Residential Real Estate News
Las Vegas Market Cools as Home Prices, Sales Dip in October
Southern Nevada's housing market lost some of its heat in October 2025 as both home prices and sales declined while inventory continued to rise, according to the latest data from Las Vegas Realtors (LVR).
The median price of an existing single-family home sold through the LVR's Multiple Listing Service fell slightly to $474,370, down 0.2% from October 2024 and below the all-time high of $485,000 reached multiple times earlier this year. Prices for condos and townhomes saw a steeper decline, with the median price dropping to $285,000, down 9.5% from the record high of $315,000 recorded a year earlier.
"Local home prices are moderating, with more homes on the market and properties taking a little longer to sell," said LVR President George Kypreos. "This shows that the housing market is shifting more in favor of buyers. For people who are prepared and can afford it, it's a good time to buy."
By the end of October, there were 7,538 single-family homes listed for sale without offers--an increase of 30.3% from one year ago. The number of available condos and townhomes also surged to 2,660, representing a 47.9% jump from October 2024. The expansion in supply has coincided with a slowdown in sales. LVR reported 2,216 existing homes, condos, and townhomes sold during October, with single-family home sales down 10.1% year-over-year and condo and townhome transactions off 8.9%.
At the current pace of sales, the Las Vegas market now has more than a four-and-a-half-month supply of available housing, compared to just over three months this time last year. That shift suggests the region's once-frenzied housing market is gradually moving toward a more balanced environment between buyers and sellers.
The latest figures continue a roller-coaster pattern in Las Vegas housing activity over the past several years. In 2024, a total of 31,305 existing homes, condos, and townhomes changed hands, up from 29,069 in 2023--the slowest year since the Great Recession--but still well below the record 50,010 sales posted in 2021 at the height of the market.
Homes are also taking longer to sell. In October, 71.7% of existing single-family homes and 67.5% of condos and townhomes sold within 60 days, compared with 79.8% and 80.0%, respectively, one year earlier. Cash buyers remain a notable presence, accounting for 26.5% of all sales, up from 23.3% in October 2024 but far below the 59.5% peak seen in early 2013. Distressed sales remain virtually nonexistent, with short sales and foreclosures together making up just 0.9% of all transactions--unchanged from both 2020 and 2024.
The total value of real estate sold through the LVR's MLS during October approached $1.1 billion for single-family homes and more than $149 million for condos, high-rises, and townhomes. Compared to a year ago, the overall dollar volume of home sales declined 4.7%, while the total for condos and townhomes fell 12.8%.
LVR's statistics, which cover activity through the end of October 2025, exclude new construction and for-sale-by-owner transactions. Even with prices holding near historic highs, the combination of rising inventory, slower sales, and longer listing times suggests the Las Vegas's housing market is entering a period of steadier, more sustainable growth after several years of record-breaking volatility.
