Las Vegas-area home prices edged lower at the end of 2025 as sales slowed and inventory climbed, underscoring a gradual cooling in one of the US housing market’s most volatile metros.
The median price of an existing single-family home sold in Southern Nevada in December 2025 was $470,000, down 1.1% from a year earlier and nearly 4% below the record $488,995 reached in November, according to data from Las Vegas Realtors. Prices for condos and townhomes fell more sharply, with the median slipping to $275,000, down 5.2% from December 2024 and well below the October 2024 peak of $315,000.
Sales activity also weakened. A total of 2,261 existing homes, condos and townhomes changed hands in December, with single-family home sales down 0.5% from a year earlier and condo and townhome sales down 1.5%.
“Although it was a relatively slow year for home sales, we’re seeing some encouraging signs heading into the new year,” said George Kypreos, president of Las Vegas Realtors. Buyer interest is beginning to improve, he said, while prices have remained relatively stable and mortgage rates ended 2025 lower than a year earlier–trends he said point toward a more balanced market in 2026.
Inventory levels continued to rise. By the end of December, 6,396 single-family homes were listed for sale without an offer, up nearly 29% from a year earlier. Condo and townhome listings without offers rose 31.7% to 2,322. At the current sales pace, Southern Nevada had close to a four-month supply of housing, up from roughly three months a year earlier.
For all of 2025, 28,498 existing homes, condos and townhomes were sold, down from 31,305 in 2024 and the lowest annual total since 2007. Sales have generally trended lower since peaking in 2021, when more than 50,000 properties were sold amid pandemic-era demand and ultra-low mortgage rates.
Market activity showed additional signs of cooling. In December, 69.2% of homes and 62.3% of condos and townhomes sold within 60 days, down from 74.5% and 75.8%, respectively, a year earlier. Cash transactions accounted for 22.7% of all sales, down from 26.2% the prior year and far below the 59.5% peak reached in 2013.
Distressed sales remained minimal. Short sales and foreclosures made up just 1.1% of transactions in December, slightly higher than a year earlier but still near historically low levels.
Despite softer volumes, the total value of residential transactions in December 2025 approached $1.1 billion for single-family homes and nearly $153 million for condos and townhomes. Compared with a year earlier, total sales value declined 0.6% for homes but rose 6.1% for condos and townhomes, reflecting shifting demand within the market.
