LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local home prices declining slightly from the same time last year, while the number of homes available for sale keeps rising.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during September was $470,000. That’s down 2.1% from September of 2024 – and down from the all-time high of $485,000 reached several times this year.
Likewise, the median price of local condos and townhomes sold in September was $294,000. That’s down 1.8% from September 2024 – and short of the record high of $315,000 set in October 2024.
“This month’s LVR statistics are another indication that we’re going through a bit of a reset in the housing market,” said LVR President George Kypreos, a longtime local REALTOR®. “We’re seeing more homes available for sale than we’ve had in some time. We’re also seeing a more balanced housing market. Along with other factors that have been shifting in favor of home buyers, we’re entering a time of year that national reports show is the best time to buy.”
By the end of September, LVR reported 7,502 single-family homes listed for sale without any sort of offer. That’s up 37.4% from one year earlier. The 2,605 condos and townhomes listed without offers in September represent a 50.5% jump from one year earlier.
LVR reported a total of 2,369 existing local homes, condos and townhomes sold in September. Compared to September 2024, sales were up 5.2% for homes, but down 0.2% for condos and townhomes.
The sales pace in September equates to more than a four-month housing supply. Last year at this time, Southern Nevada had just over a three-month housing supply.
Local home sales have been on a roller coaster ride in recent 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:
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In September, 72.0% of all existing local homes and 67.0% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 81.4% of all homes and 83.2% of all condos and townhomes sold within 60 days.
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During September, LVR found that 23% of all local property sales were cash transactions. That’s down from 24.4% one year earlier – well below the February 2013 cash buyer peak of 59.5%.
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The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for .5% of all existing local property sales in September. That compares to 0.8% one year ago and 1.0% five years ago.
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The total value of local real estate transactions tracked through the MLS during September was nearly $1.2 billion for homes and nearly $149 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in September were up 8.4% for homes and up 0.3% for condos and townhomes.
These LVR statistics include activity through the end of September 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.
