Visit for the best tourist spots, stay for the incredible real estate opportunities.
That’s what seems to be happening in Las Vegas right now as it sees an influx of new residents from out of state staking their future on this incredible city. The trend is particularly obvious in young families moving from pricier Southern California to more affordable, no-income-tax Nevada.
As a response to the pandemic, it’s not surprising that people are choosing to move away from the more crowded metropolitan areas, and opting to relocate inwards to well-developed suburban cities instead.
The attraction of moving to Las Vegas is its “best of both worlds” quality, where people can enjoy the buzzing downtown and its many activities, while also being a stone’s throw away from the peace and quiet of relaxed neighborhoods. The Las Vegas climate is also perfect for those who favor the warm outdoors, where sunshine pours down every day.
Las Vegas real estate is cheaper than most big cities, but it’s also selling fast. Find out why that is, and determine whether Las Vegas is the place to take a shot at your next big investment.
Table of Contents
- Overview of market trends forecast in Las Vegas
- Things to consider when buying a real estate property in Las Vegas
- The perks of investing in Las Vegas real estate
- The best neighborhoods in Las Vegas
- The ordinances and environment of Las Vegas
- Importance of working with a real estate agent
Overview of market trends forecast in Las Vegas
The real estate landscape in Las Vegas has been nothing short of significant, especially when people began sheltering in place in 2020. With homebuyers opting to move inland from the coastal metros, Las Vegas has become an even more pronounced option. This accounted for the increase in home sales during the pandemic.
- Demand and supply
The pandemic resulted in a dip in market prices for residential and commercial real estate. This applied to Las Vegas as well, making it apparent that it’s even more affordable than Southern California, while also being a hub of activity.The surge in buyer demand led to a rapid decrease in the supply of residential properties. However, the area remains in a state of growth with new developments being built. With demand remaining strong, trends point to a rise in home prices in the future – which means that now is the perfect time to invest in Las Vegas real estate.
In 2020, Las Vegas’s hospitality industry took a pause as tourist dollars dried up because restrictions on air travel meant tourists couldn’t visit, much less venture outside their homes.
As businesses closed to wait out the storm, unemployment rose to 30%. And yet real estate prices in Las Vegas grew to an average of 20% year- over-year (in 2021), boosting the real estate equity of long-time Las Vegas residents.
- Then and now
In the five years prior to the pandemic, Las Vegas saw a surge of new residents. The majority hailed from California, where home costs, taxes, and natural calamities have driven people to seek better living conditions elsewhere. In December 2019, the median price for Los Angeles homes was $829,000. Around the same time, the median listing price for homes in Las Vegas was $295,000. This price points alone show that you can buy 2.5 homes in Las Vegas for the price of one home in California.
While Las Vegas was just as heavily affected by the 2008 housing crisis, which left it with high inventories, the lockdown of 2020 proved to be less severe, real estate-wise. As people in America stewed in cramped homes, lost jobs, and found they couldn’t afford the cost of living in the cities they were in, they itched to move elsewhere. Las Vegas turned out to be the beacon in the desert, promising acreage, affordability, and a fresh start.
Migrations from out of state also took some of the weight of Las Vegas’s moribund hospitality and entertainment industries as the real estate sector became an economic driving force. New residents are also expected to spur more robust real estate developments in the future, along with the rise of other industries to support the expanding community.
- Home prices in Las Vegas
Las Vegas is considered one of the fastest growing places in the US. The pandemic resulted in the slowdown of new construction developments with residential supplies quickly running low. With properties selling fast despite the pandemic, prices have been steadily increasing by the month.
Below are the recent price listings for Las Vegas real estate:
- Median listing home price is at $399,900 in Jan 2022, trending up 23% year-over-year.
- Median listing home price is at $232 per square feet.
- The Paseos, the most expensive neighborhood in the area, has a median listing home price of $799,000.
- Pioneer Park is the most affordable neighborhood, with a median listing home price of $269,900.
- In November 2021, median home prices set a record at $420,000, up 21% from the previous year’s $345,000.
Not sure where to spend your real estate budget? Working with a reliable Realtor can provide you with the best options for your needs. It’s essential to work with a real estate professional familiar with the area you’re interested in, with an extensive list of houses to choose from. Get in touch with me, Rebecca L McKenna-Inman of RE/MAX Advantage, and schedule your consultation today.
