U.S. Home Values Are Still Up 0.7 Percent Over the Year. Las Vegas Values Are Down 2.7 Percent

by Ryan Rose

What Happened

Zillow put out its October market report on Nov. 5, 2026. The main story was buyers stepping back. Newly pending listings fell 16.8 percent from a year earlier, the steepest yearly drop since August 2023. A pending listing is a home with an accepted offer that has not closed yet.

Home values got less attention, but they matter more to most owners. Zillow puts the typical U.S. home at $364,812. That is down 0.6 percent from September and up 0.7 percent from October 2025.

Las Vegas shows up only in the table at the bottom of the release. The typical home in the Las Vegas metro is $419,499. That is down 0.6 percent from September, the same monthly drop as the whole country. The gap is in the full-year number. Over 12 months, the nation is up 0.7 percent and Las Vegas is down 2.7 percent.

Here is how the two compare in Zillow's October data:

Typical home value: U.S. $364,812. Las Vegas $419,499.
Value change from September: U.S. down 0.6 percent. Las Vegas down 0.6 percent.
Value change from a year ago: U.S. up 0.7 percent. Las Vegas down 2.7 percent.
Homes for sale compared with a year ago: U.S. up 3.4 percent. Las Vegas up 3.6 percent.
Zillow's early sales estimate compared with a year ago: U.S. down 8.7 percent. Las Vegas down 5.4 percent.
Typical rent: U.S. $1,913, up 2.9 percent from a year ago. Las Vegas $1,723, up 0.6 percent from a year ago.

Zillow gives the yearly change as a percent, not in dollars. If you work the math backward, the typical Las Vegas home was worth about $431,100 a year ago. That would be a drop of about $11,600. The typical U.S. home gained about $2,500 over the same stretch. Those dollar amounts are our own estimates based on rounded percents, so treat them as close, not exact.

Zillow's table lists 50 large metros. By our count, 28 are up from a year ago, 20 are down and 2 are flat. Las Vegas has the third biggest drop on the list, behind Austin at 3.9 percent and Seattle at 3.2 percent. At the other end, Chicago is up 4.8 percent and Hartford is up 4.7 percent.

The West is mixed. Denver is down 2.1 percent and Phoenix is down 1.3 percent. Los Angeles is up 0.8 percent and San Diego is up 0.7 percent. Zillow's report does not explain why Las Vegas is down. It only gives the number.

Las Vegas homes with tile roofs under a blue sky, with desert mountains in the distance

Why It Matters to Las Vegas Residents

If you already own a home, a 2.7 percent dip is not a crash. It is a slow year. You only feel a change in value when you sell, refinance or borrow against your home. If you bought many years ago, a dip this size may not change much for you. If you bought near the top and need to sell soon, it deserves a closer look.

Remember that $419,499 is one number for a whole metro. It covers older homes near the Strip and newer homes in Skye Canyon and Green Valley. It cannot tell you what your home on your street is worth. Two neighborhoods a few miles apart can move in different directions in the same year.

If you are selling, the bigger story is competition. Las Vegas REALTORS counted 8,112 single-family homes listed without an offer at the end of October, up 7.6 percent from a year ago. Southern Nevada now has nearly six months of supply at the October sales pace. A year ago it was just over four and a half months. Buyers have more homes to compare, so the price you pick matters more than it did last year.

If you are buying, here is the catch. A lower value does not mean a lower payment. Freddie Mac's 30-year average was 7.18 percent on Nov. 5, up from 6.22 percent a year ago. With 20 percent down, the typical Las Vegas home at $419,499 costs about $2,273 a month in principal and interest at today's rate. The higher value we estimated for a year ago would have cost about $2,117 at last year's rate. So the home is worth less, and the payment is still about $157 a month higher. That is our own math, and it leaves out taxes, insurance and HOA dues.

Las Vegas buyers are not alone in that squeeze. Zillow says the typical U.S. mortgage payment is now $2,004 a month, up 12.8 percent from a year ago. A household earning the median income would spend 34.7 percent of its income on that payment, up from 32.7 percent. Nationally, 26.5 percent of listings had a price cut in October, and the typical home took 31 days to go pending, two days longer than a year earlier. Zillow did not publish those last two numbers for Las Vegas in this release.

If you rent, Zillow's numbers are fairly calm. The typical Las Vegas rent is $1,723, up 0.6 percent from a year ago and down 0.2 percent from September. It sits $190 below the typical U.S. rent. Rents here are growing more slowly than the 2.9 percent national pace.

Background and History

So how can Zillow say down 2.7 percent while Las Vegas REALTORS says up 0.1 percent? The answer is in what each one counts.

Zillow's typical home value is an estimate. It looks at homes in the middle of the market, from the 35th to the 65th percentile of values. Zillow builds it from its home value estimates, and it smooths the numbers and adjusts for the seasons. It includes homes that did not sell.

