Year starts with record prices, more homes for sale

A recent Las Vegas Realtors report shows the year began with record home prices and more properties available for sale.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during January was $485,000. That’s up 9 percent from $445,000 in January 2024 — topping the previous record of $482,000 set in May 2022.

The median price of local condos and townhomes sold in January was $293,000. That was up 6.5 percent from $275,000 in January 2024 — but short of the record high of $315,000 set in October.

Despite stubbornly high mortgage interest rates and some economic uncertainty to start the year, LVR President George Kypreos, a longtime local Realtor who took over as president of the association Jan. 1, remains optimistic about the local housing market in 2025.

“The increase in our median price is another sign of the continued demand for housing here in Southern Nevada. It’s also good to see our housing supply increasing in recent months so people have more choices when looking for a home,” Kypreos said. “Overall, I remain confident that the local housing market will remain as strong as any in the U.S.”

By the end of January, LVR reported 5,215 single-family homes listed for sale without any sort of offer. That’s up 46.9 percent from one year earlier. The 1,896 condos and townhomes listed without offers in January represent a 66.9 percent jump from one year earlier.

LVR reported a total of 1,991 existing local homes, condos and townhomes sold in January. Compared with January 2024, sales were up 6.7 percent for homes but down 13.2 percent for condos and townhomes. The sales pace in January equates to a housing supply of just over two and a half months. Last year at this time, Southern Nevada had a supply of less than two and half months.

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.

During January, LVR found that 28.5 percent of all local property sales were cash transactions. That’s up from 27.4 percent one year earlier but well below the January 2013 cash buyer peak of 59.5 percent.

The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9 percent of all existing local property sales in January. That compares with 1.5 percent one year ago, 0.8 percent two years ago, 0.8 percent three years ago, 1.2 percent four years ago and 2.7 percent five years ago.

The LVR statistics include activity through the end of January 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. Other highlights include:

The total value of local real estate transactions tracked through the MLS during January was more than $946 million for homes and more than $125 million for condos, high-rise condos and townhomes. Compared with one year earlier, total sales values in January were up 12.3 percent for homes, but down 10 percent for condos and townhomes.

In January, 72.5 percent of all existing local homes and 73.6 percent of all existing local condos and townhomes sold within 60 days. That compares with one year earlier, when 75.2 percent of all homes and 77.7 percent of all condos and townhomes sold within 60 days.

Las Vegas Realtors (formerly known as Greater Las Vegas Association of Realtors) 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 LasVegasRealtor.com.