Residential Real Estate News
Las Vegas Home Sales Rise 6.7 Percent Annually in January, Condo Sales Dip
Las Vegas Realtors announced this week that the median price for existing single-family homes sold in Southern Nevada in January 2025 reached $485,000. This marks a 9.0% increase from $445,000 in January 2024, surpassing the previous record of $482,000 set in May 2022.
For condos and townhomes, the median sales price in January was $293,000, reflecting a 6.5% rise from $275,000 in January 2024. However, this figure remains below the record high of $315,000 set in October.
LVR President George Kypreos commented on the market trends, stating, "The rise in our median price highlights the ongoing demand for housing in Southern Nevada. It's also encouraging to see an increase in housing supply, providing buyers with more options." He expressed confidence in the continued strength of the local housing market.
As of the end of January 2025, LVR reported 5,215 single-family homes listed for sale without offers, a 46.9% increase from the previous year. Similarly, the 1,896 available condos and townhomes represented a 66.9% jump year-over-year.
A total of 1,991 existing homes, condos, and townhomes were sold in January 2025. Compared to the same month in 2024, single-family home sales increased by 6.7%, while condo and townhome sales declined by 13.2%. The current sales pace translates to a housing supply of just over two and a half months, slightly higher than the same time last year.
Following a slow 2023, the local housing market has been rebounding. In 2024, LVR reported 31,305 existing homes, condos, and townhomes sold, up from 29,069 in 2023, which was the lowest sales year since 2008. By comparison, 35,584 homes were sold in 2022, while 2021 set a record with 50,010 total sales.
Cash transactions accounted for 28.5% of all local property sales in January, up from 27.4% a year earlier. However, this remains significantly below the peak of 59.5% recorded in January 2013.
Distressed sales, including short sales and foreclosures, continued to stay at historically low levels, comprising just 0.9% of all existing local property sales in January. This compares to 1.5% in the previous year, 0.8% two and three years ago, 1.2% four years ago, and 2.7% five years ago.
LVR compiles these statistics monthly based on MLS data, which excludes newly constructed homes sold by builders and for-sale-by-owner properties.
Other key market insights from January 2025 include:
- Total real estate transaction value through the MLS exceeded $946 million for single-family homes and $125 million for condos, high-rises, and townhomes. Compared to January 2024, total sales values increased by 12.3% for homes but declined by 10.0% for condos and townhomes.
- Approximately 72.5% of existing single-family homes and 73.6% of condos and townhomes sold within 60 days. A year ago, these figures were slightly higher at 75.2% and 77.7%, respectively.
