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How Population Growth is Changing the Vegas Market

Understand the Las Vegas Market and the effects of its population growth.

Known for its bright lights and exciting entertainment scene, Las Vegas is currently experiencing population growth. The surge of new residents in the area is significantly affecting the local real estate market, creating a unique situation for potential buyers and sellers. But what are the factors that are driving the Las Vegas market, and what are the implications of this sudden population growth in its real estate condition?

1. Mass relocation.  The unique appeal of Las Vegas—its desirable climate, no state income tax, and vibrant entertainment scene—are contributing factors attracting people from all across the country to relocate there. From 2020 to 2023 alone, over 157,000 Californians moved to Nevada, and the total number of newcomers from all areas during this period almost reached 400,000. It is projected that an additional 30,000 to 35,000 residents are expected in 2024. Clark County’s population has surpassed 2.4 million, with a net in-migration exceeding 10,000 individuals per month.

"This limited supply, paired with high demand from residents, is driving up housing prices in Las Vegas."

2. Increase in demand, limited supply.  One of the most obvious impacts of population growth is the shrinking housing inventory. Nevada has seen nearly a 30% decrease in available year-over-year compared to most states in the U.S. This limited supply, paired with high demand from residents, is driving up housing prices in Las Vegas.

It is evident that population growth is a major factor influencing the Las Vegas real estate market. Understanding this unprecedented trend is crucial for anyone who is looking to buy or sell property in the area. If you are interested in learning more about the Las Vegas market and how population growth is impacting it, call, text, or email me. I can give you a comprehensive overview of the current market conditions, future projections, and how these trends might affect your real estate decisions.

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