Home prices in Southern Nevada have seen a slight decrease from their record highs earlier in 2025, according to data from Las Vegas Realtors. In April, the median sale price for homes was $480,000, a $5,000 decrease from the peak at the start of the year. Despite this drop, prices are still 2.3% higher than in April of the previous year.
For condos and townhouses, the median price in April was $302,700. This figure represents a slight decline from the prior month but is a 4.4% increase from April of last year, though it remains below the all-time high of $315,000 set last October.
George Kypreos, President of Las Vegas Realtors, commented that the market appears to be stabilizing, with home prices showing minimal variation since the beginning of the year. He noted that the market is becoming more balanced, with stable pricing and more options available for buyers.
The end of April saw a significant increase in inventory, with 6,213 single-family homes and 2,390 condos and townhomes listed without offers, marking increases of 78.7% and 91.5% from the previous year, respectively. Zillow reported that this rise in listings is part of a larger trend across metro markets, with inventory increasing by 44.5% compared to March of the previous year.
Sales activity in 2025 has mirrored that of 2024, with Las Vegas Realtors reporting a similar pace of transactions. In 2024, there were 31,305 sales of existing homes, condos, and townhomes, up from 29,069 in 2023. This follows a trend of fluctuating sales numbers, with a peak in 2021 when 50,010 properties were sold.
Additionally, a report from the UNLV Lied Center for Real Estate highlights a long-term issue in the region: a shortage of new home construction. Since 2010, there has been a 64% drop in residential permits, a decline significantly larger than the national average. This has contributed to the ongoing challenges in meeting housing demand in the Las Vegas valley.