A report released Tuesday by Las Vegas Realtors shows the median price of existing single-family homes sold in Southern Nevada during August was $480,000.
That’s up 0.7% from August of 2024 — but down from the all-time high of $485,000 reached several times this year.
The median price of local condos and townhomes sold in August was $298,000. That’s up 2.1% from August 2024 — but short of the record high of $315,000 set in October 2024.
“These statistics are another sign of stability in our local housing market,” George Kypreos, president of Las Vegas Realtors said in a statement. “Home prices here in Southern Nevada haven’t moved much this year. Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”
By the end of August, LVR reported 7,206 single-family homes listed for sale without any offers. That’s up 36.8% from one year earlier. The 2,560 condos and townhomes listed without offers in August represent a 56.1% jump from one year earlier.
LVR reported a total of 2,320 existing local homes, condos and townhomes sold in August. Compared to August 2024, sales were down 14.2% for homes and down 15.4% for condos and townhomes.
The sales pace in August equates to a more-than-four-month housing supply. Last year at this time, Southern Nevada had just over a two-month housing supply.