Median home sale prices drop in Southern Nevada, new report shows

Home prices continue to inch down from record highs in Southern Nevada, according to the latest report from the Las Vegas Realtors.

The median price of a single-family house sold in the region in September was $470,000, down 2.1 percent from August ($480,000) and from September of last year, according to Las Vegas Realtors, which pulls its data from the Multiple Listing Service. The all-time record median sale price was $485,000, which was set early this year.

LVR President George Kypreos said this is a sign of a “reset” taking place within the local residential real estate market.

“We’re seeing more homes available for sale than we’ve had in some time,” he said in a statement. “We’re also seeing a more balanced housing market. Along with other factors that have been shifting in favor of home buyers, we’re entering a time of year that national reports show is the best time to buy.”

Homes for sale continue to pile up, as the number of single-family houses for sale without any type of offer in September was 7,502, a 37.4 percent increase from the same month last year. There were also 2,605 condos and townhomes listed for sale without any type of offer last month, a 50.5 percent jump from last year.

The sales pace in the region equates to approximately a four month supply of homes for sale, and last year at this time there was about a three month supply on the market, according to LVR.

Additionally, LVR reported a total of 2,369 existing local homes, condos and townhomes sold in September, up 5.2 percent from September of last year for single-family homes but down 0.2 percent for condos and townhomes.

The LVR report noted the Southern Nevada real estate market has been on a “roller coaster” ride in recent years which started during the pandemic and dropped off in 2023 when only 29,069 homes were sold, the lowest yearly level since 2008 when the Great Recession took hold of the entire country’s real estate market.

The Las Vegas Valley finds itself in the middle of a housing crisis caused by a number of factors, including a lack of available land to develop, high mortgage rates and a growing population base.

A recent Redfin report said the Las Vegas Valley has shifted to a buyer’s market as listings continue to rise and seller’s become more motivated to drop prices.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.