Things to consider when buying real estate in Las Vegas
Ready for your next big investment? Look to Las Vegas for options.
The perks of investing in Las Vegas real estate
What makes Las Vegas the right place for your real estate investment? Whether you’re looking to purchase a personal residence or an investment property, Las Vegas is a great place for it. It’s an ideal retirement location, as well as a hot spot for tourists and regular visitors.
It goes without saying that the Strip is iconic, a boulevard that attracts tourists from near and far. Its reopened hotels, casinos, and resort properties – and new attractions in the offing – feature a wide variety of activities and entertainment options, as well as spectacular architecture and attractions. Thanks to its renown, Las Vegas residents enjoy no state income tax, as the majority of the state’s budget is funded by the sales tax on revenues from tourism and entertainment.
There’s so much to do in Las Vegas beyond what the city is known for. As a destination for outdoor activities and exploration, here are a few things to check out.
- Adventure to your heart’s content with the best hiking trails, rock climbing, outdoor picnic and dining spots, and skiing and snowboarding. Visit the Red Rock Canyon Conservation Area, the Flamingo Wildlife Habitat, Mount Charleston, or Lee Canyon.
- Get to know more about Las Vegas and its history from its many museums, like the Neon Museum, the Mob Museum, Zak Bagans’ The Haunted Museum, and the National Atomic Testing Museum. Of course, there’s also the Las Vegas Natural History Museum and the Las Vegas Metropolitan Gallery and Art Museum to check out as well.
- Check out the view from the top at night. See the stunning city skyline from one of the many skyscrapers, from the Eiffel Tower Experience in Paris Las Vegas, the Skybar at the Waldorf Astoria Las Vegas, to the High Roller Observation Wheel at the LINQ Hotel.
- For poolside relaxation, be sure to visit Encore Beach Club Pool, Stadium Swim, or Daylight Beach for all they have to offer.
With this many attractions and activities, plus the lower cost of living, makes Las Vegas a serious contender for one of the best cities to thrive in America. Local ordinances also encourage home ownership, making it easy to get to know the communities you and your family can grow with through the years.
There’s never been a better time to invest in Las Vegas real estate than now.
The best neighborhoods in Las Vegas
It’s easy to get stuck with the stereotype of Las Vegas as a gambling and entertainment mecca, fast-paced, and in a perpetual buzz – because it’s true. But Las Vegas is also a city with a serene side. There’s a reason why it’s considered a favorable retirement city.
You’ll be surprised by the range of options that Las Vegas real estate offers.
Looking for the best neighborhoods in Las Vegas? Here are just a few communities among many:
- Summerlin
Considered the best neighborhood to live in Las Vegas, Summerlin is home to many young and retired families. Occupying over 22,500 acres comprising over 200 parks, a wide selection of recreational and entertainment hubs, business and commercial centers, and retail and medical amenities, Summerlin deserves its accolades as a high ranking community in the area.
Summerlin has a population of over 125,000 with a dense suburban feel. Homes here have a median value of $310,162. This family-friendly community has access to 75 public schools and 95 private schools, as well as the Summerlin Hospital Medical Center and the Southern Hills Hospital Medical Center.
You can also find the Las Vegas Golden Knights in the nearby City National Arena, which offers skating lessons, figure skating training, and adult amateur hockey leagues. It’s home to three resort casinos – the JW Marriott Resort & Spa, Red Rock Casino, Suncoast Hotel and Casino, and Element Las Vegas.
- Henderson
The second largest city in Nevada after Las Vegas, Henderson was officially incorporated as a city in 1953. Once a major supplier of magnesium during World War II, it is now an enclave of top-ranking residential neighborhoods like Green Valley Ranch, MacDonald Highlands, and Anthem Country Club.
Homes in Henderson have a median value of $318,800. It ranks at #21 out of 228 as one of the best cities to retire in the US. Locals have access to 108 public schools and 78 private schools, with an increasing number of shopping and commercial centers, outdoor activities, entertainment venues, as well as its own selection of restaurants and casino resorts.
