S
outhern Nevada's housing market is experiencing a paradoxical phenomenon: prices remain at record highs, yet listings are on the rise. According to Las Vegas Realtors (LVR), the median price of existing single-family homes sold in March 2025 reached $485,000, matching the all-time high set earlier this year and up 4.3% from last year.

    Condo prices also saw a significant increase, with a median sale price of $306,495 in March, an 8.5% jump from the same period last year. However, this figure still lags behind the record high of $315,000 set in October. LVR President George Kypreos notes that the stable market has allowed buyers to benefit from recent declines in mortgage rates and enjoy a wider range of options.

    The number of available listings is on the rise, with 5,416 single-family homes listed for sale without offers as of March, a 63% increase from last year. Condo and townhome listings also saw a significant surge, climbing 87% to 2,204 units. Despite this, home sales were up 2.9% in March compared to the same period last year, while condo and townhome sales declined by 3.4%.

    The current sales pace reflects a housing supply of just under three months, a notable improvement from less than two months at this time last year. This gradual recovery follows a slow 2023, with LVR recording 31,305 sales of existing homes, condos, and townhomes in 2024, up from 29,069 in 2023.

    Key market highlights for March include:

    * 76% of single-family homes sold within 60 days, down slightly from last year

    * Cash purchases accounted for 24.6% of total sales, down from 26.1% last year and significantly below the peak of 59.5% in 2013

    * Distressed sales made up just 1.1% of transactions, unchanged from last year and down from 2.0% five years ago

    * The total sales value for single-family homes exceeded $1.3 billion, while condos and townhomes totaled $184 million, with home sales values increasing by 9.8% and condo and townhome values decreasing by 2.8%.