Las Vegas Home Prices and Sales Decline as Rates Rise, per Las Vegas Realtors

Las Vegas Home Prices Fall as Mortgage Rates Rise to 7 Percent

Southern Nevada home prices and sales declined in September as mortgage interest rates increased, according to a report released by Las Vegas Realtors. The median price for existing single-family homes dropped to $470,000, representing a 1.1% decrease from August and a 1.4% drop in the median price of condominiums and townhomes to $290,000. Bankrate data showing a 30-year fixed-rate mortgage in Nevada standing at 7.00% as of September 8.

Higher Mortgage Rates Slow Home Sales Volume

Higher mortgage rates are playing a bigger role in the housing market, according to Las Vegas Realtors President George Kypreos. Kypreos stated that while future rate movements remain uncertain, buying a home still serves as a long-term investment for building wealth over time. Total sales volume reflected the slowdown, with 2,169 existing homes, condos, and townhomes selling in September. Compared to September 2025, single-family home sales fell 7.4%, while condominium and townhome sales dropped 12.6%.

Inventory Growth and Unsold Listings Across the Valley

The market slowdown contributed to an increase in active inventory. By the end of September, 7,995 single-family homes were listed for sale without an offer, marking a 6.6% increase from a year earlier. Condominiums and townhomes listed without offers reached 2,796 units, a 7.3% increase over the same period last year. These figures contrast with earlier summer highs, when Las Vegas ranked fourth in the nation among the 50 U.S. metro areas with the highest populations for having more buyers than sellers, according to Redfin data.

Median Home Prices Fall Below All-Time Highs

September’s median single-family home price of $470,000 matches the median price recorded in September 2025, but sits below the all-time high of $490,000 reached in May and June. Condominium and townhome prices at $290,000 remain well below the record high of $315,000 set in October 2024. Single-family home prices were $475,000 in August before dipping further in September, while the overall sales pace continues a trend that began after the record 50,010 total properties sold in 2021.

Frequently Asked Questions About the Las Vegas Housing Market

What types of properties are included in the Las Vegas Realtors report?

The monthly report from Las Vegas Realtors tracks existing single-family homes, condominiums, and townhomes sold through the association’s Multiple Listing Service (MLS). The data excludes new construction and homes sold directly by their owners.

How do current Las Vegas home prices compare to past record highs?

Single-family home prices dipped to $470,000 in September, remaining below the all-time high of $490,000 recorded in May and June. Condominiums and townhomes dropped to $290,000, staying significantly below their record peak of $315,000 set in October 2024.

What is the current inventory of unsold homes in Southern Nevada?

By the end of September, Southern Nevada had 7,995 single-family homes and 2,796 condominiums and townhomes listed for sale without an active offer, representing increases of 6.6% and 7.3% respectively compared to the previous year.