A recent report from Las Vegas Realtors reveals that local home prices remain at record levels, while the number of available listings continues to rise.
According to LVR, the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service in March 2025 was $485,000 — matching the all-time high seen in January and February. This represents a 4.3% increase from March 2024, when the median price was $465,000.
The median price for condos and townhomes sold in March reached $306,495, marking an 8.5% year-over-year increase from $282,500. However, this figure is still below the record high of $315,000 set in October.
LVR President George Kypreos commented on the price stability observed since the start of the year.
“It’s interesting to note that the median price of existing homes has remained unchanged since the beginning of 2025,” Kypreos said. “This reflects a stable market with more gradual price growth. At the same time, buyers have more options and are benefiting from recent declines in mortgage rates.”
By the end of March, there were 5,416 single-family homes listed for sale without offers, marking a 63.0% increase from the previous year. Listings for condos and townhomes without offers also rose, climbing 86.9% to 2,204 units.
LVR reported a total of 2,712 sales of existing homes, condos, and townhomes in March. Home sales were up 2.9% compared to March 2024, while condo and townhome sales declined by 3.4%. The current sales pace reflects a housing supply of just under three months, compared to less than two months at this time last year.
Sales activity is gradually recovering following a slow 2023. LVR recorded a total of 31,305 sales of existing homes, condos, and townhomes in 2024, up from 29,069 in 2023, the slowest year for the local market since 2008. In comparison, 35,584 properties sold in 2022, following a record-breaking 2021 with 50,010 transactions.
Additional Market Highlights for March:
Speed of Sales: 76.0% of single-family homes and 74.2% of condos and townhomes sold within 60 days, slightly down from 77.0% and 76.1%, respectively, a year ago.
Cash Sales: Cash purchases accounted for 24.6% of total sales, down from 26.1% in March 2024 and significantly below the 59.5% peak in March 2013.
Distressed Sales: Short sales and foreclosures made up just 1.1% of transactions, unchanged from last year and down from 2.0% five years ago.
Transaction Volume: The total sales value for single-family homes in March exceeded $1.3 billion, while condos and townhomes totaled $184 million. Compared to March 2024, home sales values increased by 9.8%, while condo and townhome values decreased by 2.8%.
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