LAS VEGAS (KLAS) — Las Vegas housing prices have leveled off, remaining at record-high levels for the third straight month, according to information released Monday by Las Vegas Realtors (LVR).
The first quarter of 2025 brought peak prices for single-family homes, with a median price of $485,000. Condominiums and townhomes sold at a median price of $306,495 in March, an increase of $3,495 since February. That’s the second-highest ever in Las Vegas, behind only October 2024’s $315,000. The median price is the one in the middle, with half selling for more and half for less.
With tariffs wreaking havoc on the national economy, experts say mortgage rates will go down. Bankrate is reporting some 30-year fixed-rate mortgages as low as 5.750% in Las Vegas. But the other side of tariffs could mean prices on some building materials might be going up.
“The market is in the early stages of evaluating where the latest federal policies will land — both in terms of tariffs and interest rates,” according to Brian Gordon, a principal at Applied Analysis here in Las Vegas. “That said, we remain confident in the local market fundamentals as population in-migration remains robust, housing supply is limited, and Las Vegas remains well sought-out.”
LVR President George Kypreos, a longtime local Realtor, said, “It’s interesting to see that the median price of existing homes hasn’t changed since the start of 2025. This is another indication of stability and how homes prices have been increasing more gradually.
“At the same time, home buyers are benefiting from more homes available for sale and a recent drop in mortgage rates,” Kypreos said.
Online broker Redfin reports that the housing market has cooled nationwide as inventory has climbed.
LVR estimates less than a three-month housing supply in the valley. Last year at this time, Southern Nevada had less than a two-month housing supply.
According to LVR’s monthly report, 5,416 single-family homes were listed for sale without any sort of offer at the end of March. That’s up 63.0% from one year earlier. The 2,204 condos and townhomes listed without offers in March represent an 86.9% jump from one year earlier.
A total of 2,712 existing local homes, condos and townhomes sold in March.
Sales were up 2.9% for homes and down 3.4% for condos and townhomes compared to March 2024.
LVR’s report includes only homes sold through the organization’s Multiple Listings Service (MLS). It does not include new home construction or homes sold by their owners.
