Las Vegas home listings drop 50 percent in September, Realtors say

The cost of buying a home in Southern Nevada has stayed steady over the past year, according to Las Vegas Realtors, but there’s been a sharp drop in the number of houses on the market for sale.

The median sale price of a single-family home in the Las Vegas Valley in September was $450,000 — same median price as September of last year, according to data released Friday by Las Vegas Realtors. The median price for condos and townhomes in September was $270,000, which also matches the median price from September 2022. But prices for condos and townhouses decreased by 5.9 percent in September from the record of $287,000 set the month prior.

While sales prices haven’t budged much, the supply of homes on the market has dropped significantly. Listings of single-family homes dropped roughly 50 percent in September from the same month last year, according to Las Vegas Realtors. Roughly 4,066 single-family homes were on the market for sale at the end of September.

In total, 2,374 homes — including townhouses and condos — sold in September, according to Las Vegas Realtors. The total value of the home sales was more than $1 billion, a 6.9 decrease from this time last year, but for condos and townhomes the total value of sales was $159 million, a 4 percent increase from last year.

Las Vegas Realtors president Lee Barrett said high mortgage rates have led to the drop in for-sale listings and the median sale price remaining unchanged.

“We should probably get used to the current housing market since it’s not likely to change much anytime soon,” Barrett said in a statement. “Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year.”

The average long-term U.S. mortgage rate jumped to 7.49 percent this week, the highest level since December 2000.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.