Las Vegas Prices Ticked Up 1.1 Percent From September, but Supply Climbed to Nearly Six Months

by Ryan Rose

What Happened in October

Las Vegas REALTORS released its October report in early November. The median price of an existing single-family home sold in Southern Nevada was $475,000. In September, it was $470,000. That $5,000 increase is the 1.1 percent gain the Review-Journal reported in its story by Patrick Blennerhassett.

Compared with a year ago, the price barely changed. The October 2025 median was $474,370, so this October is up just 0.1 percent. The all-time high is $490,000, set in May and June of this year.

Sales went the other way. A total of 1,895 existing homes, condos and townhomes sold in October. That is down from 2,169 in September. Compared with October 2025, single-family sales fell 11.9 percent and condo and townhome sales fell 23.6 percent.

Supply kept climbing. FOX5 and News 3 both reported that the October sales pace works out to nearly six months of supply. A year earlier, it was just over four and a half months. By the end of October, 8,112 single-family homes were listed without an offer. That is up 7.6 percent from a year ago.

The total dollars changing hands fell too. FOX5 reported that October home sales added up to nearly $1 billion, down 10.1 percent from a year ago. Condo, high-rise and townhome sales came to nearly $116 million, down 22.5 percent.

Here are the main October numbers in one place:

Single-family median price: $475,000, up 1.1 percent from September and up 0.1 percent from a year ago
Condo and townhome median price: $279,000, down from September and down 2.1 percent from a year ago
Total sales: 1,895 existing homes, condos and townhomes
Supply: nearly six months, up from just over four and a half a year ago
Single-family homes listed without an offer: 8,112, up 7.6 percent from a year ago
Homes sold within 60 days: 72.4 percent, compared with 71.7 percent a year ago
Cash sales: 26.2 percent, compared with 26.5 percent a year ago
Short sales and foreclosures: 1.1 percent, compared with 0.9 percent a year ago

George Kypreos, president of Las Vegas REALTORS, pointed to borrowing costs. "We're seeing the impact of the recent rise in mortgage rates," he said in a statement reported by News 3. He added, "I suspect these statistics would look a lot different if rates went back down by a percentage point or so."

Stock photo of a two-story single-family home with a two-car garage and a short driveway

Why It Matters to Las Vegas Residents

If you only read one headline this month, you could walk away with the wrong idea. "Prices are up" sounds like a hot market. "Sales are down" sounds like a cold one. Both are true at the same time, and the reason comes down to what each number measures.

The median is the middle price of the homes that actually sold that month. Half sold for more, and half sold for less. If a few more larger homes close in a given month, the median can rise even when no single home got more valuable. So a small monthly move can come from the mix of homes that sold. It is a helpful number, but it is not a price tag on your house.

Here is a simple example. Say five homes sell for $400,000, $450,000, $475,000, $500,000 and $600,000. The median is $475,000, the one in the middle. Now say the cheapest home had not closed until next month and a $525,000 home closed instead. The median moves up to $500,000, and nobody's house changed in value. Those prices are made up to show the idea, but the point is real.

Months of supply tells a different story. It answers one question: if no new homes were listed, how long would it take to sell everything on the market at the current pace? More months means buyers have more options and less pressure.

The count of homes "listed without an offer" is also worth a closer look. These are homes on the market with no buyer lined up at the end of the month. Think of it as the shelf of homes you could go see this weekend. The 8,112 figure covers single-family homes only, and it is 7.6 percent bigger than the shelf was a year ago.

For buyers, nearly six months of supply is real breathing room. You have more time to look. You can compare a few homes side by side. In many cases, you can ask for things like help with closing costs or a repair. There is no guarantee a seller will say yes, but the numbers give you a better reason to ask than you had a year ago.

For sellers, the news is mixed but not scary. The median held up. Only 1.1 percent of October sales were short sales or foreclosures, so there is no sign of forced selling pushing prices down. And 72.4 percent of homes that sold went under contract within 60 days, a little better than a year ago. But there are 8,112 single-family homes without an offer right now, and buyers can see every one of them. A home that is priced too high will likely sit.

If you own your home and are not moving, this report changes very little for you day to day. A $5,000 move in the valley-wide median does not tell you what your own home is worth. Your street, your floor plan and your home's condition matter far more.

Background: How the Last Three Months Add Up

The 1.1 percent gain makes more sense when you see the months around it. In August, the median was $475,000. In September, it dropped 1.1 percent to $470,000. In October, it came back to $475,000. So over three reports, the middle price went down and then returned to where it started.

