Sales of single-family houses in Southern Nevada plunged almost 20 percent in January compared to the previous month, according to Las Vegas Realtors.
Home sales also dropped 8.4 percent year over year, according to the trade association that pulls its data from the Multiple Listing Service. Last year saw lowest number of homes sold in the region since right before the Great Recession in 2007.
However, home prices remain relatively elevated as the median sale price for a house in Southern Nevada sits at $470,000, a 3.1 percent dip or $18,995 off the record high ($488,995) set in November of last year, according to Las Vegas Realtors.
Las Vegas Valley homes also continue to flood the market and the number of listings with no type of offer continues to rise, according to January figures.
The number of new single-family listings (3,149) on the market in Southern Nevada in January was up a staggering 66.7 percent from December of last year. On top of this, there was an 18.7 percent increase in homes available on the market without any sort of offer year over year.
Home prices in Las Vegas remain stubbornly high compared to other Sun Belt cities such as Austin, Texas and Miami which are seeing substantial price drops as sales cool in those markets, according to Redfin. Forecasters think affordability could improve in 2026 for potential home buyers in the local market, however substantial movement is not expected unless mortgage rates drop significantly.
George Kypreos, president of the Las Vegas Realtors said these statistics are clearly favoring one side of the homebuying equation. The sales pace in January equates to nearly a five-month supply of homes on the market in Southern Nevada, and for comparison, in January 2025 there was a housing supply of just over three and half months.
“Overall, this month’s LVR report is another indication of how conditions are starting to favor buyers,” he said. “They now have more homes to choose from at prices that have been stabilizing.”
The median price of a local condos or townhomes sold in January was $283,750, a 3.2 percent drop from January 2025 and below the record high of $315,000 that was set in October 2024.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
