Did Home Prices Rise or Fall in Las Vegas This February?

The number went up.

But if you stop there, you're missing the real story.

In January 2026, the median single-family home price in Las Vegas sat at $470,000. By February, it climbed to $481,995. On the surface, that looks like a market gaining momentum — prices rising, demand intact, business as usual.

Except inventory is up 17% year-over-year. Homes are sitting longer. Nearly two-thirds of properties are closing below their asking price. And mortgage rates just did something they haven't done in three and a half years.

The Las Vegas housing market in February 2026 isn't a simple story. It's three separate stories happening at the same time — and depending on which side of the transaction you're on, each one means something different.

Let's break it all down.

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📊 February 2026 Las Vegas Market Snapshot

Source: Las Vegas Realtors (LVR), Freddie Mac, Zillow

• Median SFR price (Feb 2026): $481,995
  
  
• Median SFR price (Jan 2026): $470,000
  
  
• Month-over-month change: +2.6%
  
  
• Year-over-year change: -0.6%
  
  
• Active inventory: +17% year-over-year
  
  
• 30-year mortgage rate (Feb 26, 2026): 5.98%
  
  
• Homes selling below asking price: ~63%

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What Is the Median Home Price in Las Vegas Right Now?

The February 2026 Number

The Las Vegas median single-family home price in February 2026 is $481,995, according to the Las Vegas Realtors (LVR) February 2026 market report released March 6, 2026.

That's an increase of $11,995 — or 2.6% — from January's median of $470,000. Month-over-month, prices moved in a direction that would typically signal strength.

But zoom out one year. In February 2025, the median hovered near $485,000. That means prices are actually down approximately 0.6% year-over-year. The all-time Southern Nevada median price record — $488,995 — was set in November 2025, and the market has been range-bound ever since.

The February rebound is real. Whether it marks the start of a new trend is a different question entirely.

Median SFR Price Trend — Las Vegas

October 2025 – February 2026

Source: Las Vegas Realtors (LVR)

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Condos and Townhomes Tell a Different Story

If you're watching the attached-home segment, the numbers paint a notably softer picture.

The median condo and townhome price in February 2026 came in at $285,000 — down 5.9% year-over-year. That's a steeper decline than what the single-family market has experienced, and it puts condos further from their October 2024 record of $315,000.

For buyers weighing a condo against a single-family home, this pricing gap has widened. For condo sellers, the data underscores the importance of competitive pricing in a segment where inventory pressure is even more pronounced.

💡 The condo and townhome market is softening faster than the single-family segment — a meaningful distinction for buyers and sellers in attached-home communities.

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Did Las Vegas Home Prices Actually Rise or Fall? (The Real Answer)

Here's the honest answer: both.

Prices rose 2.6% compared to January. Prices fell 0.6% compared to February 2025. Which number is "right" depends entirely on the timeframe you're measuring.

What's important to understand is that January is historically the softest month for Las Vegas real estate prices. A February rebound isn't unusual — it happens most years as the spring market begins to warm. That seasonal uptick doesn't automatically signal a sustained upward trend; it reflects the natural rhythm of the market calendar.

The more telling indicator is the year-over-year figure. A -0.6% YoY decline isn't alarming, but it does confirm that the breakneck appreciation of 2023 and much of 2024 has given way to a period of stabilization — and in some segments, modest correction.

Las Vegas Median SFR Price — February Year-over-Year

February 2024 • February 2025 • February 2026

Feb 2024

Feb 2025

Feb 2026

YoY Increase   YoY Decrease

Source: Las Vegas Realtors (LVR) via lvrealestatesales.com & Nevada Business Magazine

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How Much Did Las Vegas Housing Inventory Increase This Year?

The Inventory Surge in Numbers

This is where the market tells its most significant story.

By the end of February 2026, there were 6,131 single-family homes listed without offers in Southern Nevada — up 17.2% year-over-year. Condos and townhomes listed without offers totaled 2,505, up an even steeper 23.7% from a year ago.

The current sales pace translates to more than a four-month housing supply. In January 2025, that figure was 3.3 months. In early 2024, it was approximately 2.4 months. The trend line is clear and consistent — inventory has been climbing steadily for over a year.

