The Las Vegas housing market is showing increasing signs of favoring buyers, with home prices slipping, sales slowing and available inventory climbing, according to a report released today by Las Vegas Realtors.
The median price of existing single-family homes sold in Southern Nevada last month came in at $481,995 — down 0.6% from a year earlier and below the all-time high of $488,995 set in November 2025, the group reported.
Condos and townhomes saw a steeper decline, with the median sale price falling to $285,000 in February, a 5.9% drop from the same month last year and well off the record $315,000 reached in October 2024.
Sales volume also weakened.
A total of 2,088 existing homes, condos and townhomes changed hands last month, representing a 9.4% decline in single-family home sales and an 8% drop in condo and townhome sales compared to February 2025.
At the same time, the number of homes sitting on the market without offers surged. Single-family listings without offers reached 6,131 by the end of February, up 17.2% from a year ago.
Available condos and townhomes rose even faster, jumping 23.7% to 2,505 units. The combined inventory now represents more than a four-month housing supply, compared to just over three months a year earlier.
“Slower sales, lower prices and rising inventory are signs of a buyer’s market,” said George Kypreos, the LVR president. “Whether you’re a buyer, a seller or a homeowner enjoying the equity you’ve built in your home, Southern Nevada continues to be an attractive housing market. There’s pent-up demand from people who’ve been delaying a move for years that could help us unlock more inventory this year.”