Las Vegas home prices declined slightly in September compared to last year while the number of available properties surged, signaling a shift toward a more balanced housing market, according to a industry report published this morning
The median price for existing single-family homes in Southern Nevada dropped to $470,000 in September, down 2.1% from the same month in 2024, Las Vegas Realtors said in its monthly data pull. The figure also marks a decline from the all-time high of $485,000 reached earlier this year.
Condos and townhomes followed a similar pattern, with median prices falling to $294,000 — down 1.8% year-over-year and below the record high of $315,000 set in October 2024.
“We’re going through a bit of a reset in the housing market,” said George Kypreos, president of Las Vegas Realtors. “We’re seeing more homes available for sale than we’ve had in some time.”
The most dramatic shift appeared in housing inventory.
By the end of September, 7,502 single-family homes were listed for sale without offers — a 37.4% increase from a year earlier. Available condos and townhomes jumped even more steeply, rising 50.5% to 2,605 units.
The surge in inventory has pushed Southern Nevada’s housing supply to just over four months, up from three months a year ago, the report indicated.
A total of 2,369 existing homes, condos and townhomes sold in September. Single-family home sales increased 5.2% compared to September 2024, while condo and townhome sales dipped 0.2%.
Properties are also taking longer to sell. In September, 72% of homes and 67% of condos and townhomes sold within 60 days, compared to 81.4% and 83.2% respectively a year earlier.
The statistics are based on data from the Las Vegas Realtors Multiple Listing Service and do not include newly constructed homes sold directly by builders or for-sale-by-owner properties.