Prices and listings for condos and townhomes continue to drop in Southern Nevada, according to a new report.
Only 951 condos or townhomes were listed for sale in May in Southern Nevada, a 7.4 percent drop from April and a 13.8 percent drop year over year, according to data from trade association Las Vegas Realtors, which pulls statistics from the Multiple Listing Service.
The median price of a condo or townhome sold in Southern Nevada last month was $295,000, up 1.7 percent from April but down 3.9 percent from May of last year, according to Las Vegas Realtors. The record high for condo and townhome prices is $315,000, which was set back in October 2024.
The number of condo and townhome units sold in May was 509, a 4.5 percent drop from April, and a 8.9 percent drop year over year, according to Las Vegas Realtors.
Single-family home prices in Southern Nevada remain elevated in May sitting at $490,000, a new record high, according to Las Vegas Realtors. The previous record was $488,995.
Median home sale prices for houses in Southern Nevada vary as Redfin has the median sale price for a house in Clark County currently at $438,774, and Zillow has the median sale price for a house in the Las Vegas Valley at $426,069. Both Zillow and Redfin have home prices dropping year over year.
“Although single-family home prices hit a new high-water mark in May, local home prices have still been pretty stable this year,” said Las Vegas Realtors President George Kypreos. “And even though the number of homes being sold has been fairly flat, we’re confident the demand for homes here in Southern Nevada remains strong.”
Homes in Southern Nevada are sitting on the market longer, yet prices have remained relatively stable, creating a standoff between buyers and sellers in Las Vegas and across the country. Many homeowners are reluctant to sell — or lower their asking prices — because they secured historically low mortgage rates during the pandemic and would face significantly higher borrowing costs if they purchased another home today.
At the end of May, LVR said there were 6,784 single-family homes listed for sale without any sort of offer, a 2.1 percent increase from one year earlier. There were 2,639 condos and townhomes listed without offers in May, a 5.1 percent increase from one year earlier.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
