Condo Prices Are Down 0.9 Percent Nationally. Las Vegas Condos Are Down 1.4 Percent

by Ryan Rose

What Happened

Two reports came out in early October, one national and one local. The national report is the ICE Mortgage Monitor for October 2026, published by Intercontinental Exchange. ICE tracks home prices across the country through its Home Price Index. Its early September data showed single-family home prices up 1.7% from a year ago. Condo prices went the other way, down 0.9% from a year ago.

ICE also looked at the country's major markets one by one. In 97% of them, single-family homes are showing stronger prices than condos. In 58% of them, condo prices are now lower than they were at the same time last year. So the condo slowdown is not just a few cities. It is the majority of big markets in America.

The overall national number is cooling, too. ICE says home prices were up 1.41% from a year ago in early September, down slightly from 1.44% in August. That was the first time in seven months that annual price growth slowed. ICE pointed to rising mortgage rates as the reason price pressure has started to ease. On a seasonally adjusted basis, prices rose just 0.01% in September, which ICE described as effectively flat over the past three months.

The local report came from Las Vegas REALTORS, the trade group that tracks sales in the Southern Nevada MLS. FOX5 Vegas reported the numbers on Oct. 6. The median price for condos and townhomes sold in September was $290,000. That was down from August and down 1.4% from September 2025. The all-time record for local condos and townhomes is $315,000, set in October 2024. So today's median sits $25,000 below that peak, about 7.9% lower.

Sales slowed even more than prices. Condo and townhome sales fell 12.6% from September 2025. The total dollar value of condo and townhome sales was a little more than $127 million, down 14.4% from a year earlier. At the end of September, 2,796 condos and townhomes were listed for sale without an offer, up 7.3% from a year ago.

There is one bright spot in the condo data. Of the condos and townhomes that did sell, 70.5% went under contract within 60 days. A year ago that number was 67.0%. So the well-priced units are still moving. The ones that are not priced right are the ones piling up.

Brown multi-story condo building under a clear blue sky, similar to attached housing found across the Las Vegas Valley

Why It Matters to Las Vegas Residents

Here is the key contrast. Nationally, the gap between houses and condos is 2.6 percentage points: single-family up 1.7%, condos down 0.9%. In Las Vegas, the single-family median was $470,000 in September, flat with September 2025. The condo median was down 1.4%. So Las Vegas condos are falling faster than condos nationally, while Las Vegas houses are holding steady instead of rising. National real estate news is not local real estate news, and this is a clear example.

For first-time buyers, this is useful. Condos and townhomes are the entry point for a lot of people in the valley. At $290,000, the condo median is $180,000 below the single-family median of $470,000. A falling condo median, slower sales, and more unsold listings all point to more room to negotiate. That can mean a lower price, help with closing costs, or a seller who is willing to fix things found during inspection.

For condo owners, the message is different. If you bought near the October 2024 peak, your unit may be worth a bit less than you paid today. That does not matter much if you plan to stay. It matters a lot if you plan to sell soon, because you will be competing with 2,796 other condos and townhomes that had no offer at the end of September. Pricing, condition, and photos will decide which units sell in that first 60 days.

For renters, the condo numbers are worth watching. Many Las Vegas condos are owned by investors and rented out. When condo prices drop and sales slow, some of those owners decide to rent instead of sell. That can add rental supply in certain buildings and complexes, especially in older parts of the valley and around the Strip corridor.

It also helps to put the dollar figures in plain terms. A 1.4% drop on a $290,000 median works out to roughly $4,000 compared with a year ago. That alone will not change most people's plans. The bigger number is the $25,000 gap from the October 2024 record. A buyer shopping today is looking at a median condo price well below what buyers paid at the peak, with more listings to choose from and less competition from other buyers, since sales are down 12.6%.

And for everyone, it is a reminder that "the market" is really several markets. A condo in an older Spring Valley complex, a townhome in a newer Henderson community, and a house in Summerlin can all move in different directions in the same month. The September report shows that split clearly.

Background and History

To understand where condos are now, it helps to look at the whole local market. Las Vegas REALTORS reported 2,169 total sales of homes, condos, and townhomes in September. Single-family sales were down 7.4% from a year ago, while condo and townhome sales were down 12.6%. Condos are losing buyers faster than houses are.

Supply has also grown. The sales pace now equals about a five-month supply of homes, up from about four months a year ago. At the end of September, 7,995 single-family homes were listed without an offer, up 6.6%. Condos and townhomes saw a bigger jump, up 7.3%. More choices for buyers usually means less pressure on prices, and that is showing up most in the condo numbers.

The single-family market has also come off its high. The record median for local houses was $490,000, set in May and June of this year. September's $470,000 is $20,000 below that. We covered that story in detail in our post on Las Vegas home prices sitting $20,000 below the record. Condos peaked earlier, back in October 2024, and have now had nearly a full year to drift lower.

