Here’s why Las Vegas Valley condo, townhome prices are up
Condo and townhouse prices are rising in Southern Nevada, according to the latest data from Las Vegas Realtors.
The median price of a condo or townhome sold in May was $307,000, up 1.4 percent from April and up 4.1 percent from May of last year, according to the trade group, which pulls its data from the Multiple Listing Service. Only 559 condos and townhouses were sold in Southern Nevada in May, a 2.8 percent increase from April but down 19 percent from May of last year.
The median price of a single-family house in Southern Nevada has been sitting flat at $480,000, just shy of the record high that was set earlier this year, according to Las Vegas Realtors.
Robert Little, an associate at Re/Max Advantage in Henderson said buyers are starting to look at alternatives to homes right now given how high prices are.
“I believe this is largely due to affordability,” he said. “Condos, with a current median price of $307,000, are more accessible than single-family homes, which have a median price of $480,000. This makes them especially attractive to first-time buyers, second-home purchasers, or those on fixed incomes and tighter budgets.”
Little said it’s not all good news regarding the rebound in condo sales given the market is currently constrained and sales are down overall.
“We’re seeing rising inventory across both single-family homes and condos. Higher mortgage rates have cooled buyer demand and impacted affordability at nearly every price point,” he said. “If you’re a buyer, now’s your chance. With more homes available and prices softening, it’s an excellent time to negotiate. For sellers, pricing competitively from the start is key to standing out in a growing inventory pool.”
LVR President George Kypreos said it’s important not to look too deeply into monthly numbers as they can swing drastically from month to month.
“While local condo sales and prices did post a modest increase in May, I wouldn’t read too much into it,” he said. “I do think it suggests that more buyers are recognizing that condos and townhomes can be a more affordable way to enter the housing market, especially with home prices hovering just below record levels and mortgage interest rates still higher than we’d like.”
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 Las Vegas Realtors. In May, there were 2,510 condos and townhomes listed without offers, an 89.6 percent uptick from May of last year.
Sales of homes, condos and townhomes combined in Southern Nevada in May were down 13.1 percent from the same month last year as 2,646 homes sold, according to Lass Vegas Realtors.
National outlook
According to Redfin, investors purchased 46,726 homes in the first quarter across the country, up 2 percent year over year. However investors are not buying condos as much, as they bought 8,509 condos in the first quarter, down 3 percent year over year to the lowest level in a decade outside of the second quarter of 2020 when the COVID-19 pandemic stopped the real estate industry across the country.
“Investors are buying fewer condos because the condo market is slowing faster than the overall housing market, with buyers concerned condos will lose value,” read the report. “A recent Redfin analysis found that nearly seven in 10 (68 percent) of condos sold below list price at the start of 2025, the lowest share in five years.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.