Las Vegas home prices remain near their all-time highs, with inventory levels surging and sales declining compared to last year, according to new data released this morning.
The median price for existing single-family homes in Southern Nevada hit $485,000 in July, matching the record high set earlier this year and representing a modest 1% increase from July 2024, Las Vegas Realtors reported this morning.
The number of available homes has jumped dramatically, with single-family home inventory rising 54% compared to last year and condo and townhome listings surging 77%. By the end of July, 7,147 single-family homes were listed for sale without offers, alongside 2,622 condos and townhomes.
“The biggest headline coming out of our housing market this year has been our increasing inventory,” said George Kypreos, president of trade group. “More homes to choose from is good news for buyers. It’s also a sign that the market has been cooling down lately.”
The cooling trend is also evident in sales figures.
Total home sales dropped 5.8% for single-family properties and 11.6% for condos and townhomes compared to July 2024, with 2,568 existing properties sold during the month.
The current sales pace translates to nearly a four-month housing supply, a significant change from the just-over-two-month supply the region had at the same time last year.
While single-family home prices have held steady at near-record levels, the condo and townhome market has shown more price sensitivity. The median price for condos and townhomes was $290,000 in July, down 2% from the previous year and well below the segment’s record high of $315,000 set in October 2024.