The Las Vegas Valley is the most sought-after location for relocating homebuyers in the nation, according to a new report.
“Buyers with the freedom and inclination to relocate are choosing Las Vegas in large part because their money goes a long way there,” said the report by real estate brokerage Redfin. “Your typical home sells for $412,000, less than half the price of a home in Los Angeles, the most common source of buyers relocating to Las Vegas.”
The report is based on internet searches by nearly two million Redfin.com users for homes in more than 100 metropolitan areas between April 2023 and June 2023. According to Redfin, a record 25 percent of Redfin users the entire country sought to move to another metropolitan area in the second quarter of the year.
Additionally, new population estimates from UNLV’s Center for Business and Economic Research show that 115 people move to Clark County each day.
In fact, the county is expected to gain 42,066 residents this year. This would be the largest population increase the county has seen since 2020, when 50,885 people were added to the population, according to the UNLV report, which also projects Clark County could welcome 56,000 new residents by 2026.
Andrew Woods, director of the UNLV center, said Redfin’s analysis of the Las Vegas Valley as one of the best places to move is in line with what he’s seeing for the area right now.
However, he also said it’s hard to know how Clark County compares to fast-growing areas across the country, since population data from the Census Bureau for this year is not yet available.
“That being said, this confirms some of the trends we’ve seen before that there appears to be a relationship between our population growth and southern California home prices,” Woods said.
Woods said 60 percent of southern Nevada’s population growth is coming from out of state, noting Redfin’s analysis is consistent with recent US demographic trends it’s also seeing.
“I would like to point out, however, that the great pandemic shakeup appears to be settling in, as shown by their own data and what we suspect as college-educated workers will begin to return to the office more and be less likely to move again, as they have been for the past two years, as a result of return-to-work policies, the end of COVID-19 restrictions, and higher interest rates.”
Census data shows that North Las Vegas and Henderson were the 11th and 12th fastest growing cities in the country, respectively, from January 2022 to June 30, 2022.
