Recent statistics from Las Vegas Realtors indicate a pullback in local home prices from their peak, alongside a notable increase in the inventory of homes available for sale.
In April, the median price for existing single-family homes in Southern Nevada, according to the Multiple Listing Service, was recorded at $480,000.
This figure reflects a slight decrease of 1 percent from the previous all-time high of $485,000, set just three months prior.
However, it marks a 2.3 percent increase from April 2024, when the median price stood at $469,000.
Similarly, the median price for condos and townhomes sold in April was $302,700, which shows a minor decline from the month before but represents a 4.4 percent increase from $290,000 in April 2024.
This latest figure remains well below the record high of $315,000 observed last October.
George Kypreos, President of LVR and a veteran Realtor, commented on the stability of the market.
“Since the beginning of the year, the median home price has only varied by 1 percent. That’s pretty rare,” he stated, emphasizing the balance being achieved in the housing market.
This balance is characterized by more stable home prices and increased choices for buyers.
As of the end of April, there were 6,213 single-family homes listed for sale without any offers, reflecting a 78.7 percent increase from the same time last year.
Furthermore, the number of condos and townhomes listed without offers surged to 2,390, marking a significant 91.5 percent increase year-over-year.
In total, LVR reported 2,718 existing local homes, condos, and townhomes sold in April, which represents a 7.1 percent decrease in home sales and a 12.4 percent drop in condo and townhome sales compared to April 2024.
This sales activity in April indicates a housing supply of over three months, a substantial rise from the less than two-month supply recorded in the same timeframe last year.
Looking back at the year so far, home sales appear to mirror those of 2024, when LVR documented total sales of 31,305 existing properties sold.
This number was an increase from the 29,069 sales in 2023, which was the slowest year for existing home sales since 2008.
In 2022, LVR reported 35,584 total sales, following a record year in 2021 with 50,010 properties sold.
Other notable findings from LVR’s April report reveal that 81.1 percent of all existing local homes and 75.1 percent of condos and townhomes sold within 60 days.
This is a slight decline from the previous year, when 83 percent of homes and 84.1 percent of condos and townhomes sold within the same timeframe.
Cash transactions constituted 23.2 percent of all local property sales in April, down from 26.9 percent a year earlier and significantly below the peak of 59.5 percent in February 2013.
Meanwhile, the number of distressed sales, which include short sales and foreclosures, remains historically low.
LVR reported that such sales made up only 0.7 percent of all local property sales in April, in contrast to 1.2 percent one year prior and 1.5 percent five years ago.
In terms of transaction value, the overall local real estate market experienced a total exceeding $1.3 billion for homes and nearly $169 million for condos, high-rise condos, and townhomes in April.
These total sales values denote a 5.8 percent decrease for homes and a 12.6 percent decrease for condos and townhomes compared to the previous year.
It is essential to note that these LVR statistics encompass activity through the end of April 2025 and are based on data from its MLS, which does not capture newly constructed homes sold by local builders or homes being sold by owners.
Established in 1947, Las Vegas Realtors, previously the Greater Las Vegas Association of Realtors, serves nearly 16,000 local members by providing education, training, and political representation.
LVR is affiliated with the National Association of Realtors and stands as the largest professional organization in Southern Nevada, ensuring each member receives comprehensive training and adheres to a strict code of ethics.
For further details, visit LasVegasRealtor.com.
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