Watch 3-Min Las Vegas Market Video
Why is LAS VEGAS the #1 Market in the USA
I’m here with the 2021 real estate market update. Now, this Las Vegas real estate 2021 market update is going to be the broad housing market update and I’m very excited about 2021 because what I’m going to do first is I’m going to share with you the 2019-2020 report, which was what we got at the beginning of the year 2020.
Download: Previous Report 2019-2020
This included median sales price information, data about previously owned single-family homes, as well as general information about the rental market including the interest rates and mortgage rates from prior years.
2021 Las Vegas Cost of Living Index
It’s 52 pages that showed where Las Vegas was at and what you’re going to find out as we went into 2021. Las Vegas actually became better because of the three main items that I’m about to share with you and they’re all downloadable below with maps and everything.
Number one is our cost of living in Las Vegas is lower than the 10 major cities around the United States right now. People right now that are looking for the most affordable and best lifestyle are choosing Las Vegas.
Right now over 30% of our buyers are coming from California, but more interesting I don’t know if you saw New York had 300,000 people do a change of address recently.
We have people coming from all across the nation right now, because of this, our cost of living index is also cheaper. Our housing is affordable, our cost of living is less, and number three is no state income tax.
Las Vegas Income Tax 2021
So people are moving here. What they’re finding out is that they’re saving on no state income tax. They’re saving on having a better lifestyle at a lower cost. Whether you opt for Southern Nevada or any other area within the state, you will be met with great home listings and competitive housing prices.
At the same time, you won’t be spending money on income taxes.
People here are saving on a lower home and we also have lower property tax. So if you’re coming from Chicago or New York or California, where your property tax could be 10 or 20,000 and you buy a home here for four or 500,000, a better home for the money, now you’re only paying $4,000 for property taxes a year. These are huge differences when it comes to savings and home sales.
They’re saving people tens and sometimes hundreds of thousands of dollars depending on the level of the home that they’re choosing to buy at. So what I want to do as I said, is as we go into 2021, what’s driving the Las Vegas market?
Why are we doing so well? We’re affordable. We give a better lifestyle for the money and we still have everything that makes Las Vegas great
Las Vegas Forecast & Predictions 2021
Now people keep asking me, “Bill, what about the Las Vegas Strip?” Remember this, if you took the Las Vegas Strip out, why are people still moving to places like Tucson and New Mexico? Because they’re affordable. Now Tucson and New Mexico are affordable but are they fun? And this is the other part of the conversations that everyday people that went and bought affordably did not get fun.
So our calls from people that already moved to places like Tucson and New Mexico and now they’re looking at Las Vegas. They’re like, “Yeah, Bill, we did affordable, “but now we’re retired.” Or “We’re holding up for the next three years “till the economy whatever, whatever we’re not having fun.” Las Vegas is still fun.
Las Vegas still has more golf courses, probably than most cities in America. It has more outdoor activity. It’s close to parks like Zion, you can get to the Grand Canyon, Mount Charleston, Red Rock. We offer a lifestyle.
Summerlin Las Vegas Market Trends 2021
Summerlin, which is located inside Las Vegas was voted and always stays within the top 10 master plan communities is currently right now the number one fastest moving, new home developments still for new homes.
So if you have not looked at Summerlin within the Las Vegas housing market, I highly encourage you to check out our listings for record prices on Summerlin. So, once again, my name is William Margita. We’re talking about what’s going on here with home price statistics in Las Vegas 2021 during the Covid-19 pandemic, the higher unemployment rate, and the overall economic situation.
It’s no surprise if you’re looking here because you’re just looking to take a break in life, to relax a little bit, to not have this extreme burden of taxation. Like if you’re coming from California:
- Because of the high cost of living
- Because of high state taxes
- Or because you’re just trying to catch your breath for a few years.
Look at what everybody else is doing, the smart people, make your choice, browse online, pick up the phone, give us a call whether you’re looking for a rental property or single family homes. William Margita lasvegasrealestate.org. I also have a team of agents here all highly trained.
They will take your call. They can answer your questions and they will open up the doors and show you your next home. Have a great day.