News Summary
Home prices in Las Vegas are seeing a decline for the first time in several months, according to the latest report from Las Vegas Realtors. The median price of existing single-family homes has dropped to $480,000, a 1 percent decrease from the previous record high. However, this median price still reflects a 2.3 percent increase compared to the same month last year. The report also notes a significant increase in the number of homes available for sale, highlighting a more balanced housing market amidst economic and political uncertainties.
Las Vegas, NV – Home prices in Las Vegas are witnessing a decline for the first time in several months, as reported by the Las Vegas Realtors (LVR). The median price of existing single-family homes sold in Southern Nevada for April stands at $480,000, marking a 1 percent decrease from the previous record high of $485,000 set just three months prior.
Despite the month-over-month decrease, the current median price shows a 2.3 percent increase compared to the same month last year when it was recorded at $469,000. For condos and townhomes, the median price in April was reported at $302,700, exhibiting a slight decline from the previous month; however, this figure represents a 4.4 percent increase compared to April 2024, when the median was $290,000. It is worth noting that the previous record high for local condos and townhomes was $315,000, achieved in October.
The LVR President emphasized that the median home price has only changed by 1 percent since the start of the year, a phenomenon that he described as relatively rare. This stabilization in home prices is indicative of a more balanced local housing market, alongside an increase in the availability of homes for prospective buyers.
As of the end of April, there were 6,213 single-family homes listed for sale without any offers, which is a significant 78.7 percent increase compared to last year. Furthermore, there were 2,390 condos and townhomes listed without offers, representing a staggering 91.5 percent increase year-over-year. In total, 2,718 existing local homes, condos, and townhomes were sold in April, reflecting a decline of 7.1 percent for homes and 12.4 percent for condos and townhomes when compared to the same period in 2024.
The sales pace for April corresponds to more than a three-month housing supply, contrasting with last year’s supply of less than two months. year-to-date sales levels have been consistent with those observed in 2024, which recorded a total of 31,305 existing properties sold, an uptick from 29,069 sales in 2023. Notably, 81.1 percent of existing local homes and 75.1 percent of condos and townhomes sold within 60 days during April, which is a decrease from 83 percent and 84.1 percent respectively, from the previous year.
Cash transactions made up 23.2 percent of all local property sales in April, showing a decline from 26.9 percent in the same month last year. On a positive note, distressed sales, which include short sales and foreclosures, accounted for only 0.7 percent of total sales in April, down from 1.2 percent in 2024. The total value of local real estate transactions in April exceeded $1.3 billion for homes and nearly $169 million for condos and townhomes, yet year-over-year sales values reflected a decrease of 5.8 percent for homes and 12.6 percent for condos and townhomes.
This LVR report covers data collected through the end of April 2025, and does not include newly constructed homes from local builders or homes listed independently by owners. The Las Vegas housing market historically experiences fluctuations, influenced by the region’s dynamic population and economy, heavily reliant on tourism.
Concerns surrounding economic and political uncertainty, alongside regular inventory increase and high mortgage rates, are contributing to buyer hesitance in the current real estate landscape. Additionally, elevated housing sales cancellations have been observed nationwide, with the Las Vegas market reporting an 18.6 percent cancellation rate in April.
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Additional Resources
- Review Journal: Las Vegas Home Sales Cancellations
- Wikipedia: Las Vegas
- 8 News Now: Las Vegas Home Prices Drop
- Google Search: Las Vegas Housing Market
- Asian Journal: Working Families in Las Vegas Housing Market
- Encyclopedia Britannica: Las Vegas Housing Market
- News 3 LV: Median Home Prices Dip
- Google News: Las Vegas Home Sales
