LAS VEGAS (KLAS) — A $15,000 plunge in condominium costs throughout July introduced the primary large transfer within the Las Vegas housing market because the begin of 2025, however single-family houses stayed at report ranges, Las Vegas Realtors (LVR) reported Friday.
At $485,000, the median worth for a single-family residence is strictly the place it was six months in the past. The value dropped to $480,000 in April and Could, however got here proper again in June and July. The median worth is the one within the center — half are larger and half are decrease.
In the meantime, condos and townhomes have proven a wider vary since peaking at $315,000 in October 2024. In July, they dropped to $290,000 after June’s $305,000.
Because the yr began, costs had been climbing, with single-family houses leaping from $475,000 to $485,000 in January, and condos going from $293,000 to $303,000 in February.
Houses are nonetheless out of attain for a lot of consumers within the Las Vegas market, and the variety of houses available on the market has elevated.
“The biggest headline coming out of our housing market this year has been our increasing inventory,” LVR President George Kypreos stated. “We continue to see steady prices and an increasing number of local homes available for sale – though our inventory levels are not out of line with where they’ve been historically.”
By the tip of July, LVR reported 7,147 single-family houses listed with none form of supply. That is up 54.2% from one yr earlier. The two,622 condos and townhomes listed symbolize a 77.0% leap. The housing provide has grown from a two-month provide to a four-month provide over the previous yr.
“More homes to choose from is good news for buyers. It’s also a sign that the market has been cooling down lately,” Kypreos stated.
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A complete of two,568 present native houses, condos and townhomes bought in July, in line with LVR. In comparison with July 2024, gross sales had been down 5.8% for houses and down 11.6% for condos and townhomes.
In July, 78.8% of all present native houses and 73.5% of all present native condos and townhomes bought inside 60 days. That’s down from one yr earlier, when 86.5% of all houses and 81.8% of all condos and townhomes bought inside 60 days.
Throughout July, LVR discovered that 23.8% of all native property gross sales had been money transactions. That’s down from 25.1% one yr earlier – nicely beneath the February 2013 money purchaser peak of 59.5%.
LVR’s statistics are based mostly on gross sales excluding new development and houses bought by their house owners. The gross sales are tracked by way of LVR’s A number of Itemizing Service (MLS).
