Home prices in Southern Nevada have once again reached a record high. In November, the median sale price for an existing home hit $488,995, surpassing the previous record of $485,000 set earlier this year, according to data from Las Vegas Realtors.
Inventory is also rising. As of last month, there were 7,033 homes on the market without any offers, a 26.3 percent increase from November 2023. The supply of condos and townhomes without offers jumped 40.8 percent compared to the same period last year.
Home sales have slowed. In November, 1,918 existing single-family homes, condos, and townhomes were sold. This represents a 6.6 percent decrease for single-family homes and a 20.2 percent drop for condos and townhomes compared to the previous year.
The Las Vegas Valley housing market has cooled in 2025, continuing a trend that began after the post-pandemic buying surge when interest rates were at historic lows. Now, with higher rates, both existing and new home sales have declined.
Las Vegas Realtors president George Kypreos noted a shift in market conditions: there is currently a five-month supply of homes on the market, up from three months a year ago. He stated that while prices remain high, the market is becoming more favorable for buyers, with increased inventory, fewer sales, and a recent dip in mortgage interest rates.
Condo and townhome prices also saw a slight uptick, rising 0.8 percent from last November to a median of $303,750. However, this remains below the record high of $315,000 set in October 2024.
Cash buyers continue to make up a significant share of the market, with about 23 percent of November’s home purchases completed without a mortgage.
Experts attribute the market slowdown largely to elevated mortgage rates, which have stayed above 6 percent since 2022 and currently average 6.1 percent, according to Freddie Mac.
In total, residential real estate transactions in Southern Nevada during November were valued at nearly $952 million for homes and about $119 million for condos, high-rise condos, and townhomes. Compared to last year, the total sales value declined by 3.6 percent for homes and 22.1 percent for condos and townhomes.