The Las Vegas REALTORS median is a real sale price. It is the middle price of the existing single-family homes that actually sold that month. New builds, condos and homes that stayed put are not in it. If more expensive homes happen to sell in a given month, the median can hold up even when the typical home loses a little value. The report does not tell us if that happened in October, but it is one way the two numbers can split.

That also helps explain the dollar gap. The $475,000 median is $55,501 above Zillow's $419,499. Neither number is wrong. One is the middle of what sold. The other is an estimate of what a typical home is worth.

Las Vegas REALTORS also tracks condos and townhomes on their own, and that side of the market looks more like Zillow's number. The October median for condos and townhomes was $279,000, down 2.1 percent from a year ago. Condo and townhome sales fell 23.6 percent, about twice the 11.9 percent drop for single-family homes.

Quiet Las Vegas residential street at night with lit two-story homes and city lights in the distance

Even the sold-price number has cooled this year. Las Vegas REALTORS reported a record $490,000 median in May and June. The median was $480,000 in July, $475,000 in August, $470,000 in September and $475,000 in October. In the same stretch, supply went from about three and a half months in June to nearly six in October.

Mortgage rates are a big part of this. The Associated Press reported that the 30-year average peaked at 7.4 percent in early October. Zillow uses its own rate measure, which averaged 7.33 percent in October, up from 6.86 percent in September. Sales have been sliding for a while too. Southern Nevada set a record with 50,010 properties sold in 2021, and 2025 had the lowest yearly total since 2007.

This does not look like a market full of forced sales. Short sales and foreclosures were just 1.1 percent of October sales, compared with 0.9 percent a year ago. Cash buyers made up 26.2 percent of sales, close to 26.5 percent a year ago and far below the 59.5 percent peak of February 2013. And 72.4 percent of the single-family homes that sold in October went within 60 days. Las Vegas REALTORS President George Kypreos put it this way: "The demand for homes in Southern Nevada is still strong."

What Happens Next

Zillow expects its next monthly report on Dec. 4. Its chief economist, Mischa Fisher, said November is likely to show an even bigger pullback than October. He also said that may be the low point, and that he expects the slowdown to ease into the new year. That is a national forecast. Zillow did not give one for Las Vegas.

Locally, the next Las Vegas REALTORS report should land in early December, based on when the recent monthly reports came out. Watch the median and the months of supply together. If supply keeps climbing through the winter, sellers will likely feel more pressure, even if the median holds near $475,000.

Rates are the other thing to watch. Freddie Mac updates its average every Thursday, so the next one is due Nov. 12. Its 30-year average has fallen three weeks in a row, but it is still almost a full point above last year. Kypreos said the numbers would look a lot different if rates came down by about a percentage point.

Pending sales offer an early hint too. Redfin says Las Vegas pending sales fell 22.6 percent from a year earlier in the four weeks ending Nov. 1. That was the fifth biggest drop among the 50 most populous metros, and worse than the 16.4 percent national decline. Pending deals turn into closed sales a month or two later, so the next few reports may stay soft.

Ryan's Take

When I look at these numbers, I do not see a crash, and I do not see a boom. I see a market that has slowed down because money got more expensive. The national headline says values are still rising. For Las Vegas, that is not true right now on Zillow's own numbers. The local headline says the median is holding at $475,000. That is true too, but it only tells you about the homes that sold.

What I care about is what is happening in the exact neighborhood you live in or want to live in. The southwest valley and Summerlin do not move in lockstep, and a single-story home does not move in lockstep with a two-story next door. If you are a seller, price against the homes you are competing with today, not against what your neighbor got in June. If you are a buyer, this is a good time to ask for things. More homes on the market means more room to talk about price, repairs or help with closing costs. Just run the payment first, because the rate is still doing more damage than the price is giving back.

Calculator with brass keys on top and moving boxes in the background, showing the math of buying a home

What You Can Do

If you own a home: Do not panic over a metro number. Look at what homes like yours have sold for in your neighborhood in the last 90 days. Zillow's estimate is a good starting point, but it is only an estimate. Recent sales near you will tell you more.

If you plan to sell in the next year: Check how many homes like yours are for sale right now and how long they have been sitting. With nearly six months of supply, a home that is priced right and shows well can still go fast. A home that is priced for last spring may sit.

If you want to buy: Start with the monthly payment you are comfortable with, then work back to a price. Get real quotes from more than one lender, and include taxes, insurance and any HOA dues. Then look at how long a home has been on the market before you decide what to offer.

If you are reading national news: When a headline talks about home values, ask which place it means and which number it uses. A typical value, a median sale price and a pending count are three different things. For a closer look at this week's local data, read our posts on the October median and on months of supply.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. I am happy to pull the recent sales on your street and walk through them with you.

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