The Las Vegas housing market slowed a little more in September, with fewer homes selling, more homes available for buyers to choose from, and the median sales price easing from its summer highs.
According to the latest report from Las Vegas REALTORS®, the median sales price for an existing single-family home in Southern Nevada was $470,000 in September. That was down 1.1% from August and exactly the same as September 2025. Home prices are now $20,000 below the record median of $490,000 reached in May and June.
For condos and townhomes, the September median sales price was $290,000, down from August and 1.4% lower than one year ago. That remains well below the $315,000 record set in October 2024.
Fewer Homes Are Selling
A total of 2,169 existing homes, condos and townhomes changed hands during September.
Compared with September 2025, single-family home sales declined 7.4%, while condo and townhome sales were down 12.6%. At September’s sales pace, Southern Nevada had about a five-month supply of available housing, compared with roughly four months one year ago.
The slower pace isn’t especially surprising. Mortgage rates continue to have a significant effect on what buyers can afford each month, and some buyers who would otherwise be in the market are choosing to wait.
At the same time, buyers who are shopping today have considerably more choices than they did during the extremely tight inventory markets of recent years.
Las Vegas Housing Inventory Continues to Grow
At the end of September, there were 7,995 single-family homes listed for sale without an offer, an increase of 6.6% from September 2025.
There were also 2,796 condos and townhomes without offers, up 7.3% from one year earlier.
That changing inventory picture is important.
We’re no longer in a market where simply putting a home on the MLS guarantees multiple offers by the weekend. Buyers can compare properties, neighborhoods, condition and price. Sellers need to recognize that competition from other homes is once again part of the equation.
That doesn’t mean homes aren’t selling. It means pricing and presentation matter more.
Interestingly, homes that did sell were moving relatively quickly. LVR reports that 75.9% of single-family homes sold within 60 days, compared with 72% one year ago. For condos and townhomes, 70.5% sold within 60 days, compared with 67% last September.
Cash Buyers Remain Part of the Market
Cash transactions accounted for 23.5% of all September property sales, compared with 23% one year ago.
That’s nowhere close to the investor-heavy market Las Vegas experienced after the housing crash. At the February 2013 peak, cash buyers accounted for 59.5% of all sales.
Distressed properties also remain a very small part of today’s market. Short sales and foreclosures combined represented just 1.1% of September sales, although that was up from 0.5% one year earlier.
What Does This Mean for Las Vegas Buyers and Sellers?
For buyers, this is a considerably different market than we saw a few years ago.
There are more homes to choose from, fewer bidding wars and generally more opportunity to negotiate. The tradeoff, of course, is that mortgage rates remain a major factor in the monthly cost of buying a home.
For sellers, buyers haven’t disappeared. They’re simply becoming more selective.
Homes that are priced properly and show well can still sell. Homes priced according to what a neighbor received two or three years ago may spend considerably more time waiting for the market to catch up.
And as we’ve said many times over the years, there really isn’t one Las Vegas housing market.
Conditions can vary enormously from one neighborhood to another, especially in the established and vintage neighborhoods we specialize in. A well-maintained mid-century home in one neighborhood may have a very different pool of buyers than a newer tract home several miles away.
That’s why the valley-wide statistics are useful, but they’re only the starting point.
If you’re thinking about buying or selling a home in one of Las Vegas’ established neighborhoods, we’re always happy to talk about what’s happening in your particular part of town.
Very Vintage Vegas Realty
Your source for Las Vegas vintage and mid-century homes.
Source: Las Vegas REALTORS®, August 2026 housing statistics.
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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 own 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.
