Overview of Recent Trends

A recent report from Las Vegas REALTORS® (LVR) highlights a stable housing market in Southern Nevada, with median home prices maintaining an all-time high. As of March 2025, the median price for existing single-family homes is $485,000, consistent with figures from the previous two months and reflecting a 4.3% increase compared to March 2024.

Condos and Townhomes Performance

The median price for local condos and townhomes in March also demonstrated upward momentum, rising to $306,495. This marks an 8.5% increase from $282,500 in March of last year, although it remains below the record of $315,000 set in October.

Market Insights from LVR President

George Kypreos, President of LVR, remarked, “It’s interesting to see that the median price of existing homes hasn’t changed since the start of 2025.” He emphasized that this trend indicates stability and suggests a more gradual increase in home prices. Furthermore, he noted that buyers are benefiting from a broader selection of available homes alongside a recent decline in mortgage rates.

Inventory and Sales Statistics

By the end of March, the inventory of single-family homes listed for sale without offers reached 5,416, a significant 63.0% increase from the previous year. For condos and townhomes, there were 2,204 listings without offers, representing an 86.9% rise compared to March 2024.

In total, 2,712 existing homes, condos, and townhomes were sold in March, reflecting a 2.9% increase in home sales but a 3.4% decrease in condo and townhome sales compared to March 2024. The current sales pace equates to less than a three-month housing supply, a notable difference from the less than two-month supply observed last year.

Year-over-Year Comparisons and Trends

The rebound in local home sales follows a slower 2023, with LVR reporting a total of 31,305 properties sold in 2024, an increase from 29,069 sales in 2023—the lowest since 2008. The figures for 2022 showed a higher volume, with 35,584 sales, marking a substantial decline from the peak year of 2021, which recorded 50,010 sales.

Key Statistics and Observations

• 76.0% of all existing local homes and 74.2% of all condos and townhomes sold within 60 days.
• Cash transactions accounted for 24.6% of local property sales in March, down from 26.1% a year earlier.
• Distressed sales remain low, comprising 1.1% of all sales, unchanged from last year.

Conclusion

This data reflects the trends in the Las Vegas housing market as of March 2025, with continued high prices and increasing inventory benefiting buyers. Keep an eye on these developments as the year progresses.