The Southern Nevada housing market started the year shifting in favor of buyers, with home prices stabilizing and inventory increasing, according to data from the Las Vegas Realtors Association.
The median price of an existing single-family home in January reached $470,000, unchanged from December but down 3.1% compared to last year, and below the record high of $488,995 set in November 2025.
Meanwhile, the median price of condos and townhomes fell to $283,750, a 3.2% decrease year over year. The supply of single-family homes rose by 18.7% to 6,190 properties, while the number of condos and townhomes increased by 25.4% to 2,377 units, giving buyers more options.
Monthly sales declined, with 1,825 units sold, marking an 8.4% drop for single-family homes and an 8% decrease for condos and townhomes. This contributed to an increase in housing inventory to five months, compared to three and a half months a year earlier, reflecting a shift toward a more balanced market instead of one dominated by sellers.
Indicators also showed an annual slowdown, as the number of homes sold in 2025 fell to its lowest level since 2007. Properties took longer to sell compared to last year, and cash purchases dropped to 26%, while distressed sales remained rare at 0.8%.
The total value of transactions through the MLS exceeded $896 million for single-family homes and $143 million for condos and townhomes. The value of single-family home sales declined by 5.3%, while condo and townhome sales rose by 14.6%, reflecting a change in the market mix.
