LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local home prices bounced back in May to hit a record high, even though fewer homes changed hands.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during May was $490,000. That’s up 2.1% from one year earlier – topping the previous all-time high of $488,995 set in November 2025.
The median price of local condos and townhomes sold in May was $295,000. That’s down 3.9% from May 2025 – and well off the record high of $315,000 set in October 2024.
“Although single-family home prices hit a new high-water mark in May, local home prices have still been pretty stable this year,” said LVR President George Kypreos, a longtime local REALTOR®. “And even though the number of homes being sold has been fairly flat, we’re confident the demand for homes here in Southern Nevada remains strong.”
By the end of May, LVR reported 6,784 single-family homes listed for sale without any sort of offer. That’s up 2.1% from one year earlier. The 2,639 condos and townhomes listed without offers in May represent a 5.1% increase from one year earlier.
LVR reported a total of 2,575 existing local homes, condos and townhomes sold in May. Compared to May 2025, sales were down 1.0% for homes and down 8.9% for condos and townhomes. The sales pace in May equates to local housing supply of more than three and a half months. That’s slightly more supply than one year earlier.
The sales pace so far this year has been similar to 2025, which posted the lowest annual sales total since 2007. Sales have seen peaks and valleys in recent years, generally declining since 2021, when LVR reported a record 50,010 total properties were sold.
Other highlights include:
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In May, 77.4% of all existing local homes and 72.9% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 81.6% of all homes and 76.5% of all condos and townhomes sold within 60 days.
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During May, LVR found that 21.7% of all local property sales were cash transactions. That’s down from 22.8%one year earlier – well below the February 2013 cash buyer peak of 59.5%.
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The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.9% of all existing local property sales in May. That compares to 0.6% one year ago.
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The total value of local real estate transactions tracked through the MLS during May was nearly $1.3 billion for homes and nearly $163 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in May were up 2.5% for homes but down 10.5% for condos and townhomes.
These LVR statistics include activity through the end of May 2026. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 15,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
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