The median price of a single-family home in Southern Nevada reached approximately $475,000 in October, a 1.1 percent increase from September and a 0.1 percent rise from the same month last year, according to Las Vegas Realtors. Condo and townhome prices moved in the opposite direction, falling 3.8 percent from September to $279,000, which is a 2.1 percent drop from October 2025.
Sales activity declined sharply. LVR data shows 1,895 existing single-family homes, condos and townhomes sold in October, representing an 11.9 percent drop for single-family homes and a 23.6 percent decrease for condos and townhomes compared to the previous year.
Inventory continued to expand. At the end of October, 8,112 single-family homes were listed without offers, up 7.6 percent from a year earlier, while condo and townhome listings without offers rose 6.7 percent to 2,837. The current sales pace equates to nearly a six-month housing supply, up from just over four and a half months a year ago.
LVR President George Kypreos attributed the trends to rising mortgage rates. "We’re seeing the impact of the recent rise in mortgage rates," Kypreos said in a statement. "I suspect these statistics would look a lot different if rates went back down by a percentage point or so. The demand for homes in Southern Nevada is still strong."
The association noted that the local sales pace this year has been similar to 2025, which recorded the lowest annual sales total since 2007. Sales have generally declined since 2021, when a record 50,010 properties were sold.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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