An overview of the housing market in Las Vegas showing available homes for prospective buyers.
In Southern Nevada, the housing market has shown signs of stabilization with the median price for single-family homes holding steady at $480,000. Despite this stability, home sales have declined significantly, with a 13.1% drop leading to 2,646 homes sold in May. An increase in inventory has created a buyer’s market, offering more options and negotiating power to potential buyers. Moreover, Las Vegas is now considered the 27th most affordable housing market in the U.S., which may contribute to its ongoing appeal amidst market fluctuations.
The housing market in Southern Nevada showed signs of stabilization in May, with the median price for a single-family home remaining consistent at $480,000. This figure is unchanged from April 2025 but represents a 1.5% increase compared to May 2024 when homes were valued at about $472,500. The price, however, is down from an all-time high of $485,000 reached at the beginning of 2025.
For condos and townhomes, the median price in May rose to $307,000, reflecting a 4.1% increase from the same month a year prior. Still, this price is below the record high of $315,000 set in October 2024.
Despite the stable prices, home sales experienced a decline, with a 13.1% decrease in total transactions, resulting in 2,646 homes sold in May. The sales of condos and townhomes also fell sharply, down 19% year-over-year. This drop in sales paired with a rising inventory signals a shift in the local real estate market.
The housing market is adjusting as the number of homes listed without sales offers increased dramatically to 6,646, marking a 71.8% rise compared to last year. Condos and townhomes listed without offers numbered 2,510, representing an 89.6% increase from May last year. The current market environment yields approximately three and a half months of housing supply, as opposed to less than two months reported in May 2024.
This trend toward a buyer’s market is characterized by increased options for buyers and greater negotiating power due to the increased inventory and slower sales rate. The percentage of homes selling within 60 days dipped to 81.6%, down from 85.6% year-over-year, while for condos and townhomes, the percentage fell to 76.5%.
The Las Vegas Realtors reported that the local housing market has experienced significant fluctuations since the COVID-19 pandemic began, leading to a volatile period for home sales. While total home sales for 2024 reached 31,305, marking an increase from 29,069 in 2023, this number is still considered low compared to previous years. In 2022, 35,584 properties were sold, and prior to that in 2021, a record of 50,010 sales was noted.
Comprehensive data suggests that the Las Vegas Valley is statistically positioned as the 27th most affordable housing market in the United States, based on a recent study by Clever Real Estate. This affordability measure may play a role in the locale’s appeal, even as the market adjusts to new dynamics.
As Southern Nevada’s housing market evolves, the stability in median home prices against a backdrop of decreased sales and rising inventory indicates a noteworthy shift. Buyers now find themselves with more options in a market that is increasingly leaning toward their favor, suggesting potential changes in buyer strategies and future market engagement.
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