NEVADA – The Las Vegas real estate market has seen massive growth in the last several years on a slow and inexorable path back to its pre-recession levels. This growth, in turn, goes hand-in-hand with the huge growth of the local economy, with people and businesses moving en masse to the region in hopes of a more prosperous future. And among these new transplants are an ever-greater amount of Californians looking to leave their highly-taxed state for the far more affordable Southern Nevada area.
Real estate experts are reporting that a growing number of wealthy California residents are engaging their services for luxury properties, lured by facets of the area’s low cost of living when compared to their homes state. An especially big draw for Californians is Nevada’s lack of state tax, as well as a great deal more in the way of elbow room when compared to many densely-populated areas of California.
However, it’s not only elite Californians who are flocking to Las Vegas in search of a better deal; experts say that even the middle classes are doing so as well in record numbers, and when you look at home prices in California and Nevada, it’s easy to see why. In Los Angeles, for example, the median home price is currently in the neighborhood of a whopping $630,000, compared to only $262,000 for a similar property in Las Vegas. Who can blame a hard-working family for wanting more for much, much less?
But the downside to this phenomenon is that the constant influx of new arrivals from California is serving to drive up the prices of homes on the Vegas market, which in turn can make things more difficult for a family just starting out to find a new home of their own. However, with a far greater emphasis on construction efforts in the region in order to meet the ever-growing demands of new arrivals, experts are anticipating that the real estate market will eventually stabilize and retain its affordability.
Previously, due to shortages of workers, contractors were having difficulty keeping up with demand, and any available property on the market would often go for vast sums of money. With this issue seemingly resolved – builders have resorted to offering impressive incentives to attract help, with great success – more homes and apartments are appearing on the market, which should allow Las Vegas to retain its low cost of living amid its record-breaking growth spurt.
The increasing number of new homes being constructed, however, will now take away from the value of properties on the Las Vegas real estate market, however, with experts giving assurances that the region is – and will remain – very much a “sellers market,” albeit a slightly more reasonably-priced one.
If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market, give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.