The Las Vegas residential real estate market ended 2025 with slower sales and lower prices than the year before. This is according to new data from Las Vegas Realtors.
While the year ended more quietly than many sellers hoped, industry leaders say the latest figures suggest the market may be moving toward a healthier balance after several years of volatility marked by sharp price swings, tight inventory, and affordability challenges.
Home Prices Ease from Recent Highs
In December 2025, the median price of an existing single-family home sold in Southern Nevada was $470,000. That figure represented a modest 1.1% decline from December 2024 and a more notable pullback from November’s record high of $488,995.
Although prices dipped late in the year, they remained historically elevated by pre-pandemic standards. Local housing analysts note that the recent decline reflects a cooling of demand rather than a sharp correction, as buyers continue to grapple with affordability constraints and higher borrowing costs compared to the ultra-low-rate era of 2020 and 2021.
The condo and townhome segment followed a similar pattern. The median price for attached housing units closed in December at $275,000, down from November levels and approximately 5.2% lower than the same month a year earlier. Condos and townhomes, often seen as a more affordable entry point into the Las Vegas market, were not immune to the slowdown, particularly as interest rates and homeowner association fees weighed on monthly costs.
Sales Activity Remains Subdued
Sales volume also softened as 2025 came to a close. A total of 2,261 existing homes, condominiums, and townhomes changed hands in December. Compared with December 2024, single-family home sales declined by 0.5%, while condo and townhome transactions slipped 1.5%.
Looking at the full year, the slowdown becomes more pronounced. Las Vegas Realtors reported 28,498 existing homes, condos, and townhomes sold across Southern Nevada in 2025. That total was well below the 31,305 sales recorded in 2024 and marked the lowest annual sales volume since 2007, a year still closely associated with the onset of the housing crash.
Industry observers point out that the comparison to 2007 is more symbolic than structural. Unlike the pre-crisis years, today’s market is characterized by tighter lending standards, more homeowner equity, and far fewer distressed properties. Still, the sharp decline in sales highlights how affordability pressures and economic uncertainty have sidelined many would-be buyers.
Inventory Continues to Build
One of the clearest signs of the market’s shift is the growing number of homes listed for sale without offers. By the end of December, there were 6,396 single-family homes on the market with no accepted offers, an increase of nearly 29% compared with the same time last year.
The condo and townhome market saw an even steeper rise. About 2,322 units were listed without offers, representing a year-over-year increase of almost 32%.
Rising inventory has given buyers more choices and reduced the sense of urgency that defined much of the market in recent years. Multiple-offer situations have become less common, and sellers are increasingly adjusting prices or offering concessions to attract interest.
Signs of a More Balanced Market Ahead
Despite the slower pace, Las Vegas Realtors President George Kypreos struck a cautiously optimistic tone about what lies ahead.
“Although it was a relatively slow year for home sales, we’re seeing some encouraging signs heading into the new year,” Kypreos said in a statement. “Buyer activity locally and nationally is starting to improve. Home prices have been fairly stable, and mortgage interest rates ended the year lower than they were the previous year.”
Mortgage rates, while still elevated compared with historic lows, declined modestly toward the end of 2025. That trend has helped restore some confidence among buyers who had been waiting on the sidelines. Even small drops in rates can significantly affect monthly payments, particularly in higher-priced markets like Las Vegas.
Local real estate professionals say many buyers are adjusting their expectations, focusing on long-term affordability rather than trying to time the market perfectly. At the same time, sellers are becoming more realistic about pricing, recognizing that the rapid appreciation seen during the pandemic boom is unlikely to return in the near term.
What it Means for Buyers and Sellers
For buyers, the end of 2025 brought more negotiating power than they’ve had in years. Increased inventory, fewer bidding wars, and more stable pricing have created opportunities for those who are financially prepared and willing to act.
Sellers, meanwhile, face a more competitive environment. Homes that are priced correctly and presented well continue to attract interest, but properties that miss the mark are more likely to sit on the market. Many agents are advising sellers to focus on realistic pricing strategies and to be open to concessions such as closing cost assistance or rate buydowns.
Looking Ahead to 2026
As Las Vegas enters 2026, the housing market appears to be transitioning away from extremes and toward equilibrium. Prices are no longer surging, inventory is rebuilding, and sales, while subdued, may stabilize if mortgage rates continue to ease and consumer confidence improves.
Challenges remain, however, particularly around affordability; the latest data suggest that the market is recalibrating rather than retreating. For many industry watchers, that shift may ultimately lay the groundwork for a steadier and more sustainable housing market in Southern Nevada.
