Las Vegas Housing Statistics for January 2025

A report released Thursday by Las Vegas REALTORS® (LVR) shows
the year began with record home prices and more properties available for sale.
LVR reported the median price of existing single-family homes sold in Southern Nevada
through its Multiple Listing Service (MLS) during January was $485,000. That’s up 9.0% from
$445,000 in January of 2024 – topping the previous record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in January was $293,000. That
was up 6.5% from $275,000 in January 2024 – but short of the record high of $315,000 set in
October.

Despite stubbornly high mortgage interest rates and some economic uncertainty to start
the year, LVR President George Kypreos, a longtime local REALTOR® who took over as
president of the association Jan. 1, remains optimistic about the local housing market in 2025.

“The increase in our median price is another sign of the continued demand for housing
here in Southern Nevada. It’s also good to see our housing supply increasing in recent months so
people have more choices when looking for a home,” Kypreos said. “Overall, I remain confident
that the local housing market will remain as strong as any in the U.S.”

By the end of January, LVR reported 5,215 single-family homes listed for sale without
any sort of offer. That’s up 46.9% from one year earlier. The 1,896 condos and townhomes listed
without offers in January represent a 66.9% jump from one year earlier.

LVR reported a total of 1,991 existing local homes, condos and townhomes sold in
January. Compared to January 2024, sales were up 6.7% for homes, but down 13.2% for condos
and townhomes. The sales pace in January equates to a housing supply of just over two and a
half months. Last year at this time, Southern Nevada had a supply of less than two and half
months.

Local home sales have been rebounding from a slow year in 2023. LVR reported a total
of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from
29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR
tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in
2021, when LVR reported 50,010 total properties were sold.

During January, LVR found that 28.5% of all local property sales were cash transactions.
That’s up from 27.4% one year earlier, but well below the January 2013 cash buyer peak of
59.5%.

The number of so-called distressed sales remains near historically low levels. LVR
reported that short sales and foreclosures combined accounted for 0.9% of all existing local
property sales in January. That compares to 1.5% one year ago, 0.8% two years ago, 0.8% three
years ago, 1.2% four years ago and 2.7% five years ago.
These LVR statistics include activity through the end of January 2025. LVR distributes
statistics each month based on data collected through its MLS, which does not account for all
newly constructed homes sold by local builders or homes for sale by owners. Other highlights
include:

• The total value of local real estate transactions tracked through the MLS during January
was more than $946 million for homes and more than $125 million for condos, high-rise
condos and townhomes. Compared to one year earlier, total sales values in January were
up 12.3% for homes, but down 10.0% for condos and townhomes.

• In January, 72.5% of all existing local homes and 73.6% of all existing local condos and
townhomes sold within 60 days. That compares to one year earlier, when 75.2% of all
homes and 77.7% of all condos and townhomes sold within 60 days.

Houses that are priced, presented & marketed correctly are selling fast.

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.