A balanced market is generally defined as four to six months of supply. Las Vegas has now crossed into that zone for the first time in several years.

Months of Housing Supply — Las Vegas

Early 2024 through February 2026

⚖️ Balanced Market Zone: 4 – 6 Months

Source: Las Vegas Realtors (LVR) MLS Data

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What Rising Inventory Actually Means for Buyers and Sellers

More inventory changes the math on both sides of the transaction.

For buyers, it means more options, more time to evaluate, and less pressure to submit offers without contingencies. The frantic, over-asking, sight-unseen purchase environment of 2022 and 2023 is not the Las Vegas market of early 2026.

For sellers, it means direct competition from more listings — which makes pricing accuracy and property presentation more consequential than they've been in years. According to Zillow data, approximately 18% of active listings in early 2026 had experienced at least one price reduction, up 1.3 percentage points from a year earlier.

LVR President George Kypreos summarized the shift plainly in the March 2026 report: "Slower sales, lower prices and rising inventory are signs of a buyer's market."

💡 Approximately 63% of Las Vegas homes sold below their asking price in early 2026. In the current Southern Nevada market, days on market and price positioning are more important than they've been in years.

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Are Las Vegas Mortgage Rates Finally Dropping in 2026?

Below 6% — Why That Number Matters

Something happened on February 26, 2026 that hadn't occurred in three and a half years.

The 30-year fixed mortgage rate fell to 5.98%, according to the Freddie Mac Primary Mortgage Market Survey (PMMS) — crossing below the 6% threshold for the first time since mid-2022. For many buyers who have been sitting on the sidelines waiting for rates to come down, that number carries real psychological weight.

The trajectory throughout February told the story clearly:

• Feb 5: 6.11%
  
  
• Feb 12: 6.09%
  
  
• Feb 19: 6.01%
  
  
• Feb 26: 5.98%
  
  

One year ago, in February 2025, the 30-year rate averaged approximately 6.76%. The year-over-year improvement is nearly a full percentage point — and that difference is not trivial when it's applied to a $481,995 home.

30-Year Fixed Mortgage Rate

Freddie Mac PMMS — February 2025 through February 2026

📍 Feb 2025 avg: ~6.76% ✅ Feb 26, 2026: 5.98% 📉 YoY Drop: −0.78 pts

6.11%

Feb 5

→

6.09%

Feb 12

→

6.01%

Feb 19

→

5.98%

Feb 26 ✅

Below 6%

Source: Freddie Mac Primary Mortgage Market Survey (PMMS) — freddiemac.com

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What the Rate Drop Means for Monthly Payments

Numbers on a rate chart are abstract. Monthly payments are not.

On a median-priced Las Vegas home at $481,995 with a 20% down payment, the difference between a 6.76% rate (February 2025) and today's 5.98% rate translates to approximately $200 less per month in principal and interest.

That's roughly $2,400 per year. Over the life of a 30-year loan, it's a meaningful sum — and it directly expands the number of households for whom a median-priced Las Vegas home is financially accessible.

Freddie Mac Chief Economist Sam Khater noted the significance: rates are now hovering near their lowest level since 2022 and are down nearly a full percentage point from early 2025, which is "spurring activity from buyers, sellers and owners."

💡 A 0.78% rate drop from February 2025 to February 2026 translates to approximately $200/month in savings on a median-priced Las Vegas home — based on a 20% down payment and 30-year fixed loan.

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Is Las Vegas Officially a Buyer's Market in 2026?

The definition of a buyer's market isn't subjective. There are measurable criteria — and Las Vegas meets all of them right now.

More than four months of housing supply. Check. Homes selling predominantly below asking price. Check — approximately 63% of recent Las Vegas closings fell below the list price, with a median sale-to-list ratio of 0.985, per Zillow. Extended days on market. Check — Redfin reported an average of 78 days on market for Las Vegas homes in January data, up 18 days year-over-year and ranking among the longest of any major U.S. metro.

