S
outhern Nevada’s housing market cooled in October 2025 as prices slipped and inventory climbed, according to Las Vegas Realtors (LVR). The median price for an existing single‑family home sold through LVR’s MLS fell to $474,370, a 0.2 % drop from October 2024 and below the all‑time high of $485,000 reached earlier this year. Condos and townhomes saw a steeper decline, with the median price dropping to $285,000, down 9.5 % from the record $315,000 a year earlier.

    LVR President George Kypreos said, “Local home prices are moderating, with more homes on the market and properties taking a little longer to sell. This shows that the housing market is shifting more in favor of buyers. For people who are prepared and can afford it, it’s a good time to buy.”

    By the end of October, 7,538 single‑family homes were listed without offers, up 30.3 % from a year ago. Condo and townhome listings rose to 2,660, a 47.9 % jump. Sales slowed: 2,216 existing homes, condos and townhomes sold, with single‑family sales down 10.1 % YoY and condo/townhome transactions down 8.9 %.

    At the current pace, the market now has a four‑and‑a‑half‑month supply, compared to just over three months last year, indicating a move toward balance. In 2024, 31,305 existing units changed hands, up from 29,069 in 2023 but still below the 2021 record of 50,010.

    Time on market lengthened: in October, 71.7 % of single‑family homes and 67.5 % of condos/townhomes sold within 60 days, versus 79.8 % and 80.0 % a year earlier. Cash buyers accounted for 26.5 % of sales, up from 23.3 % in October 2024 but far below the 59.5 % peak in early 2013. Distressed sales were negligible, with short sales and foreclosures at 0.9 % of transactions, unchanged from 2020 and 2024.

    Total sales value in October approached $1.1 billion for single‑family homes and $149 million for condos, high‑rises and townhomes. Year‑over‑year, overall dollar volume fell 4.7 %, while condo/townhome volume dropped 12.8 %.

    LVR’s data exclude new construction and for‑sale‑by‑owner transactions. With prices near historic highs, rising inventory, slower sales and longer listing times, Las Vegas’s market appears to be settling into steadier, more sustainable growth after years of volatility.