A report released Tuesday by Las Vegas REALTORS® (LVR) shows local home prices leveling out while the number of homes available for sale continues to climb.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during August was $480,000. That’s up 0.7% from August of 2024 – but down from the all-time high of $485,000 reached several times this year.
Meanwhile, the median price of local condos and townhomes sold in August was $298,000. That’s up 2.1% from August 2024 – but short of the record high of $315,000 set in October 2024.
“These statistics are another sign of stability in our local housing market,” said LVR President George Kypreos, a longtime local REALTOR®. “Home prices here in Southern Nevada haven’t moved much this year. Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”
By the end of August, LVR reported 7,206 single-family homes listed for sale without any sort of offer. That’s up 36.8% from one year earlier. The 2,560 condos and townhomes listed without offers in August represent a 56.1% jump from one year earlier.
LVR reported a total of 2,320 existing local homes, condos and townhomes sold in August. Compared to August 2024, sales were down 14.2% for homes and down 15.4% for condos and townhomes.
The sales pace in August equates to more than a four-month housing supply. Last year at this time, Southern Nevada had just over a two-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:
- In August, 77.5% of all existing local homes and 72.2% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 86.5% of all homes and 82.9% of all condos and townhomes sold within 60 days.
- During August, LVR found that 22.9% of all local property sales were cash transactions. That’s down from 24.1% 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 .5% of all existing local property sales in August. That compares to 0.6% one year ago and 1.2% five years ago.
These LVR statistics include activity through the end of August 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.
