Home prices hit record high in Southern Nevada, again
Home prices in Southern Nevada have broken a record high, again.
The median sale price for an existing home in November was $488,995, which topped the previous record of $485,000 set early this year, according to Las Vegas Realtors, which pulls its data from the Multiple Listing Service.
Homes for sale without any sort of offer have also increased. As of last month, 7,033 homes were on the market, a 26.3 percent increase from November of last year. The number of condos and townhomes on the market without an offer jumped 40.8 percent compared to November of last year.
According to Las Vegas Realtors, 1,918 existing single-family homes, condos and townhomes in Southern Nevada sold in November. Compared to the same month last year, that’s down 6.6 percent for single-family homes and down 20.2 percent for condos and townhomes.
Las Vegas Valley real estate has pumped the brakes in 2025 as existing and new home sales are down substantially, continuing a trend in the wake of the pandemic when a buying and selling frenzy took place as interest rates bottomed out.
The valley’s real estate market has been on a roller-coaster ride since the start of the pandemic along with the rest of the country. Home sales in Southern Nevada hit a record high in 2021 during the height of the pandemic, and then in 2023 sales hit their lowest number since the 2008 Great Recession.
A number of factors are weighing down on the valley’s residential real estate market, including a lack of land to develop as the federal government controls most of the remaining land that could be developed, and has been slow to release it dating back decades.
A recent UNLV study also found that the valley has been underbuilding homes since the wake of the 2008 Great Recession, and homebuilding has not kept up with demand, which has pushed up prices.
George Kypreos, president of the Las Vegas Realtors trade association, said that even though home prices are high, he sees a shift in the marketplace. Currently, there is a five-month supply of homes on the market, and this time last year there was a three-month supply.
“Even with this new record for our median home price, overall trends have been shifting more in favor of homebuyers,” he said in a statement. “We’re selling fewer homes. We have more homes available for sale. And we saw a nice dip in mortgage interest rates last week. All of this benefits people who are prepared and can afford to buy.”
Condo and townhome prices were also up slightly (0.8 percent) from November of last year to $303,750, which is still below the record high of $315,000 set in October 2024.
Cash buyers of homes in Southern Nevada continue to make up a significant portion of buyers. Roughly 23 percent of all home sales in November were all cash, meaning they don’t need to pay a mortgage rate, according to Las Vegas Realtors.
Economic analysts and real estate experts largely point to elevated mortgage rates as the driving factor in America’s housing market as they have not gone below 6 percent since 2022 and currently sit at 6.1 percent, according to Freddie Mac.
The total value of all residential real estate transactions in Southen Nevada during November was close to $952 million for homes and almost $119 million for condos, high-rise condos and townhomes. Compared to November of last year, total sales values were down 3.6 percent for homes and 22.1 percent for condos and townhomes.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com
