Las Vegas, NV (LVR) - A report released Thursday by Las Vegas REALTORS® (LVR) shows local home prices matched their record high, with more homes available for sale than this time last year.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during February was $485,000. That matched the all-time high set in January and is up 5.4% from $460,000 in February of 2024.
The median price of local condos and townhomes sold in February increased to $303,000. That was up 7.1% from $283,000 in February 2024 – but short of the record high of $315,000 set in October.
LVR President George Kypreos, a longtime local REALTOR® who took over as president of the association Jan. 1, sees signs that the housing market is becoming more balanced after a prolonged seller’s market. “We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”
By the end of February, LVR reported 5,229 single-family homes listed for sale without any sort of offer.
That’s up 50.6% from one year earlier. The 2,025 condos and townhomes listed without offers in February represent a 74.6% jump from one year earlier.