Las Vegas Home Builders Compared: Toll Brothers, Lennar, KB, and More

New construction is a bigger slice of the Las Vegas housing market than most buyers realize, accounting for 27% of every home sold in 2025, according to Home Builders Research reporting in the Las Vegas Review-Journal. That means when you're comparing builders, you're not really browsing a niche. You're shopping a full quarter of the market, and the choice you make between Toll Brothers, Lennar, KB Home, D.R. Horton, Pulte, and the rest will shape your price, your floor plan, your amenities, and your resale story for years.

This guide puts the major Las Vegas new home builders side by side using the most recent local data: 2025 sales volumes, 2025 median prices, current community openings, and the incentive programs builders are running to move inventory in a softer market. If you're cross-shopping two or three brands in a single submarket, the goal here is to help you understand what actually separates them beyond the sales office pitch.

Who Dominates the Las Vegas New Home Market?

Market share in Las Vegas new construction is highly concentrated. The top 10 builders controlled 93.9% of all 2024 closings, according to Builder Magazine's local leaders list. That concentration hasn't really loosened, even as total volume has dropped. Here's how the five most prominent national builders compared at the end of 2025, using data reported by Home Builders Research through the Las Vegas Business Press.

One line in that table deserves its own spotlight. Toll Brothers was the only major builder in this group to grow sales in 2025, even while charging roughly $242,000 more per home at the median than KB Home. Every other national we compared saw double-digit declines. That's a meaningful signal about where demand held up best in the valley: the top end.

Toll Brothers: The Luxury Default in Summerlin and Lake Las Vegas

Toll Brothers sits at the top of the price hierarchy for mainstream Las Vegas builders, with 2025 sales of 576 homes and a median price near $781K. Their local strategy is almost entirely focused on prestige master plans. In Summerlin, they build in newer villages like Ascension, Glenrock, and Raven Crest. In Henderson, Bella Strada at Lake Las Vegas opened in December 2024 with pricing starting at $1,325,000, and in February 2026 they announced new models at Incanta Lago (also in Lake Las Vegas), signaling continued confidence in the luxury segment.

What buyers actually pay for with Toll isn't just square footage. It's personalization depth. Their 5,000-square-foot Design Studio in Las Vegas walks buyers through structural changes most volume builders won't touch: extended rooms, modified rooflines, dual primary suites, casitas. Their current quick move-in inventory on the Henderson page shows Ascension homes running roughly $2.25M to $2.5M+, which is a very different conversation than what's happening at a D.R. Horton sales office.

Toll's incentive playbook also looks different. Where volume builders are pushing rate buydowns, Toll is leaning into $50K+ design credits at communities like Parkhill Crest and The Ridges, per builder incentive reporting compiled in early 2026. That fits the buyer: at this price point, most shoppers aren't rate-sensitive in the same way.

Lennar: The Volume Leader With the Widest Footprint

Lennar held the No. 1 spot in Las Vegas sales in 2025 with 1,796 homes, even after a 16% year-over-year drop. Their advantage is spread. On any given weekend a shopper can tour Lennar homes in Summerlin, Henderson, North Las Vegas, Lake Las Vegas, and the southwest valley, with price points that run from the mid $400Ks all the way up past $1.3M at their Estates community in the southwest.

The brand hook is "Everything's Included," and it genuinely means something in practice. Instead of forcing buyers into a lengthy options menu, Lennar loads a suite of smart-home devices, quartz counters, stainless appliances, blinds, and a smart thermostat into the base price. At their Bradley Estates community, the stated value of the included package is over $80,000. For first-time buyers and out-of-state transplants, that "what you see is what you pay" model saves hours of decision fatigue.

Lennar is also the builder to beat for multigenerational households. Their Next Gen® floor plan (marketed as "a home within a home") gives an in-law or adult child a private suite with its own entrance, kitchenette, and living space. You can see this product at communities like The Estates in Las Vegas, where some Leighton Next Gen plans include RV-height garages. For buyers with parents moving from out of state, this is the single most concrete differentiator in the local new-home market.

