LAS VEGAS (FOX5) — A monthly housing report released Friday shows fewer homes selling and more available for sale in Southern Nevada, with median prices declining from recent record highs.
The median price of existing single-family homes sold through the Multiple Listing Service in February was $481,995 — down 0.6% from one year earlier and below the all-time high of $488,995 set in November 2025. The median price of condos and townhomes sold in February was $285,000, down 5.9% from February 2025 and off the record high of $315,000 set in October 2024.
By the end of February, 6,131 single-family homes were listed for sale without any offer — up 17.2% from one year earlier. The number of condos and townhomes listed without offers rose 23.7% year-over-year to 2,505.
A total of 2,088 existing local homes, condos, and townhomes sold in February. Compared to February 2025, sales were down 9.4% for homes and down 8.0% for condos and townhomes. The February sales pace equates to more than a four-month housing supply, compared to just over three months one year earlier.
LVR also reported that 2025 marked the lowest annual sales total since 2007, with sales generally declining since 2021, when a record 50,010 total properties were sold.
“Slower sales, lower prices and rising inventory are signs of a buyer’s market,” said LVR President George Kypreos. “Whether you’re a buyer, a seller or a homeowner enjoying the equity you’ve built in your home, I think Southern Nevada continues to be an attractive housing market. I also think there’s pent-up demand from people who’ve been delaying a move for years that could help us unlock more inventory this year.”
Additional data points
- In February, 64.2% of all existing local homes and 56.8% of all condos and townhomes sold within 60 days, down from 71.0% and 71.9%, respectively, one year earlier.
- Cash transactions accounted for 26.3% of all local property sales in February, down from 28.0% one year earlier.
- Short sales and foreclosures combined accounted for 1.0% of all existing local property sales in February, compared to 0.6% one year ago.
- The total value of local real estate transactions tracked through the MLS in February was more than $1 billion for homes and nearly $143 million for condos, high-rise condos, and townhomes — down 4.3% and 13.6%, respectively, from one year earlier.
LVR statistics are based on data collected through its MLS and do not account for all newly constructed homes sold by local builders or homes sold by owners.
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