Southern Nevada's median home price fell to $470,000 in September, about $20,000 below June's record high

What happened

The median sale price for a single-family house in Southern Nevada was $470,000 in September, according to Las Vegas Realtors (LVR), the Las Vegas Review-Journal reported. That is about $20,000 below the all-time high of $490,000 that LVR recorded in June.

LVR, which draws its figures from the Multiple Listing Service, said the September median was 1.1 percent lower than August. It matched the median from September of last year, so prices are unchanged from a year ago even as they have come off the summer peak.

How other data sources compare

The Review-Journal also cited figures from two national real estate websites, Zillow and Redfin. Their numbers differ from LVR's.

Zillow: valley and Henderson

Zillow puts the median home sale price in the valley at $419,144, a 3 percent drop year over year, according to the Review-Journal. Zillow's valley figure does not include Henderson, where it lists a median sale price of $479,263, down 2.4 percent from a year earlier.

Redfin: roughly flat

Redfin has the valley's median sale price at $449,702, which the Review-Journal described as basically flat compared with a year ago.

Fewer sales, more homes waiting for buyers

LVR reported that 2,169 existing single-family homes, condos and townhomes sold in Southern Nevada in September. Compared with September 2025, single-family sales were down around 7.4 percent, and condo and townhome sales were down 12.6 percent.

Supply is growing

At September's sales pace, LVR said the market has at least a five-month supply of homes, up from roughly a four-month supply a year ago. By the end of the month, 7,995 single-family homes were listed for sale without any offer, up 6.6 percent from a year earlier. Another 2,796 condos and townhomes were listed without offers, a 7.3 percent increase.

The site previously covered how Las Vegas home listings topped 10,000 while the median price held steady.

A slow year continues

LVR said the local sales pace so far in 2026 has been similar to 2025. Sales last year were the lowest since 2007, right before the Great Recession, according to the group.

Mortgage rates are driving the market

Mortgage rates have reached a three-year high, the Review-Journal reported. Rates are shaped by inflation, Federal Reserve policy and what bond-market investors expect from the economy, among other factors.

National Association of Realtors Chief Economist Lawrence Yun told an LVR Broker Forum last week that mortgage rates continue to dictate the market and are holding back many home sales, according to the Review-Journal. LVR President George Kypreos said rates are currently steering sentiment for both buyers and sellers across the valley.

"Recently rising mortgage rates are playing a bigger role in the housing market," Kypreos said in a statement reported by the Review-Journal. He added that, as Yun told members, "we don't know what's going to happen with rates in the near future." Kypreos also said in the statement that he views buying a home as a long-term investment. More local housing coverage is on our real estate page.

What to watch next

• Mortgage rates, which hit a three-year high and which LVR's president said have an uncertain near-term direction.
• Unsold inventory: 7,995 single-family homes and 2,796 condos and townhomes were listed without offers at the end of September, both up from a year earlier.
• Whether 2026 sales keep tracking 2025, a year LVR said had the lowest sales since 2007.