Las Vegas is one of the most popular destinations in the U.S. and is known as a location where more people are relocating. The city has experienced a recent boom in real estate as more people are buying residential and commercial properties in the city. Here are a few of the main reasons why the real estate market is thriving and why more people are moving to the area.
Low Prices
Properties in Las Vegas are priced a lot lower than other parts of the country, which makes them more affordable and is one of the main reasons why real estate sales is currently at an all-time high. The median sales price of residential properties in Las Vegas is $425,000. Approximately 3,000 properties are sold every month in the city.
Job Opportunities
Another reason the real estate market is currently booming in Las Vegas is because of the different job opportunities that are available in the city. Many people experienced job loss during the pandemic and continue to relocate to Vegas to find employment. Due to the expansive hospitality market in Las Vegas, it’s made it easier for residents to find employment at local hotels, venues, and spas on the Strip and in the surrounding area. There continue to be a lot of out-of-state buyers, mainly from neighboring states like California.
Although there’s been an increase in sales in single-family homes, a lot of buyers are also investing in condos and townhomes.
There’s also a flourishing tech scene due to the number of tech companies that are present. The top companies that have relocated to Vegas have brought thousands of new job opportunities to the location. This has allowed Vegas to have more credibility and has prompted more people to relocate to the destination.
Low Taxes
Many people from high-tax states are relocating to Las Vegas because of the lower taxes. Las Vegas has a lower cost of living, making it an affordable place to relocate for those who have been living paycheck to paycheck in locations like Los Angeles, San Diego, and San Francisco.
The property tax rate in Las Vegas is only 0.60%, which is the ninth-lowest in the U.S. This makes it a more affordable place to purchase property and reside than many parts of the country.
There’s also no state income tax, which causes many professionals to relocate to the city. Additionally, there’s also no inheritance tax or estate tax.
Better Weather
An additional draw to Vegas is the warm climate, allowing residents to enjoy warm weather and clear skies year-round. This attracts a lot of people from the east coast who are looking to reside in a location that has a more moderate climate. The state is known to have over 300 sunny days each year, which can make it easier to spend more time outside for remote workers.
There are also plenty of outdoor settings to explore in the surrounding area, making it easy to enjoy different types of adventures. The national parks that are nearby include Bryce Canyon, Red Rock Canyon, the Grand Canyon, and Yosemite. Many people choose to spend time hiking and camping at nearby sites each season.
A Booming Sports Scene
The sports scene in Las Vegas has recently exploded as the Raiders have relocated to the city. Residents can now attend football games at The Allegiant Stadium, which boasts 1.75 million square feet and is located next to the Strip. The city is also home to the Las Vegas Knights, making it offer more to sports enthusiasts than in past years.
There are many reasons Las Vegas continues to welcome new residents and investors as the real estate market thrives. It’s expected that the market will continue to flourish in the coming years as more people look to relocate to a warm climate that is affordable and has plenty of opportunities available.
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