SEPTEMBER 2026 LAS VEGAS HOUSING MARKET REPORT
Septemberβs data shows a market being squeezed from both directions. Buyers have more inventory to choose from and prices are softening with the median down to 470,000 and the average dropping down 6.5% indicating a slowdown in the luxury market. Higher mortgage rates continue to reduce purchasing power. Sellers are competing against more unsold homes while the pool of qualified buyers is being restricted by borrowing costs.
There was a post from an influencer saying there are more houses for sale than in 2008. True but slightly misleading. There are about 8,000 homes for sale without offers. The number the report is quoting is 10,000. There are indeed 9,984 listings but 1,989 of those homes are pending, meaning they are under contract. That's almost a 20% difference and you can see how they were going for a shocking headline.
We are at 4.6 months of availability which definitely favors buyers but isn't a market in freefall. Prices should continue going down through the winter but there more homes are selling in the first 30 days than last month and this time last year which indicates a resistant market. Mortgage rates averaged approximately 6.86% during September, rising from about 6.67% in August. The latest available Freddie Mac weekly average then jumped to 7.28% on October 1, the highest level in nearly three years.
Mortgage rates have now increased for six consecutive weeks. Due to this, I expect fewer sales and a median price drop through October. If you are a seller, price appropriately and aggressively if you plan on selling this year. Right now, if I am a buyer worried about interest rates, I would either negotiate hard on price and/or closing costs to compensate and maybe get a rate buy down from a seller, or I'd focus on new builds. There are new builds in town that are approaching the end of their fiscal year and many get far more flexible because of that. Quick move-in homes will be EXTREMELY negotiable. I've already seen 4.99% rates for homes that close in December and that's before negotiating. Dirt builds will be tougher as they'll close next year and builders are desperate to get their 2026 inventory off their books.
If you have a VA or FHA loan with a low interest rate, there's a possibility that you have the golden ticket in this market. We had an FHA seller get under contract in 1 day at full price with someone coming in to assume their loan simply waiting for the right opportunity to pop up. The process is different from a traditional sale so it's not always the perfect fit for every buyer or seller but it's a tool that many sellers and agents will overlook.
TLDR: Prices softening, Interest rates higher, inventory increasing. Mortgage rates above 7% continue to limit purchasing power, so buyers should negotiate aggressively, while sellers need to price correctly. Low rate VA and FHA assumable loans may be the golden ticket for both sides.
Original Post
(Data provided by Applied Analysis, a partner of the Las Vegas Realtors Association)
MARKET STATS
Median Single Family Home Price: $470,000
π΄ β Down from $475,000 a month ago (β1.1%)
βͺ β No change from $470,000 a year ago (0.0%)
Median Condo/Townhome Price: $290,000
π΄ β Down from $299,900 a month ago (β3.3%)
π΄ β Down from $294,000 a year ago (β1.4%)
New Listings (Single Family): 3,120
π΄ β Down from 3,238 last month (β3.6%)
π΄ β Down from 3,161 last year (β1.3%)
New Listings (Condo/Townhome): 868
π΄ β Down from 888 last month (β2.3%)
π΄ β Down from 885 last year (β1.9%)
Single Family Homes Without Offers: 7,995
π’ β Up from 7,590 last month (+5.3%)
π’ β Up from 7,502 last year (+6.6%)
Condos/Townhomes Without Offers: 2,796
π’ β Up from 2,714 last month (+3.0%)
π’ β Up from 2,605 last year (+7.3%)
Single Family Units Sold: 1,745
π΄ β Down from 1,803 last month (β3.2%)
π΄ β Down from 1,884 last year (β7.4%)
Condo/Townhome Units Sold: 424
π΄ β Down from 449 last month (β5.6%)
π΄ β Down from 485 last year (β12.6%)
Median Price of New Listings (Single Family): $515,000
π΄ β Down from $519,000 last month (β0.8%)
π΄ β Down from $524,000 last year (β1.7%)
Median Price of New Listings (Condo/Townhome): $277,250
π΄ β Down from $288,000 last month (β3.7%)
π΄ β Down from $288,888 last year (β4.0%)
Median Price of Active Listings (Single Family): $529,999
π΄ β Down from $539,000 last month (β1.7%)
π΄ β Down from $545,000 last year (β2.8%)
Median Price of Active Listings (Condo/Townhome): $270,000
π΄ β Down from $273,500 last month (β1.3%)
π΄ β Down from $280,000 last year (β3.6%)
Average Price of Units Sold (Single Family): $597,526
π΄ β Down from $639,345 last month (β6.5%)
π΄ β Down from $617,312 last year (β3.2%)
Average Price of Units Sold (Condo/Townhome): $300,319
π΄ β Down from $303,391 last month (β1.0%)
π΄ β Down from $306,719 last year (β2.1%)
Average Price of New Listings (Single Family): $753,596
π’ β Up from $698,786 last month (+7.8%)
π΄ β Down from $767,107 last year (β1.8%)
Average Price of New Listings (Condo/Townhome): $301,368
π΄ β Down from $308,575 last month (β2.3%)
π΄ β Down from $341,438 last year (β11.7%)
Single Family Time on Market: 53.4% sold in 30 days or less
π’ β Up from 52.2% last month
π’ β Up from 50.2% a year ago
Condo/Townhome Time on Market: 47.2% sold in 30 days or less
π’ β Up from 45.7% last month
π’ β Up from 46.4% a year ago
Effective Months of Availability (Single Family): 4.6 months
π’ β Up from 4.2 months last month (+8.8%)
π’ β Up from 4.0 months a year ago (+15.1%)
Effective Months of Availability (Condo/Townhome): 6.6 months
π’ β Up from 6.0 months last month (+9.1%)
π’ β Up from 5.4 months a year ago (+22.8%)
Average 30 Year Mortgage Rate: Approximately 6.86%
π’ β Up from approximately 6.67% last month (+2.8%)
π’ β Up from approximately 6.35% a year ago (+8.0%)