“Money goes a long way there” says a Redfin report announcing that Las Vegas is the number one destination for U.S. homebuyers looking to move to a new city.
In Las Vegas, “a typical home sells for less than half the price of a home in Los Angeles, the most common origin for buyers moving to Las Vegas,” the report continued.
As of May 2023, the median price of existing single-family homes sold in Southern Nevada was $442,120, up 2.8 percent from the previous month and the median price of condos and townhomes was $275,000, an increase of 1.9 percent, according to the Las Vegas Realtors (LVR) Association.
“Las Vegas has for a number of years seen a steady influx of “economic-refugees” leaving Los Angeles and other high priced real estate markets like San Francisco, Seattle and Portland, Oregon. But for those who were still on the fence about moving, elevated mortgage rates have forced the issue, accelerating migration from high-taxed areas like California and New York,” said longtime Las Vegas real estate market expert Shahn Douglas, who serves as the chief marketing officer for Juhl, downtown Las Vegas’ premier loft-style high-rise condominium community.
According to Douglas, a noteworthy percentage of Juhl condo-homeowners have relocated to Las Vegas from other U.S. metropolitan areas. Juhl recently announced that the luxury condominium community – which boasts a multitude of flexible floorplans and such amenities as a resort pool with cabanas and seasonal outdoor kitchens, dedicated concierge, and a two-story fitness center, among others – is close to sell out with fewer than 25 condo-homes remaining for sale.
“Whether interest rates are high or low, Las Vegas has always offered a lower cost of living and a better quality of life,” added Douglas. “Where else do you have the benefits of living in the ‘Entertainment and Sports Capital of the World’ with no personal income or estate tax?”
Nationwide, one-quarter (25.5%) of Redfin.com users looked to move to a different metropolitan area in the second quarter of 2023. The company’s latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area.
For more information on Juhl’s remaining loft-style condo-homes in downtown Las Vegas within walking distance to both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping, act now by calling Juhl at 702-816-5466.
*Terms subject to change. Contact agent for details.