Las Vegas home prices climbed to a new high in November 2025 even as sales volumes weakened and inventory continued to build, according to the latest report from Las Vegas Realtors.
The median price of an existing single-family home rose to $488,995, edging up 1.9% from a year earlier and surpassing the previous record of $485,000 set multiple times earlier in 2025. Prices for condos and townhomes reached $303,750, up 0.8% year-over-year, though still shy of the $315,000 peak notched in October 2024.
“Even with this new record for our median home price, overall trends have been shifting more in favor of homebuyers,” said LVR President George Kypreos. “We’re selling fewer homes, we have more homes available, and mortgage rates dipped last week — all of which benefits buyers who are prepared and able to act.”
Inventory surged heading into the holiday season. LVR reported 7,033 single-family homes on the market without offers at the end of November, a 26.3% jump from a year earlier. Condo and townhome listings without offers rose 40.8% to 2,613.
Sales, meanwhile, continued to soften. A total of 1,918 existing homes, condos and townhomes changed hands in November. Compared with a year earlier, single-family home sales fell 6.6%, while condo and townhome transactions dropped 20.2%. The slower pace equates to roughly a five-month supply of homes on the market, up from just over three months at the same time in 2024.
Las Vegas housing activity has seesawed in recent years as buyers and sellers adjusted to shifting mortgage rates. LVR recorded 31,305 existing home and condo sales in 2024, up from 29,069 in 2023 — the slowest year since the 2008 housing crash. That followed 35,584 transactions in 2022 and a record-setting 50,010 sales in 2021.
Additional November market metrics:
Speed of sales: 70.9% of single-family homes and 67.1% of condos/townhomes sold within 60 days, down from 79.3% and 77.9%, respectively, a year earlier.
Cash buyers: Cash transactions made up 23% of all sales, down from 24.9% a year ago and far below the February 2013 peak of 59.5%.
Distressed activity: Short sales and foreclosures remained minimal, representing just 0.5% of all transactions, compared with 0.9% last year.
Transaction value: Total sales volume reached $952 million for single-family homes and $119 million for condos and townhomes. Year-over-year, dollar volume fell 3.6% for homes and 22.1% for attached units.
Despite record pricing, Las Vegas Realtors say the shifting supply-demand balance and recent easing in mortgage rates may give buyers more leverage heading into 2026.
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