Data from the Las Vegas Realtors indicates that the housing market in Southern Nevada shifted in favor of buyers in February 2026. Sales declined while inventory increased, and median prices fell compared with previous record levels.
The median sales price of existing single-family homes reached $481,995, marking a 0.6% decrease from the previous year and remaining below the record $488,995 recorded in November 2025. Meanwhile, condominiums and townhouses experienced a larger drop, with the median price falling to $285,000, down 5.9% from February 2025, compared with $315,000 in October 2024.
LVR reported 6,131 homes listed for sale without offers, representing a 17.2% increase compared with the previous year. The number of available condos and townhomes also rose by 23.7%, reaching 2,505 units.
At the same time, sales activity slowed, with 2,088 existing homes sold last month, reflecting a 9.4% decline for single-family homes and an 8.0% drop for condos and townhouses compared with February 2025.
Annual sales in 2025 recorded their lowest level since 2007, declining significantly from the 2021 peak of 50,010 transactions. Currently, the housing inventory is sufficient for more than four months of supply, compared with three months during the previous year.
These indicators suggest the market is entering a transitional phase, where buyers are gaining greater influence, despite continued demand and strong local capital in the region.