That said, a buyer's market doesn't mean prices are in freefall. The median price is still $481,995. Demand hasn't disappeared — it's shifted. Buyers have more leverage and more time than at any point in the past several years. That's a materially different environment than 2023 — but it's not a distressed market.

The nuance matters. A buyer's market creates opportunity. It doesn't guarantee outcomes.

💡 Las Vegas now carries 4+ months of housing supply — up from approximately 2.4 months just two years ago. The balance of negotiating leverage has shifted meaningfully toward buyers.

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What to Watch for in the Spring 2026 Las Vegas Market

The end of February sent a signal worth paying attention to.

During the week of February 12–18, approximately 543 homes were under contract in Southern Nevada. By the week ending February 23, that number climbed to roughly 826 — an increase of approximately 13% in a single week. That's the kind of late-winter acceleration that typically precedes a more active spring market.

Three variables will determine how the spring 2026 Las Vegas market unfolds:

1. Mortgage rate trajectory. If the 30-year fixed rate holds at or below 6%, buyer activity that began building in late February is likely to continue. A meaningful rate spike back toward 6.5% or above would dampen that momentum.

2. New listings volume. Spring traditionally brings a surge of new inventory to market. If new listings outpace buyer absorption, prices could soften further. If demand accelerates faster than supply grows, the current inventory cushion could shrink quickly.

3. Pending sales absorption. The late-February surge in under-contract activity is the most encouraging leading indicator in current data. Whether that translates into sustained March and April closings will tell the real story about where the market is heading.

LVR President Kypreos offered a grounded perspective: "I think there's pent-up demand from people who've been delaying a move for years that could help us unlock more inventory this year."

Weekly Under-Contract Activity — Las Vegas

January through Late February 2026  •  Single-Family Homes

📊 Jan avg: ~490–520/wk 📈 Feb 23 wk: 826 contracts 🚀 +52% Jan→late Feb

🌱 Late-February under-contract surge signals early spring market activation in Southern Nevada

Source: Las Vegas Realtors (LVR) MLS Weekly Data — kingvegashomes.com & zahlerproperties.com

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Market Takeaway — What February's Numbers Mean

February 2026 gave us a Las Vegas housing market in transition.

Prices rebounded from January's low — but remain modestly below year-ago levels. Inventory is elevated and still climbing year-over-year. Mortgage rates crossed below 6% for the first time since 2022. And the closing weeks of the month showed buyers beginning to move off the sidelines in meaningful numbers.

This is not a crashed market. It is not a surging market. It is a market recalibrating — creating conditions that look meaningfully different from 2023 and 2024 for anyone evaluating a real estate decision in Southern Nevada.

For those who have been watching and waiting, the combination of expanded inventory, improved financing costs, and increased negotiating leverage represents a window that wasn't available twelve months ago. For sellers, the data is a clear signal that pricing strategy matters more than it has in years.

The spring 2026 market will be defined by what buyers and sellers do next.

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Curious how the February 2026 market data applies to your specific situation in Las Vegas or Henderson? Every home and every set of circumstances is different. A knowledgeable local real estate professional can walk you through what these trends mean for your plans — without pressure, and with the full context of current market data. The Brenkus Team is available to help you explore your options.

About the Author

Gavin Brenkus | Lead Agent & Director of Lead Generation


A three-time recipient of the prestigious "Who's Who Under 40" award from Las Vegas REALTORS®, Gavin Brenkus has firmly established himself as one of the most accomplished real estate professionals in Southern Nevada. As a Lead Agent and the Director of Lead Generation for The Brenkus Team, he is an integral part of a family-owned legacy that has achieved nearly $2 billion in sales volume and successfully closed over 8,000 transactions.


For Gavin, real estate is more than a profession—it's a lifelong passion. Immersed in the industry from the age of 16 and licensed before graduating high school, he offers a rare depth of market knowledge that combines youthful energy with decades of absorbed expertise.


His professional philosophy is built on a foundation of listening. Gavin is dedicated to fully understanding the unique wants and concerns of his clients, allowing him to curate a tailored and seamless experience from start to finish. This client-first approach ensures that everyone he works with feels heard, valued, and expertly guided.