Forbes magazine just recently announced America’s fastest-growing cities in 2018. Las Vegas was one of the top cities in the country in terms of projected aggressive growth.
What is driving this growth?
- One of the reasons that Las Vegas’ cost of living is still very low compared to the rest of the country is that real estate prices are still 25% to 30% below the peak of where they once were. This has caused an influx of people moving to the area.
- Many people who once lived in Vegas unfortunately lost their houses due to foreclosure short sale bankruptcy when the market collapsed. Those people are back on the market now that they’ve fixed their credit, so they’re ready to buy again. This means there’s been an increase in demand from buyers that were renting at one point. This also encourages a lot of new home construction.
- Additionally, there are a lot of jobs that are being created by the construction field. Recently, a new Raiders stadium began construction, as well as a practice facility that will be built in Henderson. There are also a couple major casinos that will begin construction soon.
If you have any questions about what Las Vegas’ recent growth means for you or you are looking to buy or sell real estate, feel free to reach out to me. I’d be happy to help you.