Real Estate · Valley-wide
Southern Nevada Home Prices Tick Up in October While Sales Fall and Listings Grow, Las Vegas Realtors Says
The median single-family resale price reached about $475,000 in October, according to Las Vegas Realtors data reported by the Review-Journal, while sales dropped and unsold inventory grew.
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What happened
Resale home prices in Southern Nevada edged higher in October, the Las Vegas Review-Journal reported, citing new figures from Las Vegas Realtors. The trade association draws its numbers from the Multiple Listing Service, which tracks the resale market. Prices rose even as the number of sales fell and the stock of homes for sale kept growing.
LVR President George Kypreos linked the slowdown to borrowing costs. "We're seeing the impact of the recent rise in mortgage rates," he said in a statement quoted by the Review-Journal.
October prices by home type
Single-family homes
The median price of a single-family home sold in October was approximately $475,000, according to Las Vegas Realtors. That was up 1.1 percent from September and up 0.1 percent from October of last year.
Condos and townhomes
Condos and townhomes moved the other way. Their median sale price was $279,000 in October, down 3.8 percent from September and down 2.1 percent from October 2025, the association reported.
Fewer sales, more homes on the market
Sales volume
LVR data shows 1,895 existing single-family homes, condos and townhomes sold in October. Compared with the same month last year, single-family sales were down 11.9 percent and condo and townhome sales were down 23.6 percent.
Listings without offers
At the end of October, 8,112 single-family homes were listed for sale with no offers, a 7.6 percent increase from a year earlier, LVR reported. Another 2,837 condos and townhomes were listed without offers, up 6.7 percent from one year ago.
Months of supply
At October's sales pace, the market held close to a six-month supply of homes, according to MLS data cited by the Review-Journal. A year earlier, LVR reported a supply of just over four and a half months.
Why mortgage rates matter here
The Review-Journal reported that mortgage rates have held down home sales in the Las Vegas Valley and across the country, largely since the tail end of the pandemic in 2022. Many potential buyers are holding off, while many sellers are not lowering prices. The newspaper described that standoff as a locking phenomenon in the housing market.
Kypreos said he suspects the numbers "would look a lot different if rates went back down by a percentage point or so." He added, "The demand for homes in Southern Nevada is still strong."
How this year compares
According to the LVR release, the local sales pace so far this year has been similar to 2025, which posted the lowest annual sales total since 2007. The association said sales have had peaks and valleys in recent years but have generally declined since 2021. That year, LVR reported a record 50,010 total properties sold. Earlier housing stories are collected in our real estate section.
What to watch next
- Mortgage rates, which LVR President George Kypreos cited as the reason behind October's sales figures.
- Whether full-year sales keep tracking with 2025, which LVR says posted the lowest annual total since 2007.
- The count of homes listed without offers, which stood at 8,112 single-family homes and 2,837 condos and townhomes at the end of October.
