Home prices in the Las Vegas area edged slightly lower toward the end of 2025, alongside declining sales and rising inventory, signaling a gradual slowdown in one of the most volatile real estate markets in the United States.
The median price of existing single-family homes sold in December 2025 reached about $470,000, down 1.1% year over year and roughly 4% below the peak recorded in November at $488,995, according to reports from the Las Vegas Realtors association.
Prices for condominiums and townhomes fell more sharply, with the median dropping to $275,000, a decline of 5.2% compared with December 2024 and well below the high of $315,000 recorded in October 2024.
Sales activity also weakened, with total transactions for existing homes, condos, and townhomes totaling 2,261 units in December. Single-family home sales slipped 0.5% year over year, while condo and townhome sales fell 1.5%.
George Kypreos, president of the Las Vegas Realtors association, noted that the market has begun to show positive signs at the start of the new year, as buyer demand has started to improve gradually and prices have remained relatively stable. Mortgage rates also declined toward the end of 2025 compared with the previous year, pointing to the potential for a more balanced market in 2026.
Housing supply continued to grow during this period, with the number of single-family homes listed for sale without offers rising to 6,396 units by the end of December, up about 29% from a year earlier. For condos and townhomes, unsold listings reached 2,322 units, an increase of 31.7%. At the current pace of sales, Southern Nevada’s inventory is sufficient for nearly four months, compared with about three months a year ago.
Over the full year of 2025, the market recorded sales of 28,498 residential properties, including homes and condos, compared with 31,305 in 2024—marking the lowest annual total since 2007. It is worth noting that sales have been trending downward since peaking in 2021, when total transactions exceeded 50,000 units amid the post-pandemic economic rebound and low interest rates.
Additional signs of slowing emerged in December, as 69.2% of homes and 62.3% of condos and townhomes sold within 60 days, down from 74.5% and 75.8%, respectively, a year earlier. The share of cash transactions also declined to 22.7% of total sales, compared with 26.2% the previous year, and far below its peak of 59.5% in 2013.
Distressed sales remained very low, with short sales and foreclosures accounting for only about 1.1% of total transactions in December—slightly higher than a year earlier but still at historically low levels.
Despite the overall decline in sales volume, the total value of real estate transactions in December reached about $1.1 billion for single-family homes and $153 million for condos and townhomes. On an annual basis, the total value of single-family home sales slipped by 0.6%, while the value of condo and townhome sales rose by 6.1%, reflecting a shift in purchasing patterns within the local housing market.
