Home prices inch back up in Southern Nevada, report says

Southern Nevada home prices inched back up in October, according to the latest data from Las Vegas Realtors.

The median price of a single-family home sold in October was approximately $475,000, a 1.1 percent increase from September and a 0.1 percent increase from October of last year, according to the trade association, which pulls its data on the resale market from the Multiple Listing Service.

Additionally, the median price of a condo or townhome sold in October was $279,000, down 3.8 percent from the previous month and a 2.1 percent drop from October 2025.

“We’re seeing the impact of the recent rise in mortgage rates,” LVR President George 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.”

Mortgage rates have strangled home sales in the Las Vegas Valley and across the country largely since the tail end of the pandemic in 2022. Many potential homebuyers are refusing to buy while homesellers are largely refusing to drop prices, which has created a locking phenomenon in the housing market across the country.

LVR data shows 1,895 existing single-family homes, condos and townhomes sold in October. That’s a 11.9 percent drop compared to the same month last year for single-family homes and down 23.6 percent for condos and townhomes.

The sales pace in October, according to MLS data, equates to close to a six-month housing supply. This is up from one year ago, when LVR reported that there was a supply of just over four and a half months.

At the end of October, LVR reported there were 8,112 single-family homes listed for sale without any offers, a 7.6 percent increase from one year earlier. On top of this, the 2,837 condos and townhomes listed without offers in October represents a 6.7 percent uptick from one year ago.

“The local sales pace so far this year has been similar to 2025, which posted the lowest annual sales total since 2007,” reads the LVR release for the October data. “Sales have seen peaks and valleys in recent years, generally declining since 2021, when LVR reported a record 50,010 total properties were sold.”

Contact Patrick Blennerhassett at [email protected].