Friday, February 14, 2020 / by Ken Couture
Las Vegas will be among the Most Attractive metros for affordability-seeking Homebuyers in the coming decade
Las Vegas, Nevada
In Las Vegas, home sales are growing at a rapid pace of 15.6%, with 47% of homebuyer interest coming from outside the metro.
The primary source of out-of-town homebuyers in Los Angeles, where the median home price is $650,000 and land comprises about 61% of home values.
In Las Vegas, homebuyers can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25% of home values in Las Vegas, 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," said Redfin agent Carol Vandenberg.
"I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected."