KVIG Informative

Southern Nevada’s median home price matched an all-time high in June. For the workers who keep the valley’s tourism economy running, the record means the math still doesn’t work.

The median price of an existing single-family home sold in Southern Nevada held at $490,000 last month, matching the record set in May and up 1% from June 2025, according to a report Las Vegas Realtors released Tuesday.

Condominiums and townhomes told a different story. Their median price fell to $292,000 in June, down 4.3% from a year earlier and still short of the $315,000 record set in October 2024.

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A total of 2,823 homes, condos and townhomes changed hands in June, per the Las Vegas Realtors report. Single-family home sales rose 18.3% compared with June 2025; condo and townhome sales rose 1.2% over the same period.

Las Vegas Realtors President George Kypreos attributed the sustained prices to tight housing supply and continued buyer demand, pointing to a broader national pattern of record home prices, according to the association’s statement accompanying the report.

The report also found that cash buyers accounted for 23.2% of all local property sales in June, a share that has held roughly steady over the past year. Cash sales are typically a marker of investor activity, and heavier investor presence in the market makes it harder for first-time buyers to compete for the homes that do come up for sale.

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Distressed sales — the foreclosures and short sales that once defined the Las Vegas housing market after 2008 — remain rare. Short sales and foreclosures combined accounted for 1.4% of local property sales in June, up slightly from 0.8% a year earlier but nowhere near historic norms. The total value of real estate transactions tracked through the local multiple listing service topped $1.4 billion for homes and $184 million for condos and townhomes in June alone.

Record prices are good news for sellers and for the association reporting them. For the tourism and hospitality workers whose labor sustains the valley’s largest industry, June’s report means the same thing last month’s did: another month of renting in a market where buying keeps moving further out of reach.