Las Vegas, Nevada is known for its world-renowned entertainment, casinos, and hospitality industries. However, in recent years, the city has also become an attractive real estate market due to its growing economy and diverse population. In this post, we’ll explore the top current trends in Las Vegas real estate that anyone looking to invest or buy a property in the area should know.
Increased demand for single-family homes
The pandemic has prompted buyers to seek larger and more comfortable living spaces, and Las Vegas is no exception. Single-family homes have seen a spike in demand, as people look for privacy, home offices, and outdoor amenities. According to the Greater Las Vegas Association of Realtors (GLVAR), single-family home sales rose by 8.7% in 2020, with an average sales price of $354,000. As a result, these properties are now selling much faster, and buyers may find themselves in bidding wars.
Booming luxury market
The luxury real estate market in Las Vegas has seen significant growth in recent years, with high-end buyers seeking luxury villas, penthouses, and homes in exclusive areas. According to the GLVAR, luxury home sales increased by 46.8% in 2020, with the average sales price reaching $1,350,000. Luxury buyers are looking for modern amenities, exclusive locations, and personalized services, combining the comfort of home with upscale experiences.
Growth in commercial real estate
Las Vegas has always had a strong commercial real estate market due to its tourism and hospitality industries, but new industries like tech and healthcare have been driving demand as well. According to CBRE, office vacancy rates in Vegas have dropped for the fourth consecutive quarter in 2021, with tech and financial firms accounting for the majority of leasing activity. Additionally, the city is investing heavily in the healthcare industry, with new hospitals and medical facilities opening across the city.
Increasing interest in short-term rentals
Las Vegas is a popular destination for tourism, and as a result, short-term rentals like Airbnb have gained popularity. Homeowners can earn significant income by renting out their properties for a few days or weeks, especially during peak travel seasons. However, investors should be aware of the city’s strict regulations on short-term rentals, including fees and permits required for operating a rental property.
The growing interest in sustainable real estate
Las Vegas is becoming a leader in sustainable development and green real estate, with developers and homeowners embracing energy-efficient technologies and environmentally-friendly design. For example, the city’s new Circa Resort & Casino is one of the few LEED Gold-certified hotels in the world, with sustainable features like solar panels, rainwater collection, and energy-efficient lighting. Additionally, more homeowners are opting for green building materials, solar panels, and energy-saving appliances when building or renovating their homes.
Virtual real estate tours
The pandemic has changed the way the real estate industry operates, with virtual tours and remote viewings becoming a necessity. Las Vegas real estate agents and developers have embraced technology, offering virtual tours, drone footage, and 3D renderings of properties. Many buyers are now able to view properties from the comfort of their own homes, making the buying process more efficient and convenient.
The rise of remote work
The pandemic has also accelerated the trend of remote work, with many companies allowing employees to work from home permanently. As a result, more people are looking to move away from expensive cities like New York and San Francisco, and Las Vegas is an attractive option. The city offers a lower cost of living, a warmer climate, and an abundance of outdoor activities, making it an ideal place for remote workers to call home.
In the end, the Las Vegas real estate market has been evolving quickly in recent years, with new trends emerging that offer opportunities for buyers, sellers, and investors. Whether you’re looking for a single-family home or a luxury condo, the city’s real estate market is diverse and growing. Additionally, Las Vegas’s unique mix of industries, sustainability initiatives, and remote work opportunities make it an attractive location for anyone looking to invest in property or relocate to a thriving city.