Las Vegas has always been among the hottest housing markets in the US, thanks to its warm weather and booming tourism industry. Low property taxes and no state income tax make it even more alluring to potential home buyers.
Although the market is slower than in the heady days of 2022, the limited inventory keeps it moving. Besides low inventory, high demand is another reason making Las Vegas a hot market in 2023.
According to a Forbes article, the Census Bureau stated that the city received 19,000 new residents from 2020 to 2021. Additionally, its population has increased by nearly 20% in the past decade, reaching a whopping 2.3 million today.
As a potential home buyer looking to move to Vegas or upgrade (or downsize) your existing home here, you will probably worry about property prices. With the median home prices nearing $500,000, buyer stress is legitimate. Fortunately, the city has plenty of options in residential real estate for buyers with different budgets.
We will guide you about the most exciting options for new homes in the Las Vegas market.
Luxury High-Rise Condos
Las Vegas is synonymous with luxury, and its real estate offerings are no exception. If you can shell out big money, the luxury high-rise market is worth exploring. According to 2023 statistics, the average price of Las Vegas high-rise properties increased 5.2% year over year to $614K. The median price also rose 3.3% year over year to $415K.
The city has several opulent condominiums soaring reaching the sky, offering panoramic views of surrounding mountains and the iconic Strip. You can also find a condo with top-notch amenities such as rooftop pools, spa facilities, and personalized concierge services. These residences truly replicate unparalleled extravagance.
Serene Community Residences
The serene community residences are apt for small families, retirees looking to downsize, and people looking for budget options. There are plenty of new homes for sale in Las Vegas in this category. It means you can expect to be spoiled for choice once you start looking for a dream home. You can check a property in a master-planned community according to your needs, preferences, and budget.
According to Century Communities, quiet suburban communities are great for family living. You can enjoy amenities like endless recreational opportunities, scenic parks, shopping centers, and golf courses in close proximity to these homes. The best part is that you can save tons of money while experiencing the Vegas lifestyle by choosing this alternative. It’s like getting the best of both worlds.
Ranches for Outdoor Living
Americans love outdoor living, making ranches a popular living option for people who can afford them. The average value of farm real estate in the country was $4,080 per acre in 2023. The number translates into an impressive increase of 40% from a decade ago. A ranch home is another real estate alternative you can explore in Las Vegas.
While Las Vegas is famous for its non-stop entertainment and vibrant city life, the surrounding areas are ideal for outdoor enthusiasts. Choosing a ranch home is your chance to experience the picturesque beauty of the Mojave Desert. At the same time, you aren’t too far from the city.
You can even grow your food or raise horses on a ranch to relish the real taste of a farm lifestyle. These homes are large and spacious indoors and have sprawling exteriors for sports and outdoor activities.
Smart Havens of the Future
The smart home trend is big in the US, with its market size projected to reach $55 billion in 2028, growing at a rate of 9.68% (2022-2028). The Las Vegas real estate market is no exception as it embraces the trend with tech-savvy properties. These living spaces integrate cutting-edge technology seamlessly to deliver a high-end lifestyle to residents.
Smart homes feature automated systems that control lighting, climate, and security. Besides offering the luxury of hands-free control over appliances, smart technology can help you save big on energy bills. For example, a few clicks on your smartphone let you turn off the lights remotely if you accidentally leave them on. These homes also replicate the green lifestyle where energy saving is a norm.
The Bottom Line
As a home buyer looking for a dream haven in Las Vegas, you can explore plenty of options according to your lifestyle expectations and spending capacity. You don’t have to worry about the rising housing costs in the city. Moreover, you can live a serene life in a quiet community or on a ranch away from the din of the Strip. List your expectations first and compare these alternatives to find the perfect match.
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