Las Vegas Housing Market Cools: What Locals Need to Know
The fast-paced Las Vegas housing market is experiencing a significant slowdown, shifting conditions for both buyers and sellers. Recent data from Las Vegas Realtors (LVR) reveals that homes are taking longer to sell, inventory is increasing, and condominium prices have seen a notable dip.
October 2025 Market Snapshot
The latest report indicates a cooling trend across the Las Vegas residential landscape. The median price for a single-family home saw a slight increase to $474,370 in October, but the overall market dynamics suggest a move towards buyer favor. More notably, the median price for condominiums and townhomes dropped to $285,000, a $9,000 decline in just one month and $30,000 below its peak from a year ago.
A Clear Shift from the 2022 Frenzy
Contrast this with the fervent market of Spring 2022, when nearly all homes (96% of single-family, 98% of condos) sold within 60 days, and housing supply dwindled below two months. Fast-forward to October 2025, and only 71.7% of single-family homes and 67.5% of condos are selling within that two-month window. This change highlights a significant deceleration in sales speed, giving prospective buyers more time and options.
Inventory Jumps and Sales Dip Year-Over-Year
Local inventory has swelled considerably. By the end of October, 7,538 single-family homes were listed without offers, a 30.3% rise from October 2024. Condos and townhomes saw an even sharper increase, with 2,660 listed properties representing a 47.9% jump year-over-year. Consequently, October also saw a decrease in sales volume, with single-family home sales down 10.1% and condo sales down 8.9% compared to the previous year.
Buyer’s Market Emerging Amid Affordability Concerns
LVR President George Kypreos notes that “local home prices are moderating, with more homes on the market and properties taking a little longer to sell.” He suggests this shift favors buyers who are prepared, yet affordability remains a hurdle for many. Single-family home prices have hovered between $470,000 and $485,000 for the past 18 months. However, the drop in condo prices below $290,000 for the first time since April 2024 could signal a return to accessibility for some.
The Steady Rise of Cash Transactions
Interestingly, cash transactions are on the rise, accounting for 26.5% of all local property sales in October, up from 23.3% a year prior. While this is still far from the February 2013 peak of 59.5% cash sales, it indicates a segment of the market where buyers are less reliant on traditional financing, potentially sidestepping high interest rates.
Las Vegas Housing Market Overview
| Metric | Spring 2022 Peak | October 2025 |
|---|---|---|
| Single-Family Median Price | — | $474,370 |
| Condo/Townhome Median Price | $315,000 (peak) | $285,000 |
| % Sold in 60 Days (SFH) | 96% | 71.7% |
| % Sold in 60 Days (Condo) | 98% | 67.5% |
| Supply of Homes | Below 2 months | 4.5 months |
| Cash Transactions | — | 26.5% |
Frequently Asked Questions
- What is the current median price for a single-family home in Las Vegas?
As of October 2025, the median price for a single-family home is $474,370. - Are condo prices in Las Vegas becoming more affordable?
Yes, the median price for condominiums/townhomes dropped to $285,000 in October, down $9,000 from the previous month and $30,000 from its peak a year ago. - Is now a good time to buy a home in Las Vegas?
According to LVR President George Kypreos, with moderating prices and more homes on the market, it could be a good time to buy for those who are prepared and can afford it, as the market is shifting in favor of buyers. - How much has the housing inventory increased?
Single-family home listings without offers are up 30.3% from October 2024, and condo/townhome listings are up 47.9% year-over-year. - What percentage of sales are cash transactions?
In October, 26.5% of all local property sales were cash transactions, an increase from 23.3% a year earlier.
For Las Vegas residents navigating the housing market, staying informed about these shifting trends is crucial, whether you’re looking to buy your first home, upgrade, or sell.
Las Vegas housing slowdown favors buyers
