Southern Nevada’s housing market is showing clear signs of tipping in favor of buyers in February 2026, according to new information from the Las Vegas Realtors (LVR). Less homes are offering, stock is increasing, and median costs are slipping from record highs embeded in recent years.
The average sale price of existing single-family homes in the region fell to $481,995 in February, down 0.6% from a year previously and listed below the all-time peak of $488,995 recorded in November 2025. Condominiums and townhomes saw an even sharper decline, with a typical price of $285,000, down 5.9% from February 2025 and well off the $315,000 record embeded in October 2024.
“Slower sales, lower rates and increasing stock are indications of a purchaser’s market,” said LVR President George Kypreos. “Southern Nevada stays an appealing market for purchasers, sellers, and property owners enjoying built-up equity. There’s also bottled-up need from individuals who have actually delayed moving for years, which might help unlock more stock this year.”
Inventory growth is significant. LVR reported 6,131 single-family homes listed without deals in February, a 17.2% increase from a year earlier. The variety of condominiums and townhouses offered increased 23.7% to 2,505 units.
Sales activity continues to soften. An overall of 2,088 existing homes, condominiums, and townhomes changed hands last month. Compared with February 2025, single-family home sales fell 9.4%, while apartment and townhouse sales dropped 8.0%. The pace of sales now represents more than a four-month supply of housing, up from just over 3 months a year ago.
The area’s annual sales patterns highlight a wider downturn. 2025 marked the most affordable yearly sales volume because 2007, with sales typically decreasing since the 2021 peak of 50,010 deals.
Extra February highlights from LVR consist of:
- Time on Market: 64.2% of homes and 56.8% of condos and townhomes offered within 60 days, down from 71.0% and 71.9% a year earlier.
- Money Deals: Money purchasers represented 26.3% of sales, below the 28.0% share in February 2025 and far from the February 2013 peak of 59.5%.
- Distressed Sales: Short sales and foreclosures combined made up just 1.0% of transactions, slightly above the 0.6% taped a year ago however still near historic lows.
- Transaction Worths: MLS-tracked sales exceeded $1 billion for homes and almost $143 million for condos, high-rises, and townhouses, down 4.3% and 13.6%, respectively, from February 2025.
The information paints an image of a market in shift, with increasing stock and slower sales offering more utilize to buyers, even as local need and equity levels remain robust.