Rising mortgage rates are weighing on the Las Vegas housing market, with home sales declining and inventory increasing in September 2026 while prices remained below their recent peak.
The median price of an existing single-family home sold in Southern Nevada fell to $470,000, down 1.1% from August and unchanged from September 2025, according to data released Tuesday by Las Vegas Realtors. The median remains below the record $490,000 reached in May and June.
The median price of condos and townhomes fell to $290,000, down 1.4% from a year earlier and well below the October 2024 record of $315,000.
Lawrence Yun
“Recently rising mortgage rates are playing a bigger role in the housing market,” said LVR President George Kypreos. “As NAR Chief Economist Lawrence Yun told our members at an LVR event last week, we don’t know what’s going to happen with rates in the near future. What we do know is that buying a home is still a great long-term investment and one of the most proven ways for people to build wealth over time.”
LVR reported 2,169 existing property sales in September. Single-family home sales fell 7.4% from a year earlier, while condo and townhome sales dropped 12.6%.
The September sales pace represented about a five-month supply, up from roughly four months a year earlier. Inventory also increased, with 7,995 single-family homes listed without offers at the end of September, up 6.6% from a year earlier. Unsold condos and townhomes totaled 2,796, up 7.3%.
The market remains far below the extraordinary sales pace of the pandemic era. LVR recorded a record 50,010 property sales in 2021, while 2025 posted the area’s lowest annual sales total since 2007.
Still, the September data does not indicate a broad-based housing collapse. Distressed sales remain historically low, with short sales and foreclosures accounting for just 1.1% of transactions. Cash purchases represented 23.5% of sales, little changed from 23% a year earlier.
Homes are still moving, with 75.9% of existing homes and 70.5% of condos and townhomes selling within 60 days, both higher than a year earlier.
The dollar volume of September transactions totaled more than $1 billion for homes and $127 million for condos, high-rise condos and townhomes. Compared with September 2025, transaction values declined 10.3% and 14.4%, respectively.
The direction of mortgage rates will remain a key factor for the Las Vegas market. Higher borrowing costs could continue to constrain sales, while lower rates could bring more buyers back into the market.
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