Las Vegas Home Prices Are Now $20,000 Below the Record, and Sales Fell in September

by Ryan Rose

What Happened

Las Vegas REALTORS released its September housing report on Tuesday, October 6, 2026. Several local outlets covered it the same day, including the Las Vegas Review-Journal, FOX5 Vegas, VEGAS INC and News 3. The headline number was the single-family median price of $470,000. That is down from $475,000 in August and down $20,000 from the $490,000 record set in May and held in June.

Sales fell too. A total of 2,169 existing homes, condos and townhomes sold in September. Single-family home sales were down 7.4% from September 2025. Condo and townhome sales were down 12.6%. The condo and townhome median dropped to $290,000, which is 1.4% lower than a year ago and well under its $315,000 record from October 2024.

Inventory kept building. At the end of September, 7,995 single-family homes were listed for sale with no offer. That is up 6.6% from a year earlier. Another 2,796 condos and townhomes were on the market with no offer, up 7.3%. At the current pace of sales, that equals about a five-month supply of homes. A year ago it was closer to four months.

Homes are still selling, just a bit slower than the peak years. LVR reported that 75.9% of single-family homes and 70.5% of condos and townhomes sold within 60 days. A year earlier, those shares were 72.0% and 67.0%. Cash buyers made up 23.5% of September sales, up slightly from 23.0% a year ago. That is far below the February 2013 peak of 59.5%, when investors were buying up distressed homes after the housing crash.

The total dollar value of sales also shrank. Single-family sales topped $1 billion in September, down 10.3% from a year ago. Condo and townhome sales topped $127 million, down 14.4%.

LVR President George Kypreos pointed to borrowing costs. "Recently rising mortgage rates are playing a bigger role in the housing market," he said in the release, as reported by FOX5 Vegas and the Review-Journal. He also told News 3 that no one knows what will happen with rates in the near future, and that buying a home is still one of the most proven ways to build wealth over time.

A beige two-story house with an attached garage and green landscaping, the type of single-family home tracked in the Las Vegas median price

Why It Matters to Las Vegas Residents

For buyers, this report is good news with a catch. Prices are down from the spring peak, and there are more homes to choose from. A five-month supply means sellers are competing for your attention. In practice, that often shows up as price cuts, seller-paid closing costs, or a willingness to fix items after the inspection. The catch is that rates have climbed, so the lower price does not always mean a lower monthly payment. We broke down that payment math in a separate post, linked at the top of this page.

For sellers, the message is about pricing. In the spring, a home could sit priced a little high and still draw offers. That is harder now. With nearly 8,000 single-family homes listed without an offer, buyers can compare, wait and walk away. A home priced right on day one still sells. A home priced for last June's market will likely sit, and then chase the market down with price cuts.

For homeowners who are not moving, this is not a reason to panic. The median is the same as it was a year ago. Most owners who bought more than a few years ago still have a lot of equity. A $20,000 dip from a record is about 4% of the peak price. That is a cooling market, not a crash.

Different data sources show slightly different numbers, and that confuses a lot of people. The Review-Journal noted that Zillow put the valley's median sale price at $419,144, down 3%, but that figure leaves out Henderson. Zillow listed Henderson's median at $479,263, down 2.4%. Redfin put the valley median at $449,702, about flat. These sites measure different areas and different property types, so their numbers will never match LVR exactly. LVR's single-family median is the most watched local number, and that is the one we lead with here.

What does this mean by neighborhood? The September report is valleywide, so it does not split out Henderson, Summerlin, Spring Valley or the southwest. Areas with lots of new construction, or lots of homes in one price band, can move faster or slower than the median. If you want to know how your own street is doing, the median is a starting point, not the answer. Recent sales within a mile of your home will tell you much more.

The report also speaks to two groups who often get left out of the headlines. First-time buyers have spent years losing bidding wars to cash offers and buyers with bigger down payments. With cash buyers at 23.5% of sales and homes taking a bit longer to sell, a buyer using an FHA or VA loan has a better shot at getting an offer accepted than in the peak years. Move-up buyers, meaning owners who want to sell one home and buy a bigger one, face a mixed picture. They may get a little less for the home they sell, but they can also negotiate harder on the home they buy. For many of them, the two effects come close to canceling out.

Renters should pay attention, too. When more homes sit unsold, some owners decide to rent them out instead of cutting the price again. That can add to the supply of single-family rentals in neighborhoods across the valley. It is too early to say how much that will show up in rents, but it is one more reason the inventory number is worth watching.

Background and History

To understand September, it helps to look at the last few years. The Las Vegas market hit a frenzy in 2021, when a record 50,010 properties sold, according to LVR. Rates were very low, and buyers from other states poured in. Prices rose fast, and homes often sold in days with multiple offers.

