S
outhern Nevada’s home prices slipped slightly in September 2025 compared with the same month a year earlier, while the number of listings kept rising—indicating a cooling yet stabilizing market, Las Vegas Realtors (LVR) reported Tuesday.
The median price for existing single‑family homes fell to $470,000, a 2.1 % drop from September 2024 and below the $485,000 peak reached several times earlier this year. Condo and townhouse sales followed suit, with a median of $294,000—down 1.8 % YoY and below the October 2024 record of $315,000.
“This month’s data shows a modest reset,” said LVR president George Kypreos. “Inventory is climbing, demand is normalizing, and the market is becoming more balanced—factors that favor buyers as we enter what national reports call the best season for home purchases.”
By September’s end, 7,502 single‑family homes were listed without offers, up 37.4 % from a year ago. Condo and townhouse listings jumped 50.5 % to 2,605 units. Total transactions for existing homes, condos, and townhomes reached 2,369. Single‑family sales rose 5.2 % YoY, while condo and townhouse sales dipped 0.2 %. At the current pace, the region now has just over a four‑month supply of homes on the market, compared with roughly three months a year earlier—signaling easing tightness.
LVR recorded 31,305 total home, condo, and townhouse sales in 2024, up from 29,069 in 2023 (the slowest year since 2008). 2022 saw 35,584 sales, after 50,010 transactions in the pandemic‑era 2021.
Key highlights for September:
- 72 % of single‑family homes and 67 % of condos/townhomes sold within 60 days, down from 81.4 % and 83.2 % YoY.
- Cash deals accounted for 23 % of transactions, slightly below 24.4 % a year earlier and far below the 59.5 % peak in February 2013.
- Distressed sales (short sales and foreclosures) were just 0.5 % of total sales, near historic lows.
Total transaction volume reached nearly $1.2 billion for single‑family homes and $149 million for condos/townhomes in September. YoY volume increased 8.4 % for homes and 0.3 % for condos/townhomes.
Despite recent price declines, analysts view Las Vegas as one of the West’s more resilient markets, with steady demand and minimal distressed activity helping to buffer the effects of higher mortgage rates and moderating prices.
