The Las Vegas housing market continued its pattern of stability in October, with home prices holding firm despite ongoing inventory challenges. According to the latest report from Las Vegas REALTORS® (LVR), the median price for single-family homes sold in Southern Nevada last month remained at $450,000. This matches the median price recorded in both September and October of last year, illustrating consistent resilience in home values.
For condos and townhomes, the median price was $270,000 in October, down slightly from $275,000 in September but still comparable to October 2023. The numbers reflect a market that has found equilibrium, even as high mortgage rates limit new buyer activity and reduce overall transaction volumes.
The inventory of homes available for sale without current offers continues to shrink, exacerbating competition among buyers. At the end of October, fewer than 3,400 single-family homes were listed, a 42% drop compared to the same time last year. Similarly, the supply of condos and townhomes has declined by nearly 33% year-over-year. This tightening inventory reinforces the importance of strategic planning for both buyers and sellers navigating today’s market.
While sales activity remains below pre-pandemic levels, the stability in home prices offers a silver lining. Both buyers and sellers can take some reassurance from the consistency in the market, even as they adapt to changing conditions.
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