Development, Sales in Lake Las Vegas See Exploding Growth in Recent Years, 2024 Expected to Be Biggest
LAS VEGAS, NV – While it had previously been known as a place where individuals would purchase vacation homes they would mainly visit on weekends, the Lake Las Vegas master-planned community has seen an explosion in development over the last few years – starting with the early months of the pandemic – and is currently poised to have its biggest sales year ever in 2024.
This news comes as additional nationwide attention will be focused on Lake Las Vegas in February, as both participating football teams in Super Bowl LVIII will be lodging at hotels located there, with the Kansas City Chiefs staying at Westin Lake Las Vegas, and the San Francisco 49ers at Hilton Lake Las Vegas.
In 2023, Lake Las Vegas saw its second-highest level of sales since the mid-2000s recession, with 302 new homes purchased; this represents a 42 percent jump over 2022, when 212 homes were sold. However, the highest number of homes sold at that community following the recession was 389 in 2021, which took place during the height of the COVID-19 pandemic when many people across the country were purchasing new residences.
We’ve had our second-best year ever and the sales are piling up on themselves,” said Pat Parker, President of Lake Las Vegas developer Raintree Investment Corp. “We had one person who bought four custom lots and then bought a house at (our Shoreline project). If you get a customer who does that, you’re doing well. We’re strong from $8 million all the way to $500,000.”
Sales in Lake Las Vegas have grown to such a degree that Pulte Del Webb Lake Las Vegas – a 55-and-up retirement community – saw the second highest number of sales in the entire Las Vegas Valley in 2023 with 148 brand-new homes purchased.
Sales of existing single-family homes have also been brisk in Lake Las Vegas, with 187 sold via the Multiple Listing Service (MLS) in 2023 – with an average sales price of $933,000 – exceeding the 144 sold in 2022 and 163 sold in 2021.
There were also 18 townhomes sold in Lake Las Vegas in 2023, with an average price of $516,000.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.