The Las Vegas condominium sector is undergoing a critically important price adjustment, with average condo values dropping by roughly $15,000 compared to earlier in the year. This downturn is largely driven by rising mortgage interest rates and a softening demand among buyers interested in multi-family residences. In contrast, prices for single-family homes have remained largely unchanged, underscoring a divergence in market behavior within the city’s residential real estate.

Several factors are contributing to the condo market’s price reduction:

• Expanded supply: An increase in available condo listings as sellers respond to shifting market conditions.
• Shifting buyer preferences: A growing inclination toward larger living spaces and private outdoor areas, favoring single-family homes.
• Financial pressures: Higher mortgage rates disproportionately impact affordability for condos, dampening buyer enthusiasm.

Despite the downturn in condo prices, single-family homes in Las Vegas have shown remarkable price stability. Recent market data indicates that prices for detached homes have remained steady over the last…