Las Vegas housing report shows home prices pulling back from record high

A recent Las Vegas Realtors report shows local home prices pulling back from their record high, with the number of homes available for sale continuing to rise.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during April was $480,000. That’s down 1 percent from the all-time high of $485,000 set during the previous three months. The median price is still up 2.3 percent from $469,000 in April of 2024.

The median price of local condos and townhomes sold in April was $302,700. That’s down slightly from the previous month, but up 4.4 percent from $290,000 in April 2024 — and well off the record high of $315,000 set last October.

“Since the beginning of the year, the median home price has only varied by 1 percent. That’s pretty rare,” said LVR President George Kypreos, a longtime local Realtor. “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.”

By the end of April, LVR reported 6,213 single-family homes listed for sale without any sort of offer. That’s up 78.7 percent from one year earlier. The 2,390 condos and townhomes listed without offers in April represent a 91.5 percent jump from one year earlier.

LVR reported a total of 2,718 existing local homes, condos and townhomes sold in April. Compared to April 2024, sales were down 7.1 percent for homes and down 12.4 percent for condos and townhomes.

The sales pace in April equates to more than a three-month housing supply. Last year at this time, Southern Nevada had less than a two-month housing supply.

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. 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.

Other highlights include:

In April, 81.1 percent of all existing local homes and 75.1 percent of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 83 percent of all homes and 84.1 percent of all condos and townhomes sold within 60 days.

During April, LVR found that 23.2 percent of all local property sales were cash transactions. That’s down from 26.9 percent one year earlier — and well below the February 2013 cash buyer peak of 59.5 percent.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.7 percent of all existing local property sales in April. That compares to 1.2 percent one year ago and 1.5 percent five years ago.

The total value of local real estate transactions tracked through the MLS during April was more than $1.3 billion for homes and nearly $169 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were down 5.8 percent for homes and down 12.6 percent for condos and townhomes.

These LVR statistics include activity through the end of April 2025. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.

Las Vegas Realtors (formerly known as Greater Las Vegas Association of Realtors) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.