Las Vegas home sales continue to lag as prices remain close to record highs, report says

Southern Nevada home prices held steady in May but still close to record highs set earlier this year as sales continue to lag, according to the latest data from Las Vegas Realtors.

The median price for a single-family house sold in the region last month was $480,000, the same as April and down from the all-time high of $485,000 set at the start of the year, according to LVR, which pulls data from the Multiple Listing Service. This is also a 1.5 percent increase from May 2024.

LVR President George Kypreos explained the current market as stable and a buyer’s market.

“Home prices have been very steady so far this year, with more homes on the market,” he said. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”

The number of homes sitting on the market without an offer last month (6,646) remains elevated, up 71.8 percent from one year ago, according to LVR. In May, there were 2,510 condos and townhomes listed without offers, an 89.6 percent uptick from one year ago.

Sales of homes, condos and townhomes last month in Southern Nevada were down 13.1 percent from May of last year as 2,646 homes sold, according to LVR. Condo and townhomes sales dropped even more at 19 percent over the same time span.

Prices for condos and townhomes are still elevated from last year, currently sitting at $307,000 which represents a 4.1 percent increase from May of last year, according to LVR. This is still below the record high price of $315,000 set in October.

The sales pace last month equates to housing supply of close to three and a half months, according to LVR. Last May, Southern Nevada had less than a two-month housing supply.

LVR said the real estate market has been on a roller coaster ride since the start of the pandemic.

“Local home sales have seen peaks and valleys during the past five 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,” it read. “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.”

A recent Clever Real Estate study found the Las Vegas Valley is the 27th most affordable housing market in the country.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.