In a recent report from Las Vegas Realtors (LVR), it was revealed that home prices maintained their stability in May, staying within a narrow range of $5,000 from the peak levels seen in the early months of 2025.
The report revealed that single-family homes are now priced at a median of $480,000, while buyers of condominiums and townhomes experienced a $5,700 rise, bringing the median price to $307,000. The median price represents the midpoint, where half of the values fall above and half below.
A Thursday report from online real estate company Redfin has confirmed that observation. Pending home sales across the nation have dropped to their lowest level for May since 2020, while mortgage applications have also seen a week-over-week decrease. “Potential buyers are retreating as housing prices soar to near all-time highs, with the median home-sale price increasing by 1.2% compared to last year and the weekly average mortgage rate nearing 7%. Additionally, the uncertainty of the U.S. economy is contributing to this trend,” the report stated.
Las Vegas has been highlighted as one of the top five markets experiencing the most significant decline in pending sales year over year, with a drop of 15.4%. Miami leads with a significant drop of -19.6%. According to LVR’s data from its Multiple Listings Service (MLS), there has been a notable decline in sales, with homes experiencing a drop of 13.1% and condos and townhomes seeing a decrease of 19.0%.
Las Vegas sees a 1.5% increase in median single-family home prices compared to last year, according to LVR. Condominiums and townhomes have experienced a notable increase of 4.1%. The peak price for condos was reached seven months ago in October 2024, hitting $315,000.
In a clear indication of the market’s deceleration, inventory levels have surged to a supply that spans 3½ months. As of the end of May, there were 6,646 homes available for sale with no offers, marking a significant increase of 71.8% compared to the same time last year. In May, the number of condos and townhomes listed without offers surged to 2,510, marking an impressive increase of 89.6% compared to the same time last year, according to LVR.
After three long years of anticipation, Hanifa Jackson, who is currently renting, is eager to seize the perfect chance to buy her own home. Jackson expressed to 8 News Now that the figures in the latest report fail to instill sufficient confidence for her to proceed at this time.
In May, an impressive 81.6% of all existing local homes and 76.5% of all existing local condos and townhomes found buyers in under 60 days. In comparison to the previous year, the figures have decreased, with 85.6% of all homes and 85.6% of all condos and townhomes being sold within a 60-day period.
According to LVR, distressed home sales represent less than 1% of total property transactions, while the proportion of cash buyers has fallen to approximately 23% of all sales. Single-family home sales soared past $1.2 billion, while condos and townhomes achieved over $182 million in sales.
As of Thursday, 30-year fixed mortgages in Nevada are being offered at a rate of 6.625%, according to Bankrate.
