Las Vegas Condo and Townhome Sales Dropped 23.6 Percent in October

by Ryan Rose

What Happened in the October Condo Numbers

Las Vegas REALTORS reported that 1,895 existing homes, condos and townhomes sold across Southern Nevada in October. Compared with October 2025, condo and townhome sales fell 23.6 percent. Single-family home sales fell 11.9 percent. The coverage we reviewed does not give a separate count of condo and townhome sales, so that number is NOT FOUND here.

The median price for condos and townhomes was $279,000. The median is the middle sale, so half sold for more and half sold for less. That is $11,000 below September's median of $290,000. It is also $6,000 below the $285,000 median from October 2025, which is where the 2.1 percent drop comes from.

The record for this part of the market is $315,000, set in October 2024. FOX5 reported that high-water mark. October's median is now $36,000 below it, or a little more than 11 percent, by our math.

Supply went up at the same time sales went down. Condos and townhomes listed without an offer at the end of October rose 6.7 percent from a year earlier. For single-family homes, that number rose 7.6 percent. So supply grew at a similar pace for both. The big difference was in how many buyers actually closed.

Here are the other condo and townhome numbers from the report, as covered by FOX5:

Sold within 60 days: 62.5 percent of condos and townhomes, down from 67.5 percent a year earlier. For single-family homes, it was 72.4 percent, up from 71.7 percent.
Total sales value: nearly $116 million for condos, high-rise condos and townhomes, down 22.5 percent from a year earlier.
Total sales value for houses: nearly $1 billion, down 10.1 percent.

That first number may be the most useful one for an owner. A year ago, about two out of three condos and townhomes that sold went within 60 days. Now it is closer to five out of eight. Houses moved faster than they did a year ago. Condos moved slower.

George Kypreos, president of Las Vegas REALTORS, pointed to borrowing costs when he talked about the overall report. "We're seeing the impact of the recent rise in mortgage rates," he said, according to FOX5. News 3 reports he also said, "I suspect these statistics would look a lot different if rates went back down by a percentage point or so." He added that "the demand for homes in Southern Nevada is still strong."

His comments covered the whole market. Neither News 3 nor FOX5 gives a specific reason why condos and townhomes fell about twice as fast as houses, so we will not pretend the report settles that question.

Row of attached two-story townhomes with garages and small front steps

Why It Matters to Las Vegas Residents

Condos and townhomes matter here because they are often the most reachable way to own. October's condo and townhome median was $196,000 lower than the single-family median. For a first-time buyer, a nurse on a single income, or a retiree who wants less to take care of, that gap can decide whether owning is possible at all.

Now look at what happened to the monthly payment. Freddie Mac's 30-year average was 7.18 percent on Nov. 5, according to The Associated Press. A year ago it was 6.22 percent. This next part is our own math, not a figure from the report. It uses the median price, 20 percent down, and counts principal and interest only.

October 2025: a $285,000 condo at 6.22 percent runs about $1,399 a month.
October 2026: a $279,000 condo at 7.18 percent runs about $1,512 a month.

So the price fell by $6,000, and the payment still went up by about $113 a month. And that is before property taxes, insurance and HOA dues. Most condo and townhome owners pay HOA dues, and a lender counts those dues when deciding how much you can borrow. When rates rise, a buyer on a tight budget has less room for that extra monthly bill.

If you own a condo and want to sell, these numbers are a reason to be realistic. More units are sitting without offers, fewer are selling, and a smaller share are selling fast. A unit that is priced like it was last spring may sit. Clean condition, a fair price and well-organized HOA paperwork can matter more now than they did when buyers were lining up.

If you own a condo and plan to stay, this report does not change your monthly payment. It does change the value you might see on paper, and it may affect your plans if you were counting on selling in the next year to move up to a house.

Investors and landlords should read this too. Some owners buy condos and townhomes to rent them out, and a lower median can look like a bargain. But the coverage we reviewed does not say how many of October's condo buyers were investors. A lower purchase price only helps if the rent, the dues and the financing still work.

Background: How the Condo Market Got Here

The condo slide did not start this fall. Go back to October 2024, when the median hit that $315,000 record. One year later, in October 2025, News 3 reported the median had dropped 9.5 percent to $285,000. Sales were down nearly 9 percent that month, and listings without an offer were up nearly 48 percent. Supply was already climbing fast.

