven bedrooms, nine baths and a seven-car garage with space for a recreational vehicle or boat.”
Sullivan said soaring 30-foot ceilings create a dramatic effect, while the lanai offers a peaceful retreat. There’s a wood-paneled library, a home theater and a 1,000 square-foot detached casita for guests.
“Additional features include an elevator, maid’s quarters and a library brimming with literary charm,” Sullivan said. “This residence offers unparalleled elegance and craftsmanship.”
Sullivan said that home couldn’t be built today for $20 million with 63,000 pounds of imported marble and stone. Lowie built the property like a hotel, and there won’t be anything like it again in Las Vegas, she added.
No. 3
The third highest March sale was in MacDonald Highlands in Henderson for a home that went for $10.45 million.
The one-story home measures 8,364 square feet with five bedrooms, seven baths and a five-car garage.
Sher was the listing agent while Darren Melton with Virtue Real Estate Group represented the buyer, a Canadian lawyer.
In his listing, Sher said the newly constructed single-story estate sits on an elevated site, “offering breathtaking views of the Las Vegas Strip and Dragon Ridge Golf Course.”
Designed for elegance and entertainment, it includes a theater room, bar and game room, all along with the bedrooms showcasing stunning vistas, Sher said.
More than 70 natural marble slabs accentuate the modern design, Sher said.
Wellness amenities include a home gym with a sauna. The kitchen, butler’s kitchen and casita kitchen cater to culinary enthusiasts, Sher said.
There’s a 65-foot infinity-edge pool with Jacuzzi, two fire pits, built-in patio heating and a barbecue area.
No. 4
The fourth March sale was for $7.9 million for a home in The Ridges in Summerlin.
The home measures 9,244 square feet with five bedrooms and seven baths. It sits on 0.54 acres. No other information was available.
No. 5
The fifth sale was for $7 million. The one-story home measures 5,217 square feet with four bedrooms, five baths and a four-car garage.
Gavin Ernstone with Simply Vegas was the listing agent while Joseph Dehart of eXP Realty was the buyer’s agent.
“It’s a spectacular single-story home with expansive mountain views,” Ernstone said in the listing. “Stunning design is paired with ultra functionality in this like-new home, which sits on a huge, half-acre lot. Multiple pocketing door systems create the ultimate indoor/outdoor vibe, an essential for Vegas living.”
There’s a showcase wine cellar and bar/lounge area. The gourmet kitchen is loaded with top-name appliances and features a large island with counter seating, scullery and vast walk-in pantry, Ernstone said.
“Retreat to the primary suite, which features corner pocketing doors, fireplace and an incredible closet with built-in cabinetry, plus center island,” Ernstone said. The primary bath resembles a luxury spa — complete with sauna, soaking tub and oversized shower. Two additional suites are equipped with en suite baths and walk-in closets. A private oasis awaits out back with an enormous pool/spa, fire pit and full outdoor kitchen.”
Additional features include a courtyard entrance with fireplace, separate office space and four-car climate-controlled garage, Ernstone said.
State of the market
Sher said closings so far in the first quarter reflects the optimism in the economy since the re-election of President Donald Trump, but the impact of the decline in the stock market in recent weeks has yet to be determined.
For now, Sher said his luxury clients are moving forward even though he expects a slow down at some point to monitor what happens.
“The stock market is always a barometer for what happens in the luxury market,” Sher said. “The tariffs are at the forefront of everyone’s mind and most people that I speak to believe this is a necessary evil. It’s something they wished they didn’t have to go through but at the end of the day, things will equalize more internationally and we’ll have more industry in the U.S. and our economy will be stronger with less frivolous spending in the government.
“People are watching, but they are not afraid to buy if they find the right house,” Sher said. “Things are quieter right now as people watch the market but we’re still selling and putting higher-priced homes under contract. I have clients looking at that $10 million to $15 million range that I am taking out this weekend. There’s a lot of activity during this time of concern, but the end of this month and beginning of next month is an indicator of what’s going on in the luxury market.”
Sullivan said she expects the resale luxury market to continue to remain strong; and in part cited tariffs that are increasing the cost of new custom homes. That will increase demand for existing homes, which will in turn force higher prices, prompting buyers to move quickly, she said.
“If the fires weren’t the first trigger in California, this is definitely the nail in the coffin,” Sullivan said. “The reality is everything is going to get more expensive. If you are looking to buy a new home in the $10-million range, that home can easily go up by 20 percent.”
