LAS VEGAS, January 26, 2022 (Newswire.com) – Las Vegas has shown a diversity over the last year that has prompted global investors to question how far Las Vegas can go. Its resilience outside the casino industry from retirement communities, healthcare, data storage and distribution centers have more companies investing at a record pace. Most recently is the largest buyout on the strip by VICI Properties, for $17+ Billion, making a majority of the world-famous strip coming under one umbrella. Nevada’s casinos are poised for their best year ever with $12.3 billion in total winnings in the first 11 months of the year.
Las Vegas also saw a record year for homes sales at over 50,010 properties sold, up over just 41,617 in 2020. While there was normally 5,000+/mo Las Vegas homes for sale on the market the previous two years, the last six months’ inventory has been holding at $3,500+/month. Over 30% of home buyers are coming from California as they are escaping high taxes, traffic, cost-of-living and property taxes. Las Vegas has zero state personal income tax, low property tax and has the most affordable housing of the 10 largest metro cities in the USA, averaging today at $529,599.
“People are cashing out in other states and taking advantage of low interest rates to get what they want in Las Vegas.” – Meadows
James Meadows, a Realtor with Berkshire Hathaway, says, “People are cashing out in other states and taking advantage of low interest rates to get what they want in Las Vegas.” Meadows also says that 70%+ of his buyers are not relocating for work; they are downsizing and taking a break with the money from selling their home. He says while some people are paying all-cash and living off the rest of their equity, a lot of people are putting the 20% down to not pay the mortgage insurance and keeping the rest in their bank or invested.
While it was expected for the Las Vegas real estate market to crash due to the consequences of the global pandemic, the market in Las Vegas did quite the opposite. Namely, the low costs of living in Las Vegas combined with the absence of an income state tax is what motivates buyers to choose a home in this area. Properties are being listed and sold in such a short amount of time that failing to send an offer the minute you see a house might mean losing your opportunity to close the deal. For more information on the Las Vegas real estate market, contact James Meadows at 702-882-8240 or see all homes for sale, updated every 24-hours, at https://www.lasvegasrealestate.org/