The Southern Nevada housing market is showing clear signs of stabilization, according to the latest data from Las Vegas Realtors, as home prices hold steady and inventory continues to rise — creating a more favorable environment for prospective buyers.
LVR reported that the median price of existing single-family homes sold in May 2025 through its Multiple Listing Service (MLS) remained unchanged from April at $480,000. That figure is just below the record high of $485,000 recorded earlier this year and still reflects a 1.5% year-over-year increase from May 2024.
Condos and townhomes also posted solid pricing numbers. The median sales price reached $307,000 in May, up 4.1% from a year ago, though still shy of the $315,000 peak seen in October 2024.
“Home prices have been very steady so far this year, with more homes on the market,” said LVR President George Kypreos. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”
The number of homes available with no offers on the table has increased sharply. By the end of May, 6,646 single-family homes were listed for sale without offers — a 71.8% jump from a year earlier. Condo and townhome inventory surged even more, with 2,510 units listed without offers, marking an 89.6% increase year-over-year.
Sales activity, however, has cooled. A total of 2,646 existing homes, condos, and townhomes were sold in May–down 13.1% for single-family homes and 19.0% for condos and townhomes compared to May 2024. The current pace of sales represents nearly three and a half months of available housing supply, a notable increase from less than two months at this time last year.
The broader trend over the past five years highlights the market’s volatility. LVR recorded 31,305 existing home sales in 2024, up from 29,069 in 2023 — the slowest year for sales since 2008. For comparison, 35,584 homes were sold in 2022, following the record-setting 50,010 sales in 2021.
Other Key Market Highlights for May 2025:
- Speed of Sales: 81.6% of single-family homes and 76.5% of condos and townhomes sold within 60 days–both down from 85.6% one year ago.
- Cash Buyers: 22.8% of all sales were cash transactions, down from 25.7% in May 2024 and significantly lower than the 59.5% cash peak seen in February 2013.
- Distressed Sales: Foreclosures and short sales combined accounted for just 0.6% of all existing sales, down from 1.1% one year ago and 1.5% five years ago.
- Total Transaction Value: More than $1.2 billion in home sales and over $182 million in condo and townhome transactions were recorded through the MLS in May, representing annual declines of 14.0% and 15.7%, respectively.
As inventory builds and buyer competition cools, Las Vegas may be entering a new phase of market equilibrium — marking a shift from the frenzied pace of recent years to a more measured, buyer-friendly landscape.