Notable attractions in Henderson include the Clark County Museum, Lake Las Vegas Resorts, Rio Secco Golf Club, the Westin Resort & Spa, Wildhorse Golf Club, and M Resort Spa and Casino. Henderson is also home to the Las Vegas Raiders, who relocated from Oakland and established their new headquarters on 55 acres of land close to the Henderson Executive Airport.
The ordinances and environment of Las Vegas
- Short-term rentals are discouraged
There are many benefits to moving to Las Vegas, but you’ll find that buying your own home is best. Buy a house to live in rather than rent out. There are strict ordinances against short-term rentals, with homeowners prohibited from renting out their property shorter than 31 days. Rental properties that do exist are concentrated in Henderson and Las Vegas proper.
- Attractive to entrepreneurs
Lower real estate prices and the absence of income tax are two of Las Vegas’s biggest come-ons. These are especially attractive to entrepreneurs who see them as an impetus for growth. They also serve to encourage the rise of diverse businesses and start-ups.
In the last few years, the following have set up shop in Las Vegas:
- Amira Learning is a software company founded in 2018. Its AI-powered reading tutor supports children from ages 5 to 10 as they learn and develop their reading skills. Amira Learning was recognized as Time Magazine’s Best Inventions 2021.
- Bogo is an electric scooter sharing company founded in 2019. The scooters are an environmentally friendly way to commute short distances in high-traffic areas. Bogo is the world’s first company to offer two-rider scooters!
- Card Z3n is a fintech company that digitizes payment solutions for small to large businesses. Founded in 2018, Card Z3n helps their clients with credit card processing, payment gateway, online payroll, HR, and benefits management.
- Frontier Farms provides sustainable and efficient growth operations for the Las Vegas market. Founded in 2018, it focuses on growing herbs without the use of pesticides or herbicides.
- Pure Scientific Technologies, a pharmaceutical company founded in 2020, creates medical devices and other technologies that allow more efficient treatments of patients.
- Transportation and commute
While public transportation is an option, Las Vegas is a city that’s best navigated in a vehicle. There’s a lot of the city to explore and unless you’re accustomed to the commute, you’ll want to get to know the area by driving around and seeing it for yourself.
- Hot mornings and cold nights
Las Vegas lies in the heart of the Mojave Desert, so expect hot, dry summers and short, cool winters. The average rainfall is just 4.2 inches, with around 26 days of rain a year. Consider how you’ll manage the weather and potential allergies you may have when moving to Las Vegas.
Importance of working with a real estate agent
Whether your next move is to buy or sell Las Vegas real estate, working with a Realtor is definitely the recommended step to make the process easier for you. These real estate professionals are trained and have practical experience in navigating such a competitive market. This is especially helpful to homebuyers, who can get access to exclusive listings, particularly in a fast-selling market like Las Vegas.
Work with one of the best in the business, Rebecca McKenna-Inman of RE/MAX Advantage, with over 20 years of experience in residential real estate. I’ve helped over 1,000 families find their dream homes in the Las Vegas area. With my expertise, I can provide you with the top choices in real estate properties and the best of Las Vegas real estate.
Here’s how I’ve helped my clients:
“Rebecca is such a pleasure to work with. She truly cares about each and every one of her clients and it shows! She is very responsive to calls/emails – never mattered what day or time it was. She is extremely knowledgeable and makes sure you feel comfortable and confident in every decision you have to make along the way. She worked tirelessly to provide a smooth transition from selling to buying. We would highly recommend Rebecca to any home buyer or seller. She is the best in the industry by far. Thank you for going above and beyond in finding us our dream home, Rebecca. You are one in a million. We are so lucky to have gone through this process with you!” – James & Kayla
“Rebecca was a hands-on, take-charge agent. She advised and guided us through the entire sales process and was able to visually enhance our property to maximize our results. Because of her professionalism and expertise, we were able to sell our property within a reasonable amount of time. We thank her for all her help.” – Lou & Lisa
With the right Realtor by your side, your real estate search becomes much easier, negotiations run much smoother, and decisions become much simpler. Let’s talk about how I can help you. Get in touch with me at 702.501.2322 or email me at Rebecca(at)inman(dotted)vegas to schedule a consultation today.