LAS VEGAS (FOX5) — Local home prices declined slightly from one year ago as the number of properties available for sale increased, according to a report released Tuesday by Las Vegas Realtors.
The median price of existing single-family homes sold in Southern Nevada through the Multiple Listing Service during March was $480,000. That’s down 1% from one year earlier and down from the all-time high of $488,995 set in November 2025.
The median price of local condos and townhomes sold in March was $295,000. That’s down 3.8% from March 2025 and well off the record high of $315,000 set in October 2024.
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Market faces headwinds
“With mortgage rates rising since the conflict with Iran started, the housing market is facing some new headwinds, but the fundamentals of the local housing market remain strong,” said LVR President George Kypreos. “As this month’s sales numbers show, Southern Nevada continues to be an attractive place to buy a home. We see solid demand for homes here. That’s even more apparent whenever interest rates start to go down.”
By the end of March, LVR reported 6,456 single-family homes listed for sale without any sort of offer. That’s up 19.2% from one year earlier. The 2,568 condos and townhomes listed without offers in March represent a 16.5% increase from one year earlier.
LVR reported a total of 2,806 existing local homes, condos and townhomes sold in March. Compared to March 2025, sales were up 6.8% for homes but down 9.1% for condos and townhomes. The sales pace in March equates to more than a three-month housing supply. One year earlier, Southern Nevada had less than a three-month housing supply.
Sales decline continues
Fewer existing local homes were sold in 2025 than during 2024, with LVR data showing 2025 marked the lowest annual sales total since 2007. Sales have seen peaks and valleys in recent years, generally declining since 2021, when a record 50,010 total properties were sold.
In March, 71.5% of all existing local homes and 68.5% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 76% of all homes and 74.2% of all condos and townhomes sold within 60 days.
The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9% of all existing local property sales in March. That compares to 1.1% one year ago.
The total value of local real estate transactions tracked through the MLS during March was more than $1.4 billion for homes and nearly $163 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in March were up 6.1% for homes, but down 11.8% for condos and townhomes.
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