Home prices drop from record high in Las Vegas Valley, report says

Home prices have come down from a record high that kicked off 2025, according to the latest data from Las Vegas Realtors.

The median price for a house sold in Southern Nevada in April was $480,000, down $5,000 from a record high that was set at the start of the year and had held for multiple months, according to Las Vegas Realtors, which pull data from the Multiple Listing Service. The median price for a house is still up 2.3 percent ($469,000) from April of last year.

The median price of a condo or townhouse sold in April was $302,700, down slightly from the previous month, but up 4.4 percent from $290,000 in April of last year and well below the all-time record of $315,000 set last October.

Las Vegas Realtors President George Kypreos said the numbers indicate the market is returning to a sales equilibrium.

“Since the beginning of the year, the median home price has only varied by 1 percent. That’s pretty rare,” he said. “This month’s LVR statistics are another indication that the local housing market is becoming more balanced, with stable home prices and more homes on the market for buyers to consider.”

However, at the end of April, there were approximately 6,213 single-family homes listed for sale without any offer, a 78.7 percent increase from one year ago. Also in April there were 2,390 condos and townhomes listed without offers, a 91.5 percent jump from one year earlier.

A recent Zillow report looking at inventory on the market in the valley in March showed an increase of 44.5 percent compared to March of last year. Zillow’s report says new listings are flooding the country’s real estate market, driving up inventory in almost all metro markets.

“So far this year, homes have been changing hands at a pace similar to 2024, when LVR reported a total of 31,305 existing local homes, condos and townhomes were sold,” reads the report. “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.”

A recent UNLV Lied Center for Real Estate report found that the valley hasn’t been building enough homes for about 15 years.

Looking at the average level of residential permits filed between 1995 and 2003 (omitting a period of economic downturn in 2004-09), beginning in 2010 there was a 64 percent drop in permits, nearly three times as large of a drop than the national average (23 percent) during that same time period.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.