LVR reports more homes on market, home prices back to record high

A recent Las Vegas Realtors report shows the local housing inventory continuing to rise while home prices returned to their record high.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during June was $485,000. That’s up 1 percent from the previous month and matches the all-time high set during the first three months of 2025. The median price is up 2.1 percent from June 2024.

Meanwhile, the median price of local condos and townhomes sold in June was $305,000. That’s down slightly from the previous month but still up 3.4 percent from June 2024. That’s short of the record high of $315,000 set in October.

“Although home prices bounced back to their previous peak, prices have actually been pretty stable so far this year,” said LVR President George Kypreos, a longtime local Realtor. “The biggest change in our local housing market lately has been the increasing number of homes available for sale, which is good for buyers. It should also be prompting to sellers to be realistic when pricing their properties.”

By the end of June, LVR reported 6,992 single-family homes listed for sale without any sort of offer. That’s up 70 percent from one year earlier. The 2,564 condos and townhomes listed without offers in June represent an 87.6 percent jump from one year earlier.

LVR reported a total of 2,461 existing local homes, condos and townhomes sold in June. Compared with June 2024, sales were down 7 percent for homes and down 14.9 percent for condos and townhomes.

The sales pace in June equates to nearly a four-month housing supply. Last year at this time, Southern Nevada had a two-month housing supply.

Local home sales have experienced 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. 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

* In June, 82.8 percent of all existing local homes and 72.8 percent of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 86.9 percent of all homes and 83 percent of all condos and townhomes sold within 60 days.

* During June, LVR found that 23.1 percent of all local property sales were cash transactions. That’s down from 26.6 percent one year earlier — well below the February 2013 cash buyer peak of 59.5 percent.

* The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.8 percent of all existing local property sales in June. That compares with 1.1 percent one year ago and 2.2 percent five years ago.

* The total value of local real estate transactions tracked through the MLS during June was more than $1.2 billion for homes and more than $161 million for condos, high-rise condos and townhomes. Compared with one year earlier, total sales values in June were down 2.1 percent for homes and down 15.9 percent for condos and townhomes.

The LVR statistics include activity through the end of June. 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.

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. For more information, visit LasVegasRealtor.com.