Southern Nevada home prices and sales slipped in September as mortgage rates climbed, Las Vegas Realtors report shows

What happened

Home prices and sales in Southern Nevada both declined in September while mortgage interest rates rose, according to a report from Las Vegas Realtors covered by the Las Vegas Sun. The association's figures cover existing single-family homes, condominiums and townhomes sold across the region.

The report shows a market where fewer properties are changing hands and more listings are sitting without offers than a year ago. Prices for single-family homes held even with last September, while condo and townhome prices were lower. For more coverage of the local market, see our real estate section.

September prices by property type

Single-family homes

The median price of existing single-family homes sold in Southern Nevada in September was $470,000, Las Vegas Realtors said. That figure is down 1.1% from August and matches the median from September 2025, the Sun reported.

The September median also sits below the all-time high of $490,000. According to the report, that record was set in May and June.

Condos and townhomes

Condominiums and townhomes sold for a median of $290,000 in September, according to the report. That was down from August and down 1.4% from September 2025.

The Sun noted the condo and townhome median remains well below the record high of $315,000. That peak was set in October 2024.

Fewer sales, more homes waiting for buyers

Sales volume

A total of 2,169 existing homes, condos and townhomes sold in Southern Nevada in September, the association reported. Compared with September 2025, sales were down 7.4% for single-family homes and down 12.6% for condos and townhomes.

Listings without offers

By the end of September, 7,995 single-family homes were listed for sale without an offer, according to Las Vegas Realtors. That is up 6.6% from a year earlier.

Inventory also grew in the condo and townhome market. The association counted 2,796 condos and townhomes listed without offers in September, a 7.3% increase from a year earlier, the Sun reported. For a separate look at another Nevada market, see our report on a Pahrump ZIP code ranked as Nevada's top buyer's market.

What the Realtors group said about rates

George Kypreos, president of Las Vegas Realtors, pointed to borrowing costs as a growing factor. "Recently rising mortgage rates are playing a bigger role in the housing market," he said in a statement quoted by the Las Vegas Sun.

Kypreos also acknowledged uncertainty about where rates are headed. "We don't know what's going to happen with rates in the near future," he said, according to the Sun.

Why it matters for valley residents

The September numbers give residents a snapshot of the local housing market. Single-family prices are below the record set in May and June, and both property types show lower sales and more unsold listings than a year earlier.

The figures in the report describe existing single-family homes, condos and townhomes sold in Southern Nevada, according to the Sun's account of the Las Vegas Realtors data.

What to watch next

• Mortgage rates: Las Vegas Realtors president George Kypreos said the group does not know what will happen with rates in the near future.
• 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.
• Prices against records: the single-family median of $470,000 remains below the $490,000 high set in May and June, and the condo median of $290,000 remains below the $315,000 record from October 2024.