When mortgage rates jumped in 2022, sales fell hard. Many owners had locked in low rates and did not want to give them up, so fewer homes came up for sale. That kept inventory tight and propped up prices, even with fewer buyers. The result was an odd market: low sales, but prices that kept climbing. By 2025, the valley recorded its lowest annual sales total since 2007, according to LVR data cited by FOX5.

In 2026, prices kept rising into spring. The single-family median hit its record of $490,000 in May and matched it in June. Then the slide started. The median slipped in July and August, and the August figure was $475,000. September's $470,000 makes three months in a row of declines from the peak.

Inventory has been the other big shift. Earlier this fall, the number of homes listed without an offer climbed past the 10,000 mark when you count single-family homes, condos and townhomes together. September's report shows 10,791 total listings without offers, still above that milestone. The supply now sits at about five months. Many economists consider roughly six months a balanced market, so Las Vegas is closer to balance than it has been in years, though it is not quite there yet.

A single-family house with a car parked out front, representing the growing supply of homes for sale across Clark County

One more piece of history helps explain why this slowdown feels different from 2008. Back then, the market was flooded with foreclosures and short sales, and cash investors bought them up at deep discounts. Today, distressed sales are still a tiny slice of the market. LVR reported that short sales and foreclosures made up 1.1% of September sales, up from 0.5% a year ago. That is a rise worth watching, and we cover it in a separate post, but it is nowhere near the levels of the last crash. Most owners today have fixed-rate loans and solid equity, which gives them the option to wait rather than sell at a loss.

A single-story home with a carport, two cars and a front lawn, showing the kind of owner-occupied home that makes up most of today's market

What Happens Next

The next Las Vegas REALTORS report, covering October sales, should come out in early November. That will show whether the slide from the peak continues into a fourth month. Fall and winter are usually slower seasons for home sales in Las Vegas, so a softer median would not be unusual. A rise back toward the record would be the bigger surprise.

Mortgage rates are the biggest wild card. Kypreos said in the September release that rising rates are playing a bigger role in the market, and he said no one knows where rates are headed in the near future. If rates ease, buyers who have been waiting could jump back in and absorb some of the extra inventory. If rates keep climbing, expect more listings to sit and more sellers to cut prices. Freddie Mac publishes its weekly rate survey every Thursday, which is a simple way to keep an eye on the trend.

Watch inventory, too. If the number of homes listed without offers keeps growing faster than sales, the supply will move toward six months. That would tilt the market further toward buyers. If new listings slow down for the holidays while buyers stay active, supply could tighten again. Either way, the trend in that number tells you more about where prices are headed than any single month's median.

There are also a few dates worth putting on your calendar. Las Vegas REALTORS usually releases its monthly numbers in the first week of the month, so the October report should land in early November and the November report in early December. Freddie Mac posts its rate survey every Thursday. And the holiday season itself tends to thin out both buyers and sellers, which can make December and January numbers bounce around more than usual. One soft month is a data point. Three or four months in the same direction is a trend.

Ryan's Take

I talk to buyers every week who ask, "Should I wait for prices to drop more?" Here is my honest answer. Prices are down $20,000 from the record, and buyers have real negotiating power for the first time in a while. In a market with five months of supply, sellers tend to be more open to paying closing costs or helping buy down a rate, and that can matter more than a few thousand dollars off the price. Trying to time the exact bottom is a guessing game. Finding the right home with the right terms is not.

For sellers, especially in the southwest valley and Summerlin, my advice is simple. Price it right from the start, make it show well, and be ready to negotiate. The homes I see sitting are the ones priced for last spring. The homes that sell are clean, priced to the recent comps, and easy to see. This is a normal market coming back, and normal markets reward sellers who prepare.

A house sitting along a quiet residential road, the kind of home Las Vegas sellers are now pricing against more competition

What You Can Do

If you are buying, get pre-approved now so you know your real budget at today's rates. Then compare homes that have been on the market for 30 days or more. Those sellers are often the most open to offers, credits or repairs. Ask your lender about rate buydowns, and ask your agent whether a seller credit could pay for one. Shopping more than one lender is also a smart move.

If you are selling, look at what sold near you in the last 60 to 90 days, not what sold last spring. Look at your competition, too. How many similar homes are listed in your neighborhood right now, and how long have they been sitting? Small repairs, fresh paint and good photos go further in a market with more choices.

If you are on the fence, it can help to write down your plan. How long do you expect to stay in the home? What monthly payment are you comfortable with, including taxes, insurance and any HOA? If you plan to stay five years or more, the small month-to-month moves in the median matter much less than finding a home and a payment that fit your life. If your timeline is short, renting a bit longer may still make sense. There is no single right answer, and anyone who tells you they know exactly where prices are going next is guessing.

If you just want to track your home's value, check the monthly Las Vegas REALTORS report when it comes out early each month, and ask for a free home value review based on actual nearby sales. Online estimates can be off by tens of thousands of dollars, as the gap between the Zillow, Redfin and LVR numbers shows.

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