The Las Vegas high-rise condo market in 2025 recorded its fewest number of sales since the start of the pandemic in 2020. Still, more new condos are on the way in Henderson and downtown Las Vegas.
There were 552 sales in 22 high-rises, primarily on the Strip, tracked by research firm Applied Analysis during 2025. That’s a 15 percent year-over-year decline in sales and down 54 percent from a post-pandemic high of 1,206 in 2021. The 2025 sales total beat the 531 in 2020, when the condo market came to a halt during the start of the pandemic.
Despite the decline in 2025, the average price buyers paid set a record of $746,678, or $543 per square foot. That’s up from the previous record of $684,013 in 2024 at $529 per square foot.
A new condo development in McDonald Highlands in Henderson — the Four Seasons Private Residences Las Vegas — is under construction and expected to be completed by mid-2027. The most expensive units on the market at the Four Seasons are listed for $27.5 million.
The high-end development, which has secured nearly $700 million in construction financing from J.P. Morgan, Sculptor Real Estate and Morning Calm Management, has more than $750 million in sales with three-quarters of 171 residences under contract.
Craig Eddins, executive vice president of the Four Seasons project, said the building is coming out of the ground fast, and sales are what he called fantastic.
The majority of buyers are from out of state with from some local residents looking to sell their homes and seeking a lock-and-leave residence, Eddins said.
“There’s been such a movement of people out of Washington state,” Eddins said. “They are coming down looking for quality luxury products. We’re becoming a sophisticated town with these high net-worth folks moving in here. California has been our lifeblood (in Las Vegas) for many years, and now that’s extending to the Northwest.”
Cello Tower in downtown Las Vegas has reported $165 million sales to date with penthouses recently trading for $9 million. Prices start at $780,000. The 240-unit condo is expected to be completed in 2028.
Midtown Las Vegas broke ground in April for its mixed-use project in the downtown Arts District.
Midtown Las Vegas anchors include The English Residences — the first Marriott Tribute hotel-condo concept in North America — and Plaza Tower, both offering hotel-style luxury homeownership. Midtown’s master plan also features speakeasies, restaurants, public markets, boutique retail and wellness spaces.
Matthew Martinez, a Realtor with Berkshire Hathaway Home Services and director of sales for the Midtown project, said sales are going well with more than 80 percent reserved in the eight-story Plaza Tower for 87 residences and with a wait list for certain units that have sold out.
All studios and two-bedroom units are reserved with a handful of one-bedroom units remaining. The lowest price available is $625,000 and requires a $10,000 refundable deposit.
The English Residences is eight stories with 121 units, with 49 percent reserved. Prices aren’t disclosed publicly. It is expected to open in early 2027. There are three other residential towers planned for the site.
Frank Napoli with Frank Napoli Group at Berkshire Hathaway Home Services said there continues to be a strong demand for high-rises among luxury buyers, but there’s a limited supply that is holding down sales volume. He cited record low availability at the Waldorf Astoria and Veer in CityCenter and The Martin at Panorama Towers.
“I think that lends to the decrease in sales but also the increase in overall values,” Napoli said.
Napoli said the Four Seasons project is a great product for the area that has sparked a lot of interest from luxury buyers, including sales by his team.
This year opened with a record sale of $20.5 million at The Summit Club. The sale in the Clubhouse at The Summit Club surpasses the previous high of $16.25 million at The Martin in 2021.
The five-bedroom, five-bath unit measures 4,929 square feet with floor-to-ceiling windows that provide a connection to the outside. A balcony wraps around three sides of the penthouse with views of the mountains, a Tom Fazio-designed golf course and the Strip. The balcony includes a spa, a small pool and outdoor shower. The balcony overlooks The Summit Club’s swimming pool.
Listing agent Ivan Sher with IS Luxury said the penthouse is designed for those who demand the best and want an elevated living in luxury at the resort community with its concierge services.
Sher said the sale is a hopeful sign for the upper end of the real estate market, given a strong end of 2025 and beginning of 2026. Tax implications in other states are pushing relocations.
“A lot of people are leaving California that are billionaires and hundred millionaires, and a lot of people are leaving the state of Washington for the same reason,” Sher said. “They are coming to Vegas.”
Sher said he expects the market in 2026 to be more aggressive than it was in 2025 with the second half of last year flat until the final two months.
Condo sales in 2025
MGM Signature, a condo-hotel, led the way in 2025 with 97 sales and average sale price of $386,782 followed by Turnberry Towers with 50 sales and average sale price of $639,668. MGM had 99 sales in 2024, while Turnberry had 41.
Turnberry Place had 49 sales with an average price of $1.19 million, or $454 per square foot. It had 56 sales in 2024.
Palms Place had 45 sales with an average price of $404,296. It had 59 sales in 2024.
Veer and Panorama Towers tied with 42 sales. Veer had an average price of $603,610, while Panorama had an average price of $664,495. Veer had 38 sales in 2024, while Panorama had 48.
Trump International was seventh with 38 sales and average price of $423,466. It had 66 sales in 2024.
Among other towers, Allure had 25; One Las Vegas and The Ogden, 20 each; One Queensridge Place and Sky Las Vegas had 19 each. One Queensridge Place had an average price of $2.91 million, or $706 per square foot. One Queensridge had 18 sales in 2024.
The Waldorf Astoria had 18 sales with an average price of $3.02 million, or $1,560 per square foot. The Waldorf had 21 sales in 2024.
Regency Towers off the Strip had 15, followed by Vdara, Newport Lofts, Juhl and Metropolis with 10 each.
All other units had single-digit sales. The average price was $4.72 million or $706 per square foot.
