Southern Nevada’s housing market is showing clear signs of tipping in favor of buyers in February 2026, according to new data from the Las Vegas Realtors (LVR). Fewer homes are selling, inventory is rising, and median prices are slipping from record highs set in recent years.
The median sale price of existing single-family homes in the region fell to $481,995 in February, down 0.6% from a year earlier and below the all-time peak of $488,995 recorded in November 2025. Condos and townhomes saw an even sharper decline, with a median price of $285,000, down 5.9% from February 2025 and well off the $315,000 record set in October 2024.
“Slower sales, lower prices and rising inventory are signs of a buyer’s market,” said LVR President George Kypreos. “Southern Nevada remains an attractive market for buyers, sellers, and homeowners enjoying built-up equity. There’s also pent-up demand from people who have delayed moving for years, which could help unlock more inventory this year.”
Inventory growth is notable. LVR reported 6,131 single-family homes listed without offers in February, a 17.2% increase from a year earlier. The number of condos and townhomes available rose 23.7% to 2,505 units.
Sales activity continues to soften. A total of 2,088 existing homes, condos, and townhomes changed hands last month. Compared with February 2025, single-family home sales fell 9.4%, while condo and townhome sales dropped 8.0%. The pace of sales now represents more than a four-month supply of housing, up from just over three months a year ago.
The region’s annual sales trends underscore a broader slowdown. 2025 marked the lowest yearly sales volume since 2007, with sales generally declining since the 2021 peak of 50,010 transactions.
Additional February highlights from LVR include:
- Time on Market: 64.2% of homes and 56.8% of condos and townhomes sold within 60 days, down from 71.0% and 71.9% a year earlier.
- Cash Transactions: Cash buyers accounted for 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% recorded a year ago but still near historic lows.
- Transaction Values: MLS-tracked sales exceeded $1 billion for homes and nearly $143 million for condos, high-rises, and townhomes, down 4.3% and 13.6%, respectively, from February 2025.
The data paints a picture of a market in transition, with rising inventory and slower sales providing more leverage to buyers, even as local demand and equity levels remain robust.
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