LAS VEGAS (KLAS) — When the Las Vegas housing market was sizzling, homes had been promoting about as quick as they hit the market. Now, gross sales have slowed considerably, in keeping with a report launched Thursday by Las Vegas Realtors (LVR).
The median worth of a single-family dwelling crept up in October to $474,370, with the provision of accessible properties ballooning to a four-and-a-half-month provide. The median worth for condominiums/townhomes dropped to $285,000, falling $9,000 in a single month, and down $30,000 since peaking a 12 months in the past at $315,000. (The median worth is the one within the center — half promote for extra and half promote for much less.)
When the market was at its hottest within the spring of 2022, 96% of properties had been promoting inside 60 days, and condos had been going simply as quick with 98% promoting in 60 days or much less. The availability of accessible homes was dipping beneath two months.
Quick-forward to October 2025, and solely 71.7% of properties are promoting that quick. Condos had been going even slower, with simply 67.5% of gross sales taking place inside two months. LVR’s figures are primarily based on properties offered via their A number of Listings Service (MLS), they usually do not embrace gross sales of latest properties or properties offered by their proprietor.
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“Local home prices are moderating, with more homes on the market and properties taking a little longer to sell,” LVR President George Kypreos, a longtime native Realtor, mentioned. “This shows that the housing market is shifting more in favor of buyers. For people who are prepared and can afford it, it’s a good time to buy.”
Affordability is the issue for a lot of Las Vegas newcomers or individuals making an attempt to get out of an residence and into a house. Many individuals are merely priced out of the market as costs have floated between $470,000 and $485,000 for the previous 18 months. Condos is perhaps coming again into vary, with costs dipping beneath $290,000 for the primary time since April 2024.
By the top of October, 7,538 single-family properties had been listed on the market with out a suggestion, in keeping with LVR. That is up 30.3% from October 2024. The two,660 condos and townhomes listed with out gives in October characterize a 47.9% leap from one 12 months earlier.
In October, the house gross sales had been down 10.1% in comparison with ranges a 12 months in the past. Rental gross sales had been down 8.9%.
About 26.5% of all native property gross sales in October had been money transactions, up from 23.3% a 12 months earlier, LVR mentioned. The height got here in February 2013, when 59.5% of all gross sales had been money.