On the affordability end, Lennar's Simmance community in North Las Vegas lists from around $456K and sits close to Nellis Air Force Base, which makes it a practical pick for military households and anyone priced out of the southwest valley.

KB Home: Personalization at a Mid-Market Price

KB Home closed 2025 at 1,337 sales with a $538,509 median price, putting them squarely in the move-up tier but more accessible than Pulte's median and well below Toll's. Their calling card is "Built to Order." You pick the lot, pick the floor plan, pick the exterior, then spend a few hours at the KB Home Design Studio selecting flooring, cabinets, counters, tile, and fixtures before construction starts.

For buyers who want real choice without the luxury price tag, that structure is the sweet spot. It's more hands-on than Lennar's bundled approach and more attainable than Toll's semi-custom process.

KB has been unusually aggressive with new community openings. In 2025, they debuted Landings at Caldwell Park and Groves at Caldwell Park (a townhome community) in Summerlin West. In early 2026, they announced grand openings at Landings and Reserves at Aven in southwest Las Vegas, with pricing from the mid $400Ks. Then in April 2026, KB opened Meriden in Henderson, a five-community master-planned development with pricing from the mid $300Ks. That North Las Vegas Sandstone project in the pipeline (roughly 1,500 homes) will be their largest area development in a decade.

D.R. Horton: The Price Leader Among the Nationals

If affordability is the priority, D.R. Horton is usually the answer among the top-five nationals. Their 2025 median of $412,790 was the lowest of that group by more than $100K, and their 2025 volume held up better than most, with only a 13.3% YoY decline. At the midpoint of 2025, they were actually down just 3% in sales versus the prior year, which was the strongest performance of any major Las Vegas builder in the first half.

Their footprint tilts toward North Las Vegas (where land is cheaper) and southern Henderson at Cadence. A community like Heartland Trails at Tule Springs offers gated townhomes in North Las Vegas, and Symmetry Bay and Symmetry Manor at Cadence show off their single-story plans and MultiGEN suites on the Henderson side.

The D.R. Horton differentiator on the tech side is the "Home is Connected" package, powered by Alarm.com, which bundles a Qolsys touchscreen panel, video doorbell, smart thermostat, and a few other devices into every home as a standard feature. Their incentive strategy in the current market has been heavy on credits (commonly $10K+) plus special programs for military, veterans, and public service workers like teachers and first responders.

Pulte and Del Webb: Move-Up Families and Active Adults

Pulte Group closed 1,391 Las Vegas sales in 2025 at a $625,000 median, which positions them a step above Lennar and KB on price but well below Toll. The local story has two threads. Under the Pulte banner, they build in premium master plans. Their Brantley community is in Summerlin West's newest village, Grand Park, with a variety of architectural styles. On the Henderson side, Dalea at Aries showcases their townhome and innovation product.

The bigger story for a lot of Las Vegas shoppers is Del Webb. Their Sun City Mesquite community was the single top-selling community in the Las Vegas area in the first half of 2025, with 114 sales, per Home Builders Research. For buyers 55 and older who want resort-style amenities (pickleball courts, indoor pools, lounges, on-site fitness), Del Webb is the dominant national brand and it isn't particularly close.

Pulte also has one of the longer energy-efficiency track records in the valley. They've worked with the U.S. Department of Energy's Building America program for more than two decades, with Las Vegas homes engineered for 35-40% heating and cooling savings versus typical construction. Some Pulte homes locally have hit LEED Silver.

Tri Pointe Homes: The Design-Forward Dark Horse

Tri Pointe is smaller by volume (482 closings in 2024, about 4.2% market share per Builder Magazine) but punches way above that on design credibility. Their LivingSmart® program bundles smart-home tech and energy features, and in 2024 they pulled a 5-star rating from Lifestory Research's America's Most Trusted® Home Builder rankings.

