Las Vegas Housing Market Update: April 2025
As of April 2025, the Las Vegas housing market has shown notable trends, according to the latest report from Las Vegas REALTORS® (LVR). The findings indicate a minor decrease in home prices, alongside a significant increase in inventory, suggesting a shift towards a more balanced market.
Current Home Prices
The median price for existing single-family homes in Southern Nevada reached $480,000 in April—reflecting a 1% decrease from the previous record high of $485,000 observed earlier this year. Compared to April 2024, this price is up by 2.3% from $469,000.
For condos and townhomes, the median price was recorded at $302,700, marking a slight decrease from March, but an increase of 4.4% from $290,000 in April 2024. This figure remains below the all-time high of $315,000 set in October of the previous year.
Market Dynamics
George Kypreos, President of LVR and a long-time REALTOR®, remarked, “Since the beginning of the year, the median home price has only varied by 1%. That’s pretty rare. This month’s LVR statistics are another indication that the local housing market is becoming more balanced, with stable home prices and more homes on the market for buyers to consider.”
As of the end of April, there were 6,213 single-family homes actively listed without any offers, a striking 78.7% increase from the same time last year. The number of condos and townhomes with no offers also rose significantly, reaching 2,390—up 91.5% year-over-year.
Sales Trends
In April, a total of 2,718 properties, including homes, condos, and townhomes, were sold, revealing a decrease in transactions: 7.1% for single-family homes and 12.4% for condos and townhomes when compared to April 2024. The current sales pace translates to over a three-month housing supply, contrasting with less than two months of supply available at the same time last year.
To date, the market is reflecting sales figures roughly on par with 2024, when LVR recorded 31,305 total transactions. This was an improvement from 29,069 sales in 2023, which marked the slowest year for existing local home sales since 2008. In 2022, there were 35,584 transactions, with the peak occurring in 2021, when sales reached 50,010.
Additional Insights
- In April, 81.1% of existing homes and 75.1% of condos and townhomes sold within 60 days. This compares to 83.0% and 84.1% a year prior, respectively.
- Cash transactions accounted for 23.2% of all sales during April, down from 26.9% the previous year, significantly below the 59.5% peak seen in February 2013.
- Distressed sales, including short sales and foreclosures, remained low, comprising just 0.7% of total property sales in April, compared to 1.2% a year earlier.
Conclusion
The statistics detailed above are reflective of the market conditions as of the end of April 2025 and demonstrate a shift towards more available inventory and steady pricing. For ongoing updates, LVR regularly releases monthly reports based on data from its Multiple Listing Service, excluding newly constructed homes and for-sale-by-owner listings.
About Las Vegas REALTORS®
Founded in 1947, Las Vegas REALTORS® (formerly GLVAR) serves nearly 16,000 members by providing education, training, and advocacy. As the local representative of the National Association of REALTORS®, LVR emphasizes the importance of professional training and adherence to a strict code of ethics. For more details, visit www.LasVegasRealtor.com.