Las Vegas housing market is breaking records as 56% of Americans are planning to move in 2021. Cost-of-Living, affordable housing and no state income tax tops list of reason for relocation. Searches for Las Vegas real estate listings and current moving pattern has Las Vegas as the #1 destination in the USA.
As the Las Vegas strip continues to suffer its worse economic challenges is history, the surrounding communities and neighborhoods are being sought out as financial safe havens at record breaking numbers. According to numerous moving companies and data sources like ExtraStorage, 56% of Americans plan to move in 2021, compared to just 35% that moved in 2020. Due to the shifting economy, rise in remote work opportunities, and desire to relocate to less densely populated areas, more than one in five Americans have either moved during the pandemic or knows someone who did.
Las Vegas remained the most searched city, which goes to show how strong its market foundations were in the first place. According to Zillow, Las Vegas remains one of the most searched location within their database where nearly 61% of Las Vegas page views come from non-local searchers. The same source reveals that 17.9% of those searches are coming from Los Angeles/Orange County, which confirms that California-based buyers are more interested in Southern Nevada homes.
“Las Vegas is becoming a celebrity safe-haven” – James Meadows, REALTOR
James Meadows, a luxury homes specialist with Berkshire Hathaway, says “Las Vegas is becoming the celebrity safe-haven for out of work singers and musicians till they can go back on tour.” Meadows says celebrities, musicians, and athletes are selling their Multi-Million dollar homes in California and buying a nicer “million dollar home” in Vegas and banking the rest. He says before Covid most were just trying to escape high California taxes and cost-of-living. Now they are cashing out and moving to Las Vegas to keep their high lifestyle level for half the price. Even the 2020 record sale of $14,500,000 in The Ridges is still a deal compared to the 10 major cities in America.
A recent study ranked Las Vegas as the #2 fastest growing city in 2020, despite the global economic issues. With this ranking, Las Vegas moved six places up from last year, which is a significant improvement considering how challenging the previous year was for the real estate industry. Homes in Las Vegas are still selling quickly, which keeps buyers encouraged to make moves without hesitation. On top of that, buyers are competing over fewer options, meaning they are willing to make quick decisions to avoid losing an opportunity. Thus, most Las Vegas real estate properties receive multiple bids within the first few days of being on the market.
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