Moving to Las Vegas: The Hottest Trend in Real Estate
1 in 4 U.S. Homebuyers Want to Move to a New City
With mortgage rates soaring to 20-year highs, people are still hunting for new places to call home. And guess what? The South and Southwest are stealing the show, with Las Vegas rocking the top spot as the ultimate destination. Can you believe it?
According to our pals at Redfin.com, nearly 26% of property search queries are for cities where potential buyers don't even live! That's right, folks – a whole bunch of you are packing your bags and dreaming big, looking for your perfect home in Las Vegas. This is the highest percentage since Redfin started tracking migration data back in 2017.
What's driving this migration madness?
Well, hang onto your hats, because it's all about the Benjamins! Homeownership costs are giving folks a serious case of wanderlust. A lot of these aspiring homeowners are hailing from cities with jaw-dropping home prices, like New York and Los Angeles. We get it – those big city dreams can come with some hefty price tags!
Now, we know you're dying to know the deets. Let's take a look at the top ten cities that are attracting all the buzz on Redfin's website. Get ready for the drumroll...
Las Vegas: 5,700
Phoenix: 5,300
Tampa, Florida: 5,000
Orlando, Florida: 4,900
Sacramento, California: 4,800
North Port-Sarasota, Florida: 4,700
Cape Coral, Florida: 4,100
Dallas: 4,100
Miami: 3,700
Houston: 3,600
Number one, baby!
Las Vegas is rockin' the charts with a staggering 5,700 net inflow of property searches. It's like a real estate party, and everyone wants in! Phoenix and Tampa are giving Vegas a run for its money with 5,300 and 5,000 searches, respectively. Orlando and Sacramento are in the mix too, rounding out the top five list.
Now, before you start wondering who's leaving to make way for all these new residents, we've got the scoop for you. Cities like San Francisco, New York City, and Los Angeles are showing a high number of searches for folks planning to hit the road. It seems some of you are ready for a change of scenery!
Here's the thing: if you're searching for your slice of paradise in Las Vegas, you're not alone. A whole bunch of out-of-town buyers are coming from the likes of Los Angeles, Seattle, New York, and Chicago. And can we blame them? The median cost of a home in Las Vegas is a sweet $412,500, while those same homes in Los Angeles will set you back a whopping $975,000! Ouch!
Redfin counted anyone who browsed at least 10 properties in another city over the three months ending June 2023 as a "migrant" for this study.
Bottom line
If you're looking for a fresh start with more bang for your buck, Las Vegas is callin' your name! The allure of low-tax states, warm weather, and affordable homes is just too tempting to resist. It's no wonder so many people are packing up and heading to the City of Lights.
If you're ready to make the move to Las Vegas and need some expert guidance, you're in luck! Las Vegas real estate agents like us are seasoned pros, ready to help you find your dream home. From glitzy condos on the Strip to cozy family abodes in the suburbs, we’ve got the inside scoop on all the best areas and properties.
So, what are you waiting for? Dust off your poker chips, get your dancing shoes on, and embrace the excitement of Las Vegas! Or ask us how to live the quiet life in Sin City because, believe it or not, that’s how most of us live. Whether you're a high roller or just looking for a fresh start, this city is waiting to welcome you with open arms. Don't miss your chance to be part of the hottest real estate trend – the best time for moving to Las Vegas is now!