06-02-2025
Las Vegas home prices surge to all-time record in January, LVR report shows
LAS VEGAS (KLAS) — Las Vegas home prices started 2025 with a bang as prices for single-family homes set an all-time record in January, according to Las Vegas Realtors (LVR).
The price jumped $10,000 in a single month, landing at $485,000 and passing the May 2022 record of $482,000.
Condominiums and townhomes were selling at a median price of $293,000 in January, up $3,000 since December. The median price is the one in the middle — half sold at higher prices and half sold for less.
Comparisons to prices from a year ago show that single-family homes have gone up 9.0%. Condos/townhomes are up 6.5% over last year's prices.
LAST MONTH: Las Vegas home prices drop back as 2024 ends, finishing the year 5.6% higher
'The increase in our median price is another sign of the continued demand for housing here in Southern Nevada,' according to LVR President George Kypreos. It's also good to see our housing supply increasing in recent months so people have more choices when looking for a home,' Kypreos said. 'Overall, I remain confident that the local housing market will remain as strong as any in the U.S.'
As of Feb. 5, interest rates in Nevada are 6.71% for a 30-year fixed mortgage and 5.93% for a 15-year fixed mortgage, according to Bankrate.
LVR reported a total of 1,991 homes, condos and townhomes sold in January. Compared to January 2024, sales were up 6.7% for homes, but down 13.2% for condos and townhomes. Condo prices peaked in October at a median price of $315,000.
The monthly report includes homes sold through LVR's Multiple Listing Service (MLS). It excludes new construction and homes sold by owners.
Online broker Redfin said last week that the Los Angeles wildfires are pushing up rental searches and pushing down home sales. Roughly one of every six homes in the Palisades and Eaton fires have been destroyed or damaged, creating a ripple effect of people searching for temporary or permanent housing.
The Las Vegas sales pace in January equates to a housing supply of just over two and a half months. Last year at this time, fewer homes were listed for sale.
Home sales have been rebounding from a slow year in 2023, according to LVR. A total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 sales in 2023 – the slowest year for existing local home sales since 2008.
About 28.5% of all local property sales were cash transactions in January. That's up from 27.4% one year earlier, but well below the January 2013 cash buyer peak of 59.5%.
By the end of January, LVR reported 5,215 single-family homes listed for sale without any sort of offer. That's up 46.9% from one year earlier. The 1,896 condos and townhomes listed without offers in January represent a 66.9% jump from one year earlier.
LVR reported 72.5% of all homes and 73.6% of all condos and townhomes sold within 60 days. Both levels were slightly below 2024's pace.
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