Their Las Vegas lineup leans toward Summerlin and the northwest valley. Citrine (from the $500s, 1,781-3,539 sq. ft.) and Alder (from the $500s, 1,889-2,765 sq. ft.) are both in northwest Las Vegas. In Summerlin, their Vertex community of designer-curated townhomes includes interiors styled by Bobby Berk (yes, that Bobby Berk) which is the kind of differentiator that matters to a very specific kind of buyer but matters a lot.

For shoppers who pick homes by how they feel rather than by checklist features, Tri Pointe deserves a tour.

And More: Richmond American, Beazer, Woodside, and Century

The second tier of Las Vegas builders is worth knowing because they show up inside the big master plans (Cadence especially) and often compete directly on price with the bigger nationals.

The Geography Trick: Your Builder Choice Is Usually a Submarket Choice

Here's the thing most builder comparison articles miss. In Las Vegas, picking a builder is really picking a location. Most of the nationals specialize in particular master plans, and if you're set on a specific area, you're already narrowing the builder list whether you know it or not.

The practical implication? If you can only tour one master plan on a weekend, Summerlin gives you the widest builder comparison in the valley, and Cadence gives you the best mid-price cross-shop in Henderson.

The Townhome Shift Nobody's Talking About

If you're shopping new in 2026, do not skip the attached product. Home Builders Research reported that attached new-home market share hit 31% in June 2025, the highest they'd tracked going back to 2013, and only the second time the figure ever crossed 30%.

The reason is affordability math. In that same June 2025 report, the median new detached home closed at $595,990, while the median new attached home closed at $394,000. That's a $200K gap, and it's why builders are leaning into townhomes and paired product: Groves at Caldwell Park (KB Home, Summerlin), Vertex (Tri Pointe, Summerlin), Heartland Trails (D.R. Horton, North Las Vegas), Dalea at Aries (Pulte, Henderson), and more.

Market share for attached new home products in June increased to 31 percent, the highest we have reported going back to 2013. (Andrew Smith, Home Builders Research, via Las Vegas Review-Journal)

If detached is out of budget, don't write off new construction. The townhome track is where a lot of the value is right now.

Incentives and Rate Buydowns: Where Real Savings Hide

Sticker prices tell you less than you think right now. The total cost of ownership on a new build is often lower than resale for one reason: builder financing incentives. Across the majors, current programs look roughly like this (figures reflect early 2026 published offers and vary by community, always verify):

• Lennar: Rate buydowns at 1.625% year one, 4.625% fixed after; typical $9K credits
• D.R. Horton: 3.99% fixed programs; $10K+ flex credits, plus public-service programs
• KB Home: Competitive 2-1 buydowns plus 2-4% down payment assistance matching
• Pulte / Del Webb: 3.99% FHA/VA rates; up to 6% credits (roughly $30K flex)
• Toll Brothers: $50K+ design studio credits instead of rate discounts
• Richmond American: 2.99% year one via 2-1 buydowns; credits up to $30K
• Woodside: Fixed rates locked for 7 years; $35K flex credits
• Beazer: Energy-efficiency focus; $35K flex credits

That said, the savings are real. According to local builder incentive analysis, a meaningful buydown can reduce your monthly payment by $600-$800 versus a conventional loan at market rates. Over the first few years of the mortgage, that's often worth more than a price discount on the sticker.

Who Is Each Builder Actually Best For?

What You Should Actually Compare Beyond Price

Most buyers walk into a sales office and ask about price and upgrades. That's fine, but it's not enough. These are the questions that separate a good purchase from a regret.

