Southern Nevada’s housing market opened the year with momentum shifting toward buyers, as prices eased from recent peaks and the number of homes available for sale climbed sharply, according to data released Friday by Las Vegas Realtors.
The median price of an existing single-family home sold through the group’s Multiple Listing Service in January was $470,000, unchanged from December but 3.1% lower than a year earlier. The figure also sits below the market’s record high of $488,995 reached in November 2025, signaling a modest cooling after several years of rapid appreciation.
Condominiums and townhomes posted similar declines. The median price for those properties fell to $283,750 in January, down 3.2% from the same month a year ago and well below the segment’s all-time high of $315,000 recorded in October 2024.
“Overall, this month’s report is another indication that conditions are starting to favor buyers,” said LVR President George Kypreos. “They now have more homes to choose from at prices that have been stabilizing.”
Inventory growth has been pronounced. By the end of January, 6,190 single-family homes were listed for sale without offers, an 18.7% increase from a year earlier. The number of available condos and townhomes without offers rose even faster, climbing 25.4% to 2,377 units.
Sales activity, however, softened. A total of 1,825 existing homes, condos and townhomes changed hands during the month. Compared with January 2025, single-family home sales fell 8.4%, while condo and townhome transactions declined 8.0%.
At the current pace of sales, the region holds nearly a five-month supply of housing, up from just over three and a half months a year ago — a shift that typically signals a market moving away from seller dominance toward more balanced conditions.
The broader annual trend underscores the slowdown. Fewer existing homes were sold across Southern Nevada in 2025 than in 2024, with last year marking the lowest annual total since 2007. Transaction volumes have generally trended downward since the record 50,010 properties sold in 2021, reflecting higher borrowing costs and affordability constraints that have weighed on demand.
Additional indicators point to a moderating market. Roughly 65.7% of single-family homes and 60.8% of condos and townhomes sold within 60 days in January, down from 72.5% and 73.6%, respectively, a year earlier — evidence that listings are taking longer to move.
Cash purchases also declined modestly. About 26% of all local property sales were all-cash transactions, compared with 28.5% a year earlier and far below the post-financial-crisis peak of 59.5% recorded in February 2013.
Distressed sales remain scarce. Short sales and foreclosures combined accounted for just 0.8% of all existing property transactions in January, little changed from 0.9% a year earlier and well under the 1.2% level seen five years ago.
In dollar terms, the total value of real-estate transactions tracked through the MLS exceeded $896 million for single-family homes and $143 million for condos, high-rise units and townhomes. Compared with a year earlier, overall sales values declined 5.3% for homes but rose 14.6% for the condo and townhome segment, reflecting a shift in transaction mix even as overall volumes slowed.
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