This fall, the slide picked up speed. Here is how the last three months looked, using FOX5 and News 3 reports of the Las Vegas REALTORS data:

August: $299,900 median, up 0.6 percent from a year earlier. Listings without an offer up 6.0 percent. 68.9 percent sold within 60 days.
September: $290,000 median, down 1.4 percent from a year earlier. Sales down 12.6 percent. Listings without an offer up 7.3 percent. 70.5 percent sold within 60 days.
October: $279,000 median, down 2.1 percent from a year earlier. Sales down 23.6 percent. Listings without an offer up 6.7 percent. 62.5 percent sold within 60 days.

In two months, the median fell $20,900, or about 7 percent, by our math. One caution: monthly medians can bounce around, because they depend on which units happened to sell. A small mix of cheaper units can pull the number down in any one month. The year-over-year change is usually the better guide, and it shows a slow decline, not a cliff.

Sales are a different story. October's 23.6 percent drop came on top of last October's drop of nearly 9 percent. Stack those two together, and condo and townhome sales are roughly 30 percent below where they were in October 2024, by our math.

The whole market has been cooling for years. FOX5 reports that Las Vegas REALTORS recorded a record 50,010 properties sold in 2021, and that sales have generally declined since. The group says 2025 had the lowest annual sales total since 2007, and News 3 reports 2026's pace so far looks similar.

Courtyard view between two modern multi-story residential buildings with balconies under a blue sky

What Happens Next

The first thing to watch is mortgage rates. Freddie Mac's weekly average has fallen for three straight weeks, from higher levels down to 7.18 percent, but it is still almost a full point above last year. Kypreos has said a drop of about a percentage point would change the picture. Nobody can promise when or if that will happen.

The second thing to watch is condo lending. A Sept. 22 contributor column in HousingWire, written by a mortgage compliance advisor, says Fannie Mae and Freddie Mac ended limited project reviews on Aug. 3. Those reviews were a simpler way for lenders to approve a loan in a condo building. The author estimates 60 to 80 percent of condo loans had used them. The same column says a requirement for HOAs to raise their reserve levels takes effect at the end of 2026.

To be clear, nothing in the October coverage links these lending changes to the sales drop. We cannot say they caused it. But more paperwork per building can slow a condo loan down, and higher reserve targets can put pressure on HOA budgets. If you are buying or selling a condo, it is a fair thing to ask a lender about early.

The third thing to watch is the next report. Las Vegas REALTORS publishes monthly, so November's numbers should arrive in early December. If the sales gap between condos and houses stays this wide, that would tell us October was not a one-month blip. If it narrows, October may turn out to be an outlier.

One number we would like to have is condo-only months of supply. The report's "nearly six months" figure, up from just over four and a half a year ago, is the overall number. A separate figure for condos and townhomes is NOT FOUND in the coverage we reviewed.

Ryan's Take

I would not call this a condo crash. A 2.1 percent price drop over a year is a slide, not a collapse. And our separate story on distressed sales shows short sales and foreclosures were only 1.1 percent of all October sales across the market. What I do see is a part of the market that is very sensitive to the monthly payment. Condo buyers tend to have less room in the budget, so a higher rate plus HOA dues can knock them out faster than it knocks out someone buying a house.

If you are a condo owner thinking about selling, I would take this report seriously and price for the market you are in now, not the one from 2024. If you are a buyer, this is a good time to ask for things. Just remember that this is a valley-wide number. The coverage does not break out Summerlin, the southwest valley, Henderson or any single building. Two complexes a mile apart can have very different dues, reserves and rules, and that can matter as much as the price.

Curved multi-story glass residential building with a tall palm tree in front

What You Can Do

If you are buying, start by getting the whole monthly number, not just the loan payment. Add taxes, insurance and HOA dues. Ask your lender up front whether the building you like can be approved, and how long that review will take. Then look at what you can ask for. With more units sitting and fewer closing, repairs and closing cost help are fair topics to bring up.

Read the HOA paperwork closely, too. In Nevada, a buyer of a resale unit in a common-interest community receives a resale package from the seller. Under NRS 116.4109, the buyer can cancel in writing until midnight of the fifth calendar day after receiving that package, without penalty, and payments are to be refunded promptly. Use those five days. Look at the dues, the budget, the reserves and any special assessments. A real estate attorney can answer questions about your specific contract.

If you are selling, look at what similar units in your own complex have actually sold for lately, and what is sitting. Ask your HOA for documents early. Nevada law gives an association 10 calendar days after a written request to provide them, so waiting can slow your sale down. Fix the small things a buyer will notice, and price it where it can compete.

If you are not moving, keep your eye on your HOA's budget and reserves, and go to the meetings when you can. Those decisions affect your dues and, over time, how easy your unit is to sell.

Corner of a light-colored residence with a glass balcony railing and a pitched roof against a pale sky

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Happy to look at the numbers for your building or your budget, with no pressure at all.

Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com