A report released Friday by Las Vegas REALTORS® (LVR) shows local home prices are stabilizing while the number of homes available for sale continues to rise, suggesting the housing market is becoming more favorable for buyers.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during May was $480,000. That’s the same as April and down from the all-time high of $485,000 set during the first three months of 2025. The median price is still up 1.5% from May of 2024.
Meanwhile, the median price of local condos and townhomes sold in May was $307,000. That’s up 4.1% from May 2024. That’s also short of the record high of $315,000 set in October 2024.
“Home prices have been very steady so far this year, with more homes on the market,” said LVR President George Kypreos, a longtime local REALTOR®. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”
By the end of May, LVR reported 6,646 single-family homes listed for sale without any sort of offer. That’s up 71.8% from one year earlier. The 2,510 condos and townhomes listed without offers in May represent an 89.6% jump from one year earlier.
LVR reported a total of 2,646 existing local homes, condos and townhomes sold in May. Compared to May 2024, sales were down 13.1% for homes and down 19.0% for condos and townhomes.
The sales pace in May equates to housing supply of nearly three and a half months. Last year at this time, Southern Nevada had less than a two-month housing supply.
Local home sales have seen peaks and valleys during the past five years. In 2024, LVR reported a total of 31,305 existing local homes, condos and townhomes were sold. That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
Other highlights include:
- In May, 81.6% of all existing local homes and 76.5% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 85.6% of all homes and 85.6% of all condos and townhomes sold within 60 days.
- During May, LVR found that 22.8% of all local property sales were cash transactions. That’s down from 25.7% 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 0.6% of all existing local property sales in May. That compares to 1.1% one year ago and 1.5% five years ago.
These LVR statistics include activity through the end of May 2025. 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.
