If you have talked about real estate with a friend, neighbor or coworker lately, you have probably heard two completely different versions of the market.
“Nothing is selling.”
“Prices are finally coming down.”
“It’s a buyer’s market.”
“Centennial Hills is still holding its value.”
So, which one is actually true?
In some ways, all of them.
As a REALTOR who lives and works in Northwest Las Vegas, one of the biggest things I try to remind people is that real estate is incredibly local. What is happening across the country, or even across the Las Vegas Valley, does not necessarily tell us what is happening here in Centennial Hills and the 89131 zip code.
And as we head into Fall, our local market is giving both buyers and sellers something we have not had much of over the last several years: room to negotiate.
Centennial Hills Is Not Falling Off a Cliff
Let’s start with the number homeowners usually care about most: home values.
In the 89131 zip code, the median sale price was approximately $540,000 for the three months ending in May 2026, according to Redfin. That was actually about 1.9% higher than the same period a year earlier. Homes were taking about 47 days to sell compared with 42 days the previous year.¹
Zoom out to the broader Centennial Hills area and the picture is slightly different. Redfin reported a median sale price of approximately $485,000, essentially flat year over year, with homes taking about 49 days to sell.² Zillow’s data also shows some softening. As of June 30, its typical home value for Centennial Hills was approximately $450,000, down 3.1% from a year earlier.³ Different data providers measure the market differently, which is why I don’t recommend making a real estate decision based on one headline or one statistic.
What these numbers collectively tell me is much more important: Centennial Hills is not experiencing a dramatic collapse in home values. We are experiencing a normalization of the market. And after the real estate roller coaster of the last several years, normal can feel surprisingly unfamiliar.
Buyers Have Choices Again
This is probably the biggest change I am seeing on the ground.
During the height of the seller’s market, buyers often had to make decisions almost immediately. Multiple offers, appraisal gaps and limited negotiating power became normal.
Today, buyers can often slow down enough to compare homes, consider condition and location, and negotiate terms that would have been difficult to get a few years ago. The realty is — many buyers are bargain shopping right now, so if a buyer feels like they can get a better deal on another listing, that buyer may be less likely to negotiate. Understanding this mindset if you’re considering selling, is essential.
In Centennial Hills, Zillow reported 436 homes for sale at the end of June. More importantly, 56.2% of the homes that sold in May sold below their final asking price.³ Redfin’s 89131 data similarly shows the average home selling roughly 2% below list price, while about one-third of listings had experienced a price reduction.¹
That doesn’t mean every seller is desperate to make a deal. Far from it. A beautifully maintained home on the right street, with the right upgrades and a realistic price, can still attract strong interest. But buyers are becoming much more selective, particularly when they have several similar homes to choose from.
For Sellers, Your First Price Matters
This is where I think the Fall market requires a different strategy.
One of the biggest mistakes a seller can make right now is pricing a home based on what they hope someone will pay and assuming they can simply reduce the price later.
Today’s buyers have access to an incredible amount of information. They are comparing your home against every other property available within their budget, and they notice when a home has been sitting.
In 89131, roughly 34% of homes had a price reduction according to Redfin’s May data.¹ That tells us something. Pricing is not about “giving your house away.” It is about understanding where buyers are actually willing to engage with the market. The goal should be to position your home competitively from the beginning so buyers see value when your listing is still fresh.
Mortgage Rates Are Still the Elephant in the Room
We also can’t talk about today’s housing market without talking about affordability.
Freddie Mac reported the average 30-year fixed mortgage rate at 6.58% as of July 23.⁴ That is considerably different from the ultra-low rates many homeowners remember from several years ago, and higher borrowing costs absolutely affect what buyers can comfortably afford each month.
But this is where I encourage buyers to look beyond just the interest rate.
In a market with more negotiating room, we can sometimes structure transactions differently. Depending on the property and seller, that could mean negotiating toward closing costs, a temporary or permanent interest-rate buydown, repairs, or simply a better purchase price.
The lowest interest rate doesn’t automatically create the best opportunity, just as the highest interest rate doesn’t automatically make it the wrong time to buy.
The entire financial picture matters.
So, Is This a Buyer’s Market or a Seller’s Market?
I would describe Fall 2026 differently:
It is a strategy market.
Buyers have more leverage, but good homes still sell.
Sellers can still protect their equity, but aspirational pricing is becoming harder to get away with.
And homeowners who purchased years ago may be sitting on significant equity even if today’s market isn’t appreciating at the pace we saw during the pandemic years.
For buyers, especially first-time buyers, I also think it is important not to lose sight of the bigger picture. Homeownership has historically been one of the most accessible ways for middle-class households to build long-term wealth. You don’t have to perfectly time the bottom of the market or magically predict the lowest mortgage rate to make a good real estate decision.
You need a home that fits your life, a payment that fits your budget and a strategy that makes sense for how long you plan to own it.
For sellers, the same principle applies. Your neighbor’s Zestimate, the home that sold two years ago and the highest-priced listing currently sitting on the market are not necessarily indicators of what your home is worth today.
The market has changed. That isn’t necessarily bad news. It just means the strategy has to change with it.
And if there is one thing I hope my neighbors in Centennial Hills take away from this Fall market, it is this: don’t make a major real estate decision based on a national headline. Start with what is happening right here in our own neighborhood.
Sources
1. Redfin, 89131 Housing Market: House Prices & Trends, data through May 2026.
2. Redfin, Centennial Hills Housing Market: House Prices & Trends, data through May 2026.
3. Zillow, Centennial Hills, NV Housing Market, updated June 30, 2026.
4. Freddie Mac, Primary Mortgage Market Survey, July 23, 2026.
Sincerely,
Chelsea Atwell, REALTOR®, e-PRO®, NHCB
Your Centennial Hills Expert
The Petrosian Team – RealtyONEGroup Northwest Las Vegas
S.191498.LLC
5550 Painted Mirage Rd Suite 140, Las Vegas, NV 89149
702-530-6519 | 702-533-2823 | 775-262-9996
chels@closewithchels.com | chelsea@petrosianteam.com
https://yourcentennialhillsexpert.com/
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