Before You Sign Anything

• Get the full rate schedule in writing. What does the rate reset to after year one, year two, year three?
• Ask what's included vs. optional. Lennar's package is dense; a KB base model has more to upgrade.
• Clarify the warranty. Nevada new homes typically carry a 10-year structural warranty, with the builder liable for workmanship and materials in year one. Coverage for years 2-10 is narrower than most buyers expect, so ask for the document, not a summary.
• Find out who pays for the SID / LID bond on the property. Some newer communities add $100-$300 to your monthly obligation that won't appear in the listing price.
• Ask about HOA fee history. Many master plans raised dues in 2024-2025. Get the most recent board minutes before closing.
• Verify the build timeline in writing. With 995 permits pulled in December 2025, build queues are long and schedules slip.
• Bring your own agent. The on-site sales rep works for the builder. You already knew that, but it matters more on incentives than any other part of the transaction.

The Cash Buyer Footnote

One stat surprises almost every out-of-state shopper I work with. In December 2025, 17% of new-home closings in Clark County were cash transactions, per Home Builders Research. Buyers often assume new construction is financing territory only. In Las Vegas, especially in the lifestyle and luxury segments, cash buyers are a meaningful part of the mix, which affects how quickly the best lots in new phases get picked up.

If you're a cash buyer, don't assume a builder won't negotiate because they're not giving you a rate buydown. Push for design studio credits, closing costs, or lot premium reductions instead. For an informed read on how Nevada transactions work, the Nevada Real Estate Division publishes the state's licensee rules and consumer resources.

Frequently Asked Questions

Is new construction in Las Vegas more expensive than resale?

On a dollar-per-square-foot basis, yes. Local data in early 2026 shows new construction averaging around $275 per square foot versus about $253 per square foot on resale. But the total cost of ownership often favors new because of builder rate buydowns that can save $600-$800 a month in interest. Run both scenarios side by side before you decide.

Can I negotiate on price with a Las Vegas builder?

You can almost always negotiate, but often not on sticker price. Builders protect appraisal comps for future phases, so they prefer to give concessions through rate buydowns, closing cost credits, design studio credits, and upgraded finishes. Frame the conversation that way and you'll get further than pushing for a listed-price cut.

Which builder has the fastest build time?

It varies by phase and by plan, not by brand. Standard Las Vegas builds typically run 6-10 months. Quick move-in (spec) inventory is usually 30-60 days to close. If you're racing a timeline, tour quick move-ins first, not models.

What's the single biggest mistake new-construction buyers make?

Not using a buyer's agent. It doesn't save the buyer anything and it removes representation from one of the largest transactions most people ever make. The second biggest mistake is falling in love with a model-home finish level that isn't included in the base price. Ask for a list of exactly what's standard before you get attached.

Is North Las Vegas a good bet for new construction?

Right now, it's one of the most active new-build corridors in the valley. D.R. Horton, Lennar, and KB Home are all expanding there, and KB's Sandstone project (roughly 1,500 homes) will be the area's largest new development in a decade. You'll get more square footage per dollar than Summerlin or Henderson, with longer commutes to the southwest employment centers.

How do I compare builders if they're all building in the same community?

Cadence in Henderson is the best example of this situation, with six-plus builders selling side by side. Tour the standard finishes first (not the decorated models) to see what each builder actually delivers at the base price. Then compare warranty documents and included smart-home packages. When product is this close, finishes and included tech tend to be the real differentiators.

The Bottom Line

The Las Vegas new home market in 2026 is a buyer's market for the first time in a while. Permits are climbing, builders are gearing up for the year, and incentives are at their most aggressive level in several years. The smartest strategy is to shop by submarket first, builder second. Pick two or three master plans that fit your commute, your school priorities, and your budget, then tour every builder inside each one. You'll learn more from three hours in Cadence or Summerlin than from a week reading spec sheets.

Toll Brothers, Lennar, KB Home, D.R. Horton, Pulte, and Tri Pointe are all strong choices for the right buyer. The trick is knowing which builder is right for you, which is a conversation about price point, customization tolerance, location, and lifestyle, not a ranking. A good local agent should be able to narrow your list down on the first call. From there, it's just a question of finding the right lot.