Thursday, February 27, 2020 / by Ken Couture
Spokane, Wash., Las Vegas, Charlotte, N.C., and Orlando, Fla., are the metropolitan areas most primed for growth over the next decade.
The four metros are attracting out-of-town homebuyers in part because of the low cost of acquiring and developing land for new home construction in those places.
In Las Vegas, home sales are growing at 15.6 percent, with 47 percent of homebuyer interest coming from outside the metro, Redfin found. The primary source of out-of-town homebuyers is Los Angeles, where the median home price is $650,000 and land comprises about 61 percent of home values.
Homebuyers in Las Vegas can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25 percent of home values in Las Vegas, Redfin said new construction is a profitable investment for developers.
“Las Vegas is a pretty competitive market, and I see both new homes and existing homes receiving multiple offers,” Redfin agent Carol Vandenberg said. “I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected.”