Ask almost any Las Vegas Realtor and chances are they’ll tell you their phones are buzzing with calls from new home buyers who are relocating to Las Vegas or scooping up luxury condos as vacation homes. Then factor in the number of locals who are opting to take advantage of all-time low interest rates to up- or-down-size. The bottom line? The Las Vegas residential real estate market continues to sizzle-red-hot!
A principal factor contributing to the strength of the real estate market is the Las Vegas lifestyle. It’s an amazingly pleasant and affordable place to live, work, play, own a business, raise a family. “You name it we’ve got it,” said Uri Vaknin, a partner at KRE Capital LLC, which owns Juhl, the loft-style condominium community in downtown Las Vegas and the twin-tower luxury condo community One Las Vegas on S. Las Vegas Blvd. “It’s no wonder people want to live here!”
As Berkshire Hathaway’s William Margita said in a recent Forbes article: “Why are we doing so well? We’re affordable. We give a better lifestyle for the money and we still have everything that makes Las Vegas.”
First, there’s the cost of living in Las Vegas, which is much lower than many major cities. For example, when comparing cost of living indexes, overall Los Angeles is 55.3 percent more expensive than Las Vegas and the median home cost is 152 percent more expensive in Los Angeles. Seattle doesn’t fare much better, listed as 54.4 percent more expensive than Las Vegas with a median home cost that is 161 percent more expensive.
Then there’s the ability to save money because there’s no state income tax and property taxes are low. And since Nevada has no state income tax, it’s also one of the easiest places to start a new business.
Plus, the sun shines in Southern Nevada more than 300 days a year. People from cold weather climates or even hot and humid climates definitely appreciate Las Vegas’ weather. Winters are mild and brief. And during the hot summer months there are plenty of things to do in Las Vegas as locals take advantage of evening and early morning outdoor activities, along with proximity to major national parks.
Valley of Fire State Park and Red Rock Canyon National Conservation are ideal for hiking with incredible views. Lake Mead National Recreation Area can’t be beat for water sports, and Mt. Charleston Ski Resort is a 30-minute drive from Las Vegas and the perfect place for snow skiing in the winter and the ideal place to escape the valley’s summer heat for mountain biking and hiking.
Last but not least are housing options. For decades Las Vegas’ housing market was suburban-centric. But over the last few years, visionary developers have created and answered the demand for urban lifestyle and luxury condos, according to Vaknin.
“The needle has been moved,” said Vaknin. “When Las Vegas began offering luxury condos that have the look and feel of a family home with resort-style amenities and without the hassle of homeowner maintenance, the door opened for a variety of new home buyers wanting to purchase condominiums – from single first-timers to growing families and retirees.” Vaknin notes that a significant portion of Juhl and One Las Vegas buyers are out-of-staters who are relocating to Las Vegas.
Finally, here are the stats according to a report released by the Las Vegas Realtors (LVR) in February 2021.