Moving to Las Vegas NV WILL NOT Be the Same This Year
If you’re thinking about moving to Las Vegas, things are NOT the same as they were just a few years ago! From rising home prices to huge new developments, and even how inflation is affecting daily life, there’s so much changing in this city! Today, we’re diving into what’s new, what’s different, and what you need to know before making the move. Have you ever thought about moving to Vegas, or have you already made the leap? What’s the biggest thing you’re curious about?
Prices are still high compared to pre-pandemic years, but we’re seeing more inventory than before. Interest rates are shifting—meaning buyers have more negotiating power than in the past couple of years. It is very common during an election year for buyers to be hesitant. We are still seeing that effect now. I am seeing homes sit on the market a little longer and some sellers are more negotiable.
However, we still have around a 4-month supply of inventory which is considered a seller’s market. If you’re waiting for prices to crash, you might be waiting a long time! Vegas is still in demand, but buyers now have a little more room to negotiate.
Change #2: The Cost of Living is Rising
Inflation has affected rent prices, groceries, and utilities—but compared to states like California, Vegas is still affordable. My power bill and gas bills have gone up.
The good news is we DO NOT have a state income tax here. This makes a big difference in the cost of living in Las Vegas. This is a big one for Nevada and the reason we see so many people moving here. This is helping to bring businesses relocating here from California and other states.
If you’re moving from California, you’ll still see major savings, but locals have definitely felt the pinch in day-to-day expenses.
Change #3: HUGE New Entertainment & Sports Developments
The Las Vegas Sphere opened, and it’s unlike anything else in the world! My son just went to the Grateful Dead experience there and loved it. The Eagles concert is amazing. Concerts there are like nothing you have ever experienced. It is amazing!
The Oakland A’s are moving to Vegas—another major win for sports fans! My husband is a big Cleveland Indians – Opps – I mean Guardians fan and is so excited to have a major baseball team here! I have a home that just closed escrow that was located somewhat centrally near the strip. We had 2 offers and both were buyers that were moving here to help employed to help build the new stadium.
Resorts World has added even more luxury to the Strip and I have been to several conventions at the Resorts World.
Vegas isn’t just about gambling anymore. The city is evolving into an entertainment powerhouse—concerts, sports, and high-end experiences!
Change #4: California Fires & The Impact on Migration
Every year, wildfires push more Californians to look for safer, more affordable places to live—and Vegas is a top pick. I had several clients reach out looking to move here from California after the recent fires there. I have also had numerous Sellers insist that they want to keep their list price high as they expect this demand to continue. This influx of buyers has contributed to the rising home prices we’ve seen over the past few years.
Vegas offers a great alternative—lower taxes, less natural disaster risk, and plenty of new housing!
Change #5: Henderson is Growing FAST!
Henderson, just 15 minutes from the Strip, is booming with new luxury communities, parks, and shopping centers. It’s known for top-rated schools and a quieter suburban feel. There is new home construction available at Inspirada, Cadence, Lake Las Vegas and Black Mountain Ranch. And of course, the Luxury home new homes available in MacDonald Highlands at SkyVu and the new high-rise residents being completed there by the Four Seasons!
Because of the new demand for homes in the area we are also seeing a lot of commercial development. New Costco center, restaurants and a huge shopping center in the works!
If you want to be close to the action but still have that neighborhood feeling, Henderson might be your perfect match!
Change #6: North Las Vegas is Finally Getting Its Moment
More affordable housing and brand-new construction homes. North Las Vegas is great. Buyers can get so much home for their money. Tule Springs is a master planned community with new homes available by DR Horton. Major job opportunities as new warehouses and businesses move in.
For buyers looking for more space and lower prices, North Las Vegas is one of the best spots to check out right now!
Change #7: Traffic is Getting… Interesting
My husband always uses the word interesting when he really means “bad” and in this example I am doing the same thing! More people mean more congestion on major roads like the I-15 and 215 Beltway.
New construction projects are aiming to ease the traffic flow. We have a joke here that our state flower is the construction traffic cone! My mom recently retired from Las Vegas Paving after working there for over 30 years. They are constantly busy with road construction. The traffic is getting busier, and it is hard for us to keep up here!
Vegas traffic is nowhere near as bad as LA, but you’ll definitely want to plan for extra travel time during peak hours!
Change #8: The Restaurant Scene is EXPLODING
Tons of celebrity chefs and high-end dining are making Vegas a foodie destination. The new Fountain Bleau Casino has brought exciting restaurants such as Mother Wolf. My husband and I went there recently with my son and mother-in-law. It was so good! We love the Din Tai Fung located in Aria. There are so many fantastic 5-star restaurants on the strip.
And even off the strip, neighborhoods like Summerlin & Henderson are booming with terrific restaurants such as Craft Kitchen, Echo & Rig, Pizza Rock and North Italia!
Vegas is so much more than buffets! If you love amazing food, you’ll never run out of places to try!
Vegas is always changing, and if you’re thinking of moving here, it’s important to know what’s new and what’s different before making your decision!
