While the seller’s market continues for lower & mid-priced homes, Luxury homes continue to be just as in-demand, while selling nearly 2x as fast! Here are some of the ways that recent events have affected the Luxury market in a positive way.
Here’s a walk-through of a luxury home in Summerlin, Las Vegas to get an idea of what your future home could have.
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California vs. Las Vegas Luxury Pricing
Out-of-state buyers are making up a large portion of the luxury buyers, as they are considering the benefits of living in Las Vegas such as no state income tax, lower cost of living, job opportunities, and more.
Many of the luxury home buyers are coming from California, as Las Vegas provides an incredible opportunity to get a significant amount more for their dollar.
For reference – this home in Los Angeles, CA is just under $18 Mil for a 5 bed, 8 bath, 7,441 sqft home on 0.31 acres.
A similar home in Las Vegas is just under $6 Mil for 5 bed, 7 bath, 7,251 sqft on 0.43 acres.
How the Pandemic Has Affected Housing
Since lockdown, home amenities have become increasingly more important, especially with the increase in remote employment, which makes Luxury homes even more appealing to buyers, especially if they had invested in the stock market prior to its recent rise.
The increase in home price has caused a problem for many of the lower-income Americans, leading to them being priced out of the housing market, whereas higher-income Americans are reaping the benefit, leading to a higher buyer’s market for luxury properties.
Luxury Homes for Sale in Las Vegas
The homes below are shown based on the most recently listed luxury homes in Las Vegas.
Now’s the Time to Buy, Sell or Refinance
If you are looking to buy, sell or refinance a home, our team is here to help. We’ve been serving Las Vegas for over 35 years (over 100 years collectively as a team) and have numerous team members who have experienced relocation first-hand.
Connect with us today at (702) 838-7700 or info@lasvegashomessold.com so we can make your real estate dreams a reality.
