Home prices back up to record highs in Las Vegas Valley, report says

Home prices in Southern Nevada are back up to record high prices, according to the latest report from the Las Vegas Realtors.

The median sale price for an existing single-family house sold in Southern Nevada in June was $485,000, up 2.1 percent from the same month last year, according to LVR, which pulls its data from the Multiple Listing Service. This matches a record high price originally set in the first three months of the year. The median sale price of a home in May and April was $480,000, according to LVR.

The Las Vegas Valley finds itself in the middle of a housing crisis as several factors are weighing on the market, including high mortgage rates coupled with high interest rates, a lack of land to develop, a glut of resale supply flooding onto the market and a significant downturn in buyers.

Redfin is anticipating that home prices will drop during the second half of the year because of downward pressure on the market, a trend that is impacting most of the nation’s housing supply.

In the month of June, according to the LVR, 6,992 homes were listed for sale without an offer, a massive 70 percent jump from one year earlier, and the 2,564 condos and townhomes listed without offers in June represents an 87.6 percent increase from one year ago.

In June, 2,461 homes, condos and townhomes sold, a 7 percent drop from June of last year for homes, and 14.9 percent drop for condos and townhomes. The sales pace in the region equates to approximately a four-month supply, and last year at this time, there was approximately a two-month supply of homes on the market.

George Kypreos, president of the Las Vegas Realtors, said the supply of homes on the market has been the most significant difference as of late.

“Although home prices bounced back to their previous peak, prices have actually been pretty stable so far this year,” he said in a statement. “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.”

Prices for condos and townhomes were down slightly last month, settling at $305,000, a small drop from May but still up 3.4 percent from June of last year. The all-time record high for condo and townhome prices in Southern Nevada was set in October 2024, $315,000.

LVR’s June report outlined the roller coaster ride the local housing market has been on since the start of the pandemic.

“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,” it read. “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.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.