Las Vegas home prices held steady in August 2025 while listings swelled and sales cooled, signaling a more balanced market after years of volatility, according to a report Monday from Las Vegas Realtors.
The median price of an existing single-family home sold through the group’s Multiple Listing Service was $480,000 last month, up less than 1% from a year earlier and below the $485,000 peak reached multiple times this year. Condos and townhomes changed hands at a median $298,000, 2.1% higher than in August 2024 but still shy of the $315,000 record set in October.
Inventory is building rapidly. At the end of August, 7,206 houses were on the market without offers, a 37% jump from a year ago. Condo and townhome listings climbed even faster, surging 56% to 2,560. The sales pace translates to more than four months of supply — double the level of last summer.
“Home prices here in Southern Nevada haven’t moved much this year,” said LVR President George Kypreos. “Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”
Sales activity was weaker. A total of 2,320 existing homes, condos and townhomes traded in August, with single-family transactions down 14% and condo and townhome deals sliding 15% from a year earlier. Total transaction value fell to about $1.1 billion for homes and $158 million for attached properties, representing year-over-year declines of nearly 13% and 10%, respectively.
Las Vegas housing has seesawed since the pandemic boom. Annual sales peaked at 50,010 in 2021 before dropping to 35,584 in 2022 and then 29,069 in 2023, the slowest year since 2008. Activity rebounded modestly in 2024, when 31,305 properties changed hands.
Other Las Vegas Market Highlights:
- 77.5% of houses and 72.2% of condos and townhomes sold within 60 days, down from more than 80% a year ago.
- Cash buyers accounted for 22.9% of deals, compared with a 2013 high of nearly 60%.
- Distressed sales remained negligible at 0.5% of total transactions.
