Southern Nevada Home Sales Fell 10% In October – Here’s What November Could Bring
Southern Nevada’s housing market took a noticeable turn in October, with home sales dropping by more than 10% compared to last year. Prices are shifting, inventory is climbing, and buyers are finding new opportunities they haven’t seen in months.
If you’re thinking about buying or selling soon, understanding these changes can help you make smarter decisions as we head into November.
1. Home Sales Dropped Over 10% Compared to Last Year
Sales numbers tell a clear story about how the market is cooling off right now. Compared to October 2024, home sales fell by 10.1% across Southern Nevada this year.
Fewer people are closing deals, which means competition isn’t as fierce. Buyers have more time to think and explore their options without rushing into bidding wars like before.
2. Single-Family Home Prices Dipped Slightly
Prices for single-family homes reached a median of $474,370 in October. That’s a tiny 0.2% decrease from the same month last year.
While the change seems small, it signals that sellers can’t push prices as high anymore. Buyers might finally catch a break after years of watching costs climb steadily upward.
3. Condos and Townhomes Saw Bigger Price Drops
Condos and townhomes experienced a sharper decline, with median prices falling 9.5% to $285,000. Last year, these properties hit a record high of $315,000.
This bigger drop opens doors for first-time buyers or anyone looking for more affordable options. Smaller homes are becoming budget-friendly again, which hasn’t happened in quite a while.
4. Inventory Levels Are Rising Fast
By the end of October, 7,538 single-family homes sat on the market without offers. That’s a 30.3% jump from last year.
Condos and townhomes also increased, with 2,660 units available – a 47.9% rise. More choices mean buyers can take their time, compare properties, and negotiate better deals without feeling pressured to decide immediately.
5. Housing Supply Stretched Beyond Four Months
Housing supply now exceeds four and a half months, up from just over three months a year ago. This measures how long it would take to sell all available homes at the current pace.
A longer supply favors buyers because it reduces urgency. Sellers need to be more realistic with pricing and flexible during negotiations now.
6. Homes Are Taking Longer to Sell
In October, 71.7% of single-family homes sold within 60 days, down from 79.8% last year. Condos and townhomes also slowed, with 67.5% selling in that timeframe versus 80% before.
Properties aren’t flying off the market like they used to. Buyers can breathe easier knowing they won’t lose out on their dream home overnight.
7. Cash Transactions Are Becoming More Common
Cash purchases accounted for 26.5% of all property sales in October, up from 23.3% a year earlier. More buyers are skipping mortgages and paying upfront.
Cash offers often win because they close faster and have fewer complications. If you’re competing against cash buyers, getting pre-approved for financing can strengthen your position significantly.
8. November Could Favor Prepared Buyers
Experts predict November will continue offering buyer-friendly conditions with steady inventory and moderate prices. If you’ve saved money and secured financing, now’s your chance.
The market isn’t as frantic, so you can shop carefully and find something that truly fits your needs. Prepared buyers have a real advantage heading into the holiday season.
