Market Updates · September 2025
Las Vegas Market Update: September 2025
By Matthew Gambill, Broker-Owner
This update covers Las Vegas data for September 2025. Report released .
Completed leases on the Las Vegas MLS had a median of $1,995 in September 2025, based on Las Vegas REALTORS data reported by Shelter Realty. Asking rents on the Zillow Observed Rent Index were $1,719 for the metro, down 0.1% from August. Single-family closings rose 2.7%, to 1,884 (Las Vegas REALTORS, September 2025).
Sources: Las Vegas REALTORS, September 2025; Zillow Observed Rent Index; Shelter Realty, October 15, 2026.
Key Numbers
Figures for September 2025, compared with August 2025 and September 2024.
| Metric | September 2025 | August 2025 | September 2024 | Change from August | Change from a year earlier |
|---|---|---|---|---|---|
| Single-family median sales price | $470,000 | $480,000 | $479,900 | down 2.1% | down 2.1% |
| Single-family homes sold | 1,884 | 1,835 | 1,791 | up 2.7% | up 5.2% |
| Single-family new listings | 3,161 | 3,192 | 2,830 | down 1.0% | up 11.7% |
| Single-family homes for sale without offers | 7,502 | 7,206 | 5,458 | up 4.1% | up 37.4% |
| Single-family months of supply | 4.0 | 3.9 | 3.0 | up 1.4% | up 30.7% |
| Single-family homes sold within 30 days (share) | 50.2% | 54.1% | 61.5% | down 3.9 points | down 11.3 points |
| Condo and townhome median sales price | $294,000 | $298,000 | $299,500 | down 1.3% | down 1.8% |
| Condos and townhomes sold | 485 | 485 | 486 | no change | down 0.2% |
| Condo and townhome new listings | 885 | 919 | 833 | down 3.7% | up 6.2% |
| Condos and townhomes for sale without offers | 2,605 | 2,560 | 1,731 | up 1.8% | up 50.5% |
| Condo and townhome months of supply | 5.4 | 5.3 | 3.6 | up 1.8% | up 50.8% |
| Condos and townhomes sold within 30 days (share) | 46.4% | 48.9% | 59.9% | down 2.5 points | down 13.5 points |
| Zillow Observed Rent Index (asking rent) | $1,719 | $1,720 | $1,713 | down 0.1% | up 0.3% |
Sources: Las Vegas REALTORS, September 2025 (home sales rows); Zillow Observed Rent Index (rent row).
What the Rent Figures Measure
The Zillow Observed Rent Index tracks asking rents across all rental types. It was down 0.1% from August's $1,720 and up 0.3% from a year earlier. Shelter Realty's rental report covers completed MLS leases, mostly houses and condos. Its October 2026 edition lists $1,995 as the September 2025 median.
Sales and Prices
Single-family closings were up 5.2% from September 2024 (Las Vegas REALTORS, September 2025). Condo and townhome closings held at 485, the same as August. The single-family median sales price was $470,000, down 2.1% from both August and a year earlier, and the condo and townhome median was $294,000, down 1.3% from August.
A Smaller Share Sold Within 30 Days
Of the single-family homes that closed, 50.2% sold within 30 days, down 3.9 points from August's 54.1% and down 11.3 points from September 2024's 61.5%. The condo and townhome share was 46.4%, down 2.5 points from August (Las Vegas REALTORS, September 2025).
Homes for Sale
Single-family homes for sale without offers numbered 7,502, up 4.1% from August and up 37.4% from a year earlier. Single-family months of supply was 4.0, against 3.9 in August. Condo and townhome inventory was 2,605, up 1.8% from August, with 5.4 months of supply.
If You're Weighing Renting or Selling
September put a $1,995 median completed lease next to a $470,000 single-family median. Both are market-wide figures, so a single home can lease or sell for more or less.
About TPMF
TPMF is broker-owned and Nevada-licensed, and we primarily manage long-term residential rentals in Las Vegas, North Las Vegas and Henderson. We screen residents, take care of the day-to-day work and check with you before larger repairs and before renewal terms are set. Our marketing photos all come from professional photographers we hire. Get a Free Rental Analysis, and we'll reply within one business day.
Frequently Asked Questions
What was the median home price in Las Vegas in September 2025?
It was $470,000 for single-family homes, down 2.1% from a year earlier, according to Las Vegas REALTORS, September 2025. The condo and townhome median was $294,000.
How many homes sold in Las Vegas in September 2025?
According to Las Vegas REALTORS, September 2025, 1,884 single-family homes and 485 condos and townhomes closed.
What was the median rent in Las Vegas in September 2025?
Shelter Realty's rental report put the median completed MLS lease at $1,995. The Zillow Observed Rent Index for the metro was $1,719, up 0.3% from a year earlier.
How many months of supply did Las Vegas have in September 2025?
Single-family homes had 4.0 months of supply and condos and townhomes had 5.4, according to Las Vegas REALTORS, September 2025.
Do these numbers apply to my neighborhood?
Not directly. They're market-wide figures, and results for a single home can differ by neighborhood and by the home itself.
Sources
Las Vegas REALTORS, September 2025: home prices, sales, listings, inventory and months of supply
Zillow Observed Rent Index (ZORI), Las Vegas metro, smoothed and seasonally adjusted: asking rents
Shelter Realty, Monthly Las Vegas Rental Report (October 2026), October 15, 2026: September 2025 median completed lease (the year-earlier figure in that report), from Las Vegas REALTORS data
Related Reading
About the Author
Matthew Gambill is a Broker-Owner of The Property Management Firm, a Nevada-licensed brokerage that primarily manages long-term residential rentals in Las Vegas, North Las Vegas and Henderson. Meet the brokers.
This is general market information, not financial or legal advice. Market-wide figures can be revised and won't match every home, so talk with a licensed professional about your own situation.
Based on information from the Greater Las Vegas Association of REALTORS® Multiple Listing Service for the period September 1, 2025 through September 30, 2025.
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