A row of attached townhomes on a quiet street with desert mountains in the background

Rates are part of the picture. Las Vegas REALTORS President George Kypreos said, "Recently rising mortgage rates are playing a bigger role in the housing market." He also said no one knows what rates will do in the near future. Condo buyers are often first-time buyers who are more sensitive to monthly payments, so higher rates can hit this part of the market harder.

The national picture backs this up. ICE reported that national inventory reached 1.14 million active listings in August, the highest in nearly seven years, though still 12% below pre-pandemic levels. ICE also found that half of all Western and Southern metro areas are now in an inventory surplus, and that the 50 softest housing markets in the country are all in the South and West. Phoenix, for example, has pulled back 7.8% from its recent record high, according to ICE. Las Vegas is part of that Western trend, though local prices have not dropped as sharply as some of those markets.

The regional split in the ICE report is striking. Not one of the 36 metro areas across the Midwest and Northeast is in an inventory surplus, and the Northeast and Midwest hold the top 23 spots for price growth. Scranton, Pennsylvania, led all major markets with prices up 7.5% from a year ago. Meanwhile, Seattle posted the largest annual decline, down 3.1%. When you hear that "home prices are still rising nationally," a lot of that strength is coming from places with very different supply conditions than Southern Nevada.

Interest in new condo living has not disappeared, though. Howard Hughes recently filed plans with Clark County for Summit House, a proposed two-tower, 21-story condo project near Downtown Summerlin with 260 units. No pricing or construction timeline has been released. You can read more in our post on Summerlin's first high-rise condos.

What Happens Next

The next Las Vegas REALTORS report, covering October sales, is expected in early November. That report will show whether the condo median keeps sliding toward the high $200,000s or holds near $290,000. Watch three numbers: the condo median, the count of condos listed without offers, and the share that sell within 60 days. If unsold listings keep rising while the 60-day share drops, that would point to more price softness ahead.

On the national side, ICE will update its Home Price Index again next month. ICE said that if the current pace of small monthly gains continues, national annual price growth could see more modest downward pressure in coming months. ICE also noted that more than 40% of major markets posted adjusted single-month price declines in each of the past three months, the largest share in more than a year.

Mortgage rates are the wild card. Kypreos made that point directly when he said the path of rates is hard to predict. If rates ease, condo buyers who stepped back could return quickly, because condos are the most payment-sensitive part of the market. If rates stay higher, the condo segment will likely stay the softest part of the local market. Fall and winter are also typically slower seasons, so fewer buyers may be out shopping over the next few months.

Ryan's Take

The headline number is small, 1.4%, but the details matter more. A $290,000 condo median that is $25,000 off its record, with sales down 12.6% and unsold listings up 7.3%, is a buyer-friendly setup in the condo and townhome segment. It is not a crash. Seven out of ten condos that sold still went under contract within 60 days. What it means is that buyers can be choosy, and sellers who price above the market will likely sit.

For buyers, the national headline about condos dropping 0.9% actually undersells the local opportunity. In Las Vegas, the condo segment is weaker than the national average, while houses are flat. That gap can work in your favor if you are trying to get into ownership for the first time. Just do your homework on each building or community: the HOA dues, what the dues cover, the reserve fund, any pending special assessments, and the rental rules. Those details affect your monthly cost and your resale value as much as the purchase price does.

Bright, simply furnished living room inside a condo, the kind of interior first-time buyers tour when shopping attached homes

For sellers, the data says to price to the current market, not the 2024 peak. Clean, well-photographed units that are priced right are still selling inside 60 days. Units priced on last year's numbers are the ones adding to that 2,796 count.

What You Can Do

If you are thinking about buying a condo or townhome, start with a payment you are comfortable with, then get pre-approved so you know your real budget. Ask your lender whether the specific condo community you like meets the lender's guidelines, because some loan programs have extra rules for condo projects. When you find a unit, request the HOA documents early and read the budget, the reserve study, and the meeting minutes. Those papers often show upcoming repairs or fee increases before they hit.

If you own a condo and plan to sell in the next year, look at recent sales in your own complex, not the valley-wide median. The $290,000 figure is a midpoint for the whole region. Your building could be well above or below it. Small fixes like fresh paint, updated light fixtures, and a deep clean can help your unit stand out against the other listings without offers. Also be ready for buyers to ask for concessions, since they have more options than they did a year ago.

White two-story attached townhome building beside a street on a sunny day, the kind of entry-level home many first-time buyers consider

If you are shopping, also think about time on market. With 70.5% of condos and townhomes selling within 60 days, a unit that has been listed much longer than that may have a seller who is ready to negotiate. Ask how long a unit has been listed and whether the price has already been cut. Those two answers can shape your offer.

If you are a renter weighing whether to buy, compare your current rent to the full cost of owning a condo at today's prices, including HOA dues, insurance, and property taxes. In some parts of the valley the numbers may be closer than you expect, and in others renting may still make more sense. Either way, keep an eye on the October report in early November to see if the condo trend continues.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime.