Southern Nevada Home Prices Hit Record as Inventory Surges

Las Vegas Realtors reported that Southern Nevada's housing market reached a new milestone in November as the median price for existing single-family homes climbed to a record $488,995. This reflects a 1.9% increase from the same month last year. The median price for condos and townhomes reached $303,750, up 0.8% year over year but still below the October peak.

Although single-family residential properties reached their highest price to date, the Southern Nevada region continued to show volatility in sales activity throughout 2024. With 31,305 total residential units sold in 2024 — including single-family homes, condominiums, and townhouses — Southern Nevada surpassed 2023's total of 29,069 closed transactions, but it is also the lowest number of units sold in Southern Nevada since 2008. Both 2022 and 2021 posted stronger annual numbers.

In November, 1,918 properties changed hands. Single-family home sales decreased 6.6% from the same month in 2024, while condo and townhome sales declined 20.2%. Cash buyers accounted for 23% of all sales during the month. Distressed sales remained near historic lows at 0.5%. MLS valuation measures declined year over year for both homes and attached properties.

Inventory expanded significantly compared to last year. November ended with 7,033 single-family homes listed without offers and 2,613 condos and townhomes available. The market now carries roughly five months of housing supply, up from about three months a year earlier, signaling a move toward a more balanced or slightly buyer-leaning environment.

“Even with this new record for our median home price, overall trends have been shifting more in favor of home buyers,” said LVR President George Kypreos. “We're selling fewer homes. We have more homes available for sale. And we saw a nice dip in mortgage interest rates last week. All of this benefits people who are prepared and can afford to buy.”

While costs remain elevated, improving supply levels and easing mortgage rates are creating more favorable conditions for prospective buyers.