The Las Vegas housing market is shifting toward buyers as inventory rises and sales activity slows across Southern Nevada. New data from Las Vegas Realtors shows that fewer homes are selling, while median prices have begun slipping from the record highs reached in recent years.
In February 2026, the median sale price for existing single-family homes in the region fell to $481,995. This represents a 0.6% decline compared with the same month last year and sits below the record high of $488,995 set in November 2025. Meanwhile, condos and townhomes experienced a sharper price drop, with the median price falling to $285,000. That figure is down 5.9% year over year and well below the $315,000 peak reached in October 2024.
According to LVR President George Kypreos, the latest trends clearly indicate a market that is becoming more favorable for buyers. “Slower sales, lower prices, and rising inventory are signs of a buyer’s market,” he said. However, he also emphasized that Southern Nevada remains attractive to both buyers and sellers, especially homeowners who have built up significant equity over time.
At the same time, pent-up demand could influence market conditions later this year. Many households postponed moving during recent periods of high mortgage rates and rising costs. As conditions gradually stabilize, these delayed moves could release additional inventory and increase activity in the Las Vegas housing market.
Rising Inventory Signals Market Shift
Inventory growth has been one of the most significant developments in recent months. The association reported 6,131 single-family homes listed without offers in February. This represents a 17.2% increase compared with the same time last year.
The supply of condos and townhomes also expanded considerably. Available units rose by 23.7% year over year, reaching 2,505 properties on the market. Higher inventory levels typically give buyers more options and strengthen their negotiating position.
Sales Activity Continues to Slow
Despite rising inventory, overall sales activity remains weak. In February, a total of 2,088 existing homes, condos, and townhomes were sold across the region.
Compared with February 2025, sales of single-family homes declined 9.4%. Meanwhile, condo and townhome transactions dropped 8.0%. These trends indicate that demand has softened while supply continues to grow.
The pace of sales now reflects more than a four-month supply of housing inventory. A year earlier, the market had just over a three-month supply, highlighting the shift in balance between buyers and sellers.
Long-Term Trends Show Cooling Demand
Annual data also reflects the broader slowdown in the Las Vegas housing market. Total home sales in 2025 reached their lowest level since 2007.
Sales activity has gradually declined since the market peak in 2021, when the region recorded 50,010 transactions. Since then, rising borrowing costs and economic uncertainty have weighed on buyer activity.
Additional Market Indicators
Other housing indicators provide further insight into current conditions. Homes are taking longer to sell, with 64.2% of single-family properties and 56.8% of condos selling within 60 days. This compares with 71.0% and 71.9%, respectively, one year earlier.
Cash transactions also declined slightly. Cash buyers accounted for 26.3% of sales, down from 28.0% in February 2025. This share remains far below the 59.5% peak recorded in February 2013.
Distressed sales remain limited. Short sales and foreclosures represented just 1.0% of transactions, slightly higher than the 0.6% recorded last year but still close to historic lows.
Transaction Values and Market Outlook
Total transaction values tracked through the MLS exceeded $1 billion for single-family homes. Condo, high-rise, and townhome sales reached nearly $143 million. However, those figures represent declines of 4.3% and 13.6%, respectively, compared with February 2025.
Overall, the data points to a housing market in transition. Rising inventory and slower sales are giving buyers greater negotiating power, even as local demand remains relatively steady and homeowner equity stays strong.
