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LVR Housing Report Shows More Signs of a Buyer’s Market

By

LVR President George Kypreos
LVR President George Kypreos

LAS VEGAS – A report released Friday by Las Vegas REALTORS® (LVR) shows more signs of a buyer’s market, with fewer homes selling and more available for sale.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February was $481,995. That’s down 0.6% from one year earlier – and down from the all-time high of $488,995 set in November 2025.
The median price of local condos and townhomes sold in February was $285,000. That’s down 5.9% from February 2025 – and well off the record high of $315,000 set in October 2024.
“Slower sales, lower prices and rising inventory are signs of a buyer’s market,” said LVR President George Kypreos, a longtime local REALTOR®. “Whether you’re a buyer, a seller or a homeowner enjoying the equity you’ve built in your home, I think Southern Nevada continues to be an attractive housing market. I also think there’s pent-up demand from people who’ve been delaying a move for years that could help us unlock more inventory this year.”
By the end of February, LVR reported 6,131 single-family homes listed for sale without any sort of offer. That’s up 17.2% from one year earlier. The 2,505 condos and townhomes listed without offers in February represent a 23.7% increase from one year earlier.
LVR reported a total of 2,088 existing local homes, condos and townhomes sold in February. Compared to February 2025, sales were down 9.4% for homes and down 8.0% for condos and townhomes. The sales pace in February equates to more than a four-month housing supply. One year earlier, Southern Nevada had a housing supply of just over three months.
LVR reported that fewer existing local homes were sold in 2025 than during 2024, with 2025 marking the lowest annual sales total since 2007. Sales have seen peaks and valleys in recent years, generally declining since 2021, when a record 50,010 total properties were sold.
Other highlights include:
  • In February, 64.2% of all existing local homes and 56.8% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 71.0% of all homes and 71.9% of all condos and townhomes sold within 60 days.
  • During February, LVR found that 26.3% of all local property sales were cash transactions. That’s down from 28.0% one year earlier – well below the February 2013 cash buyer peak of 59.5%.
  • The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.0% of all existing local property sales in February. That compares to 0.6% one year ago.
  • The total value of local real estate transactions tracked through the MLS during February was more than $1 billion for homes and nearly $143 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in February were down 4.3% for homes and down 13.6% for condos and townhomes.

These LVR statistics include activity through the end of February 2026. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.

About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.