LAS VEGAS (FOX5) — Las Vegas real estate experts say new data showing softening house, condo and townhome sales in the valley represents a market stabilization that will benefit buyers, but result in longer timelines and fewer bidding wars for sellers.
A release from Las Vegas Realtors indicates a housing market that is settling, but not rising. Single-family homes settled at a median price of $480,000, just below the all-time high set earlier in 2025 of $485,000. The August figure represents a 0.7% increase from the same time in 2024. LVR officials called the number stable.
“Home prices here in Southern Nevada haven’t moved much this year,” said George Kypreos, president of Las Vegas Realtors. “Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”
Listings surged 25% for houses and 56% for condos and townhomes compared to the same period in 2024. However, sales dropped 14% to 15% during the same time, creating a more than four-month housing supply in Southern Nevada – up from two months year over year.
Sellers are finding their homes sitting on the market for longer, with more properties taking more than 61 days to sell. The data shows only 54% of homes sold within 30 days, down from 66% during the same period in 2024.
The total sales volume of homes is down nearly 13% compared to the same time in 2024, with $1.07 billion worth of homes sold. The $158 million in condos and townhomes sold represents a nearly 10% dip in August 2025.
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