Home prices in Southern Nevada edged slightly lower in September 2025 from a year earlier, as the number of properties on the market continued to climb — signaling a cooling but stabilizing housing market, according to a report released Tuesday by Las Vegas Realtors (LVR).
The median price of existing single-family homes sold through the LVR Multiple Listing Service slipped to $470,000, down 2.1% from September 2024 and below the record $485,000 level reached several times earlier this year.
Condo and townhouse prices followed a similar pattern. The median sale price declined 1.8% year-over-year to $294,000, off from the all-time high of $315,000 set in October 2024.
“This month’s data suggests the local housing market is undergoing a modest reset,” said George Kypreos, president of Las Vegas Realtors. “Inventory levels are rising, demand is normalizing, and the market is becoming more balanced — trends that tend to favor buyers, particularly as we move into what national reports call the best season for home purchases.”
Inventory and Sales Activity
By the end of September, 7,502 single-family homes were listed without offers — a 37.4% increase from a year ago. Listings for condos and townhomes rose even faster, jumping 50.5% to 2,605 units.
Sales activity was mixed. Total transactions for existing homes, condos, and townhomes reached 2,369 in September. Single-family home sales were up 5.2% from a year earlier, while condo and townhouse sales dipped 0.2%.
At the current sales pace, the region now has just over a four-month supply of homes on the market, compared with roughly three months a year ago — a sign of easing market tightness.
Market Trends Over Time
Las Vegas housing activity has been volatile in recent years. LVR recorded 31,305 total home, condo, and townhouse sales in 2024 — up from 29,069 in 2023, which marked the slowest sales year since the 2008 downturn. The 2022 tally was 35,584, following the record-setting 50,010 transactions logged in 2021 during the pandemic-era buying frenzy.
Other Market Highlights
- Sales Speed: In September, 72% of single-family homes and 67% of condos and townhomes sold within 60 days, down from 81.4% and 83.2% respectively a year earlier — indicating longer listing times.
- Cash Buyers: Cash deals made up 23% of all transactions, slightly below 24.4% a year earlier and far from the 59.5% peak seen in February 2013.
- Distressed Sales: Short sales and foreclosures remain rare, accounting for just 0.5% of total sales — near historic lows.
- Total Transaction Volume: LVR tracked nearly $1.2 billion in single-family home sales and $149 million in condo and townhouse sales through the MLS in September. Compared with a year ago, total sales volume rose 8.4% for homes and 0.3% for condos and townhomes.
Despite recent declines, analysts say Las Vegas remains one of the more resilient housing markets in the West, with steady demand and limited distressed activity helping to cushion the impact of higher mortgage rates and moderating prices.
