The Las Vegas area recorded a total of 2,646 sales for homes, condos and townhomes sold in May, according to data from Las Vegas Realtors. In a year-over-year measurement, sales fell by 13.1% for homes and by 19% for condos and townhomes.
While sales were down last month, listings without offers surged – 6,656 single-family homes were on the market, up by nearly 72% from May 2024, while the 2,510 condos and townhomes that were listed without offers soared by 90% from one year earlier.
The median price for existing single-family homes in this market was $480,000, unchanged from one year earlier and down from the record high of $485,000 set during the first three months of this year. For condos and townhomes, May’s median price of $307,000 is up 4.1% year-over-year but below the record high of $315,000 that was achieved last October.
“Home prices have been very steady so far this year, with more homes on the market,” said Las Vegas Realtors President George Kypreos. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”
