LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows fewer homes were sold in 2025 than during 2024 while local home prices cooled off to end the year.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $470,000. That’s down 1.1% from December of 2024 – and down 3.9% from the all-time high of $488,995 set in November 2025.
The median price of local condos and townhomes sold in December was $275,000. That’s down from the previous month and down 5.2% from December 2024 – well below the record high of $315,000 set in October 2024.
“Although it was a relatively slow year for home sales, we’re seeing some encouraging signs heading into the new year,” said LVR President George Kypreos, a longtime local REALTOR®. “Buyer activity locally and nationally is starting to improve. Home prices have been fairly stable, and mortgage interest rates ended the year lower than they were the previous year. Most trends are pointing to a more balanced housing market in 2026.”
By the end of December, LVR reported 6,396 single-family homes listed for sale without any sort of offer. That’s up 28.8% from one year earlier. The 2,322 condos and townhomes listed without offers in December represent a 31.7% increase from one year earlier.
LVR reported a total of 2,261 existing local homes, condos and townhomes sold in December. Compared to December 2024, sales were down 0.5% for homes and down 1.5% for condos and townhomes.
The sales pace in December equates to nearly a four-month housing supply. One year earlier, Southern Nevada had a three-month housing supply.
For all of 2025, LVR reported a total of 28,498 existing local homes, condos and townhomes were sold. That’s down from 2024, when 31,305 such properties were sold, and marks the lowest annual sales total since 2007. Sales have seen peaks and valleys in recent years, generally declining since 2021, when a record 50,010 total properties were sold.
Other highlights include:
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In December, 69.2% of all existing local homes and 62.3% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 74.5% of all homes and 75.8% of all condos and townhomes sold within 60 days.
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During December, LVR found that 22.7% of all local property sales were cash transactions. That’s down from 26.2% one year earlier – well below the February 2013 cash buyer peak of 59.5%.
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The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1% of all existing local property sales in December. That compares to 0.6% the previous year and 0.9% five years earlier.
- The total value of local real estate transactions tracked through the MLS during December was nearly $1.1 billion for homes and nearly $153 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in December were down 0.6% for homes, but up 6.1% for condos and townhomes.
These LVR statistics include activity through the end of December 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.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