Sales did not make that round trip. Las Vegas REALTORS counted 2,252 existing homes, condos and townhomes sold in August, 2,169 in September and 1,895 in October. Each month was lower than the one before it. Fall is often a slower season for home sales, so a monthly drop alone is not a shock. That is why the year-over-year figure is useful, and single-family sales were down 11.9 percent from last October.

Supply has moved quickly as well. The September report showed about five months of supply. October shows nearly six. It is worth asking where that jump came from. Single-family homes without an offer went from 7,995 at the end of September to 8,112 at the end of October. By our math, that is an increase of about 1.5 percent. Total sales fell about 12.6 percent over the same month. So the rise in months of supply came more from homes selling slower than from a big wave of new listings.

Two other numbers shifted from September to October, and they point in different directions:

Homes sold within 60 days fell to 72.4 percent in October, from 75.9 percent in September. Homes that sold took a bit longer to find a buyer.
Cash sales rose to 26.2 percent in October, from 23.5 percent in September. A larger share of the people who did buy did not need a mortgage at all, which fits a month when rates were the main complaint.

The longer view matters too. Sales have generally been falling since 2021, when a record 50,010 properties sold. Last year had the lowest annual sales total since 2007, and News 3 reports that sales so far this year look similar to 2025. Prices have held up far better than sales. Even after this year's dip from the record, the median is about even with a year ago.

Stock photo of a newer suburban home with a young tree, green lawn and sidewalk under a cloudy sky

What Happens Next

The next thing to watch is mortgage rates. Freddie Mac's 30-year average was 7.18 percent on Nov. 5. That is down from 7.24 percent a week earlier, but up from 6.22 percent a year ago. Kypreos' comment suggests that rates, more than prices, are what is holding buyers back right now. He also said, "The demand for homes in Southern Nevada is still strong."

Here is a quick way to see why rates matter so much. We ran the monthly principal and interest with 20 percent down, using the median from each report and the Freddie Mac rate from just after each report came out. The $470,000 September median at 7.40 percent on Oct. 8 comes to about $2,603 a month. The $475,000 October median at 7.18 percent on Nov. 5 comes to about $2,574 a month. The price went up $5,000, and the estimated payment still fell by about $29. These are our own estimates, and they leave out taxes, insurance and any HOA dues.

Las Vegas REALTORS usually puts out its monthly report early in the following month, so the November numbers should arrive in early December. When they do, look at three things. Did the median hold near $475,000? Did supply cross six months? And did the 8,112 count of homes without offers keep rising? One month is a data point. Two or three months in the same direction start to look like a trend.

It also helps to know what would change the picture. If rates keep easing, some buyers who stepped back this fall could return, and sales could steady. If rates climb again, supply could keep growing and sellers would feel more pressure to cut prices. Nobody can say for sure which way that will go, so plan around your own timeline and budget instead of a guess about rates.

Ryan's Take

I would not get excited about a 1.1 percent monthly gain, and I would not ignore it either. It tells me the floor has held for now. The median fell in September and came right back in October. That is not what a falling market usually looks like. But the supply number is the one I would pay the most attention to. When sales slow and supply gets close to six months, the buyer has more say in how a deal comes together.

If I were selling today, I would look at the homes that sold nearby in the last 60 days and the ones sitting without offers right now. Those are the homes a buyer is comparing to yours, and the valley-wide median can't tell you that. If I were buying, I would stop waiting for a crash that these numbers do not show, and start asking what a seller is willing to do. Prices and supply also look different from one part of the valley to the next. Summerlin, the southwest valley and Henderson can each behave differently, so it pays to look at your own area.

Stock photo of a modern white home with a small front walkway and a patch of green lawn

What You Can Do

If you are buying, get a real payment quote from a lender before you shop. Then use the extra supply to your advantage. Tour more than one home, ask how long each has been on the market, and talk through whether to ask for closing cost help or a rate buydown. A small rate change can move your payment more than a small price change, as the math above shows.

If you are selling, price your home for the market you are in today, which is not the one from May or June. The $490,000 record is $15,000 above the current median. Look at what has actually closed near you, not just what neighbors are asking. Clean, well-priced homes are still selling, and most sold homes still went under contract within 60 days.

Stock photo of a welcoming front porch with a dark front door, brass handle and a wicker chair

If you are not sure yet, keep an eye on the next two monthly reports. Pay attention to supply and mortgage rates more than any single month's median. And if you own a condo or townhome, note that this part of the market had a tougher October, with the median down to $279,000 and sales down 23.6 percent from a year ago.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Ryan Rose | Real Broker, LLC | ryan@rosehomeslv.com | rosehomeslv.com