LAS VEGAS – A report released this month by Las Vegas REALTORS® (LVR) shows the local housing inventory continuing to rise while home prices are hovering near their record high.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July was $485,000. That’s up 1.0% from July of 2024 and matches the all-time high set in June and repeated during the first few months of this year.
Meanwhile, the median price of local condos and townhomes sold in July was $290,000. That’s down 2.0% from July 2024 – short of the record high of $315,000 set in October 2024.
“The biggest headline coming out of our housing market this year has been our increasing inventory,” said LVR President George Kypreos, a longtime local REALTOR®. “We continue to see steady prices and an increasing number of local homes available for sale – though our inventory levels are not out of line with where they’ve been historically. More homes to choose from is good news for buyers. It’s also a sign that the market has been cooling down lately.”
By the end of July, LVR reported 7,147 single-family homes listed for sale without any sort of offer. That’s up 54.2% from one year earlier. The 2,622 condos and townhomes listed without offers in July represent a 77.0% jump from one year earlier.
LVR reported a total of 2,568 existing local homes, condos and townhomes sold in July. Compared to July 2024, sales were down 5.8% for homes and down 11.6% for condos and townhomes.
The sales pace in July equates to nearly a four-month housing supply. Last year at this time, Southern Nevada had just over a two-month housing supply.
Local home sales have experienced peaks and valleys 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 July, 78.8% of all existing local homes and 73.5% 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 81.8% of all condos and townhomes sold within 60 days.
· During July, LVR found that 23.8% of all local property sales were cash transactions. That’s down from 25.1% 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 0.9% of all existing local property sales in July. That compares to 0.8% one year ago and 1.2% five years ago.
These LVR statistics include activity through the end of July 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.
