A report released Tuesday by Las Vegas REALTORS® (LVR) shows local home prices hovering at a record high, with an increasing number of homes available for sale.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during March was $485,000, tying the all-time high and matching the price from the previous two months. The median price is up 4.3% from $465,000 in March of 2024.
The median price of local condos and townhomes sold in March increased to $306,495. That was up 8.5% from $282,500 in March 2024 – but short of the record high of $315,000 set in October.
LVR President George Kypreos, a longtime local REALTOR®, said “it’s interesting to see that the median price of existing homes hasn’t changed since the start of 2025.”
“This is another indication of stability and how homes prices have been increasing more gradually,” he said. “At the same time, home buyers are benefiting from more homes available for sale and a recent drop in mortgage rates.”
By the end of March, LVR reported 5,416 single-family homes listed for sale without any sort of offer. That’s up 63.0% from one year earlier. The 2,204 condos and townhomes listed without offers in March represent an 86.9% jump from one year earlier.
LVR reported a total of 2,712 existing local homes, condos and townhomes sold in March. Compared to March 2024, sales were up 2.9% for homes and down 3.4% for condos and townhomes. The sales pace in March equates to less than a three-month housing supply. Last year at this time, Southern Nevada had a less than a two-month housing supply.
Local home sales have been rebounding from a slow year in 2023. LVR reported a total of 31,305 existing local homes, condos and townhomes sold during 2024. 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 March, 76.0% of all existing local homes and 74.2% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 77.0% of all homes and 76.1% of all condos and townhomes sold within 60 days.
- During March, LVR found that 24.6% of all local property sales were cash transactions. That’s down from 26.1% one year earlier, well below the March 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 1.1% of all existing local property sales in March. That’s the same percentage as one year ago and down from 2.0% five years ago.
These LVR statistics include activity through the end of March 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.
