A report released Thursday by Las Vegas REALTORS® (LVR) shows local home prices dipped slightly while fewer homes are selling compared to one year ago.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $474,370. That’s down 0.2% from October of 2024 – and down from the all-time high of $485,000 reached several times this year.

Likewise, the median price of local condos and townhomes sold in October was $285,000. That’s down 9.5% from October 2024 – when local condo and townhome prices reached a record high of $315,000.

“Local home prices are moderating, with more homes on the market and properties taking a little longer to sell,” said LVR President George Kypreos, a longtime local REALTOR®. “This shows that the housing market is shifting more in favor of buyers. For people who are prepared and can afford it, it’s a good time to buy.”

By the end of October, LVR reported 7,538 single-family homes listed for sale without any sort of offer. That’s up 30.3% from one year earlier. The 2,660 condos and townhomes listed without offers in October represent a 47.9% jump from one year earlier.

LVR reported a total of 2,216 existing local homes, condos and townhomes sold in October. Compared to October 2024, sales were down 10.1% for homes and down 8.9% for condos and townhomes.

The sales pace in October equates to a housing supply of more than four and a half months. Last year at this time, Southern Nevada had just over a three-month housing supply.

Local home sales have been on a roller coaster ride in recent years. In 2024, LVR reported a total of 31,305 existing local homes, condos and townhomes were sold. That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

Other highlights include:

• In October, 71.7% of all existing local homes and 67.5% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 79.8% of all homes and 80.0% of all condos and townhomes sold within 60 days.
• During October, LVR found that 26.5% of all local property sales were cash transactions.  That’s up from 23.3% one year earlier – well below the February 2013 cash buyer peak of 59.5%.
• The number of so-called distressed sales remains stable and near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9% of all existing local property sales in October. That’s the same percentage as that same month in 2024 and 2020.
• The total value of local real estate transactions tracked through the MLS during October was nearly $1.1 billion for homes and more than $149 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in October were down 4.7% for homes and down 12.8% for condos and townhomes.

These LVR statistics include activity through the end of October 2025. LVR distributes Statistics each month are based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.

About LVR

Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.

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