Las Vegas home prices edged lower last month while sales declined compared to a year ago, signaling a continued shift toward a buyer’s market in Southern Nevada, according to a trade industry report released this morning.
The median price for existing single-family homes sold in October was $474,370, down 0.2% from the same month in 2024, Las Vegas Realtors reported.
Condos and townhomes saw a steeper drop, with the median price falling to $285,000 in October — a 9.5% decrease from October 2024, when prices hit a record $315,000.
The softening prices come as the local housing market shows more inventory and slower sales, the report indicated.
By the end of October, 7,538 single-family homes were listed for sale without offers, up 30.3% from a year earlier. Condo and townhome listings without offers jumped 47.9% to 2,660 units.
Sales volume also declined, with 2,216 existing homes, condos and townhomes sold in October — representing a 10.1% drop for single-family homes and an 8.9% decrease for condos and townhomes compared to October 2024.
The slower sales pace has pushed the area’s housing supply to more than four and a half months, up from just over three months a year ago. Real estate professionals generally consider a six-month supply to indicate a balanced market between buyers and sellers.
“Local home prices are moderating, with more homes on the market and properties taking a little longer to sell,” said George Kypreos, the Las Vegas Realtors president. “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.”