Las Vegas home prices stable; market shifting toward buyers, LVR says
With single-family homes going for a median price of $480,000, buyers for condominiums and townhomes saw a $5,700 increase that put the median price at $307,000, the report showed. The median price is the one in the middle — half are higher and half are lower.
'Home prices have been very steady so far this year, with more homes on the market,' LVR President George Kypreos said. 'This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller's market we experienced in recent years.'
LAST MONTH: Las Vegas home prices drop from record highs; more homes for sale
That observation was confirmed by a Thursday report from online real estate company Redfin. Nationally, pending home sales declined to their lowest May level since 2020, and mortgage applications declined week-over-week. 'Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is unpredictable,' the report said.
Redfin listed Las Vegas among the five markets where pending sales have dropped the most year over year, at -15.4%. Miami topped the list at -19.6%. LVR's figures, based on its Multiple Listings Service (MLS), show sales down 13.1% for homes and down 19.0% for condos and townhomes.
The median price of a single-family home in Las Vegas is still 1.5% higher than it was a year ago, LVR said. And condos/townhomes are up 4.1%. The record high for condos came seven months ago (October 2024) at $315,000.
Another measure of the slowing market is inventory, which has grown to a 3½ month supply. By the end of May, 6,646 homes were listed for sale without no offers — up 71.8% from one year earlier. The 2,510 condos and townhomes listed without offers in May represent an 89.6% jump from one year earlier, LVR reported.
In May, 81.6% of all existing local homes and 76.5% of all existing local condos and townhomes sold within 60 days. That's down from one year earlier, when 85.6% of all homes and 85.6% of all condos and townhomes sold within 60 days.
Sales of distressed homes amount to less than 1% of all property sales, LVR said, adding that cash buyers had dropped to around 23% of all sales. Total sales for single-family homes totaled more than $1.2 billion, with condos/townhomes reaching more than $182 million.
Bankrate listed 30-year fixed mortgages available at 6.625% in Nevada as of Thursday.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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