A report released Thursday by Las Vegas REALTORS® (LVR) shows local home prices matched their record high, with more homes available for sale than this time last year.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February was $485,000. That matched the all-time high set in January and is up 5.4% from $460,000 in February of 2024.
The median price of local condos and townhomes sold in February increased to $303,000. That was up 7.1% from $283,000 in February 2024 – but short of the record high of $315,000 set in October.
LVR President George Kypreos, a longtime local REALTOR® who took over as president of the association Jan. 1, sees signs that the housing market is becoming more balanced after a prolonged seller’s market.
“We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”
By the end of February, LVR reported 5,229 single-family homes listed for sale without any sort of offer. That’s up 50.6% from one year earlier. The 2,025 condos and townhomes listed without offers in February represent a 74.6% jump from one year earlier.
LVR reported a total of 2,296 existing local homes, condos and townhomes sold in February. Compared to February 2024, sales were down 6.1% for homes and down 2.8% for condos and townhomes. The sales pace in February equates to more 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 February, 71.0% of all existing local homes and 71.9% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 73.2% of all homes and 76.9% of all condos and townhomes sold within 60 days.
- During February, LVR found that 28.0% of all local property sales were cash transactions. That’s down from 29.7% 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 February. That compares to 1.6% one year ago and 2.5% five years ago.
These LVR statistics include activity through the end of February 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.
