August 2, 2023

Las Vegas ranks 1st in property searches

News 3LV
by Steve Wolford

According to a CNBC breakdown of data compiled by Redfin, Las Vegas ranked tops in the nation for online property searches made by potential homebuyers looking to move to a different state.

Cliff Samodurov, who’s relocating to Las Vegas from Portland, Oregon, said he decided on Las Vegas for Several Reasons. “I’ve had my eye on Las Vegas for a while. I liked the climate here. Absolutely, like the weather,” he said. But he also factored in what he’s leaving. “The economic environment from the states of Washington, Oregon, California are all really putting a hardship on people and its taxes.”

According to Redfin’s three months of data collecting through June, about one out of every four homebuyers searching for property online were looking to move to a completely different city.

Las Vegas landed at the top of the “inflow” search list, which is a city where someone would like to move to. Included in the top five below Las Vegas: Phoenix, Tampa, Orlando, and Sacramento.

“There’s just a lot feeding the desire to move to Las Vegas, and I’m not surprised,” said David Lee, owner of Las Vegas Valley Realty. “I’m getting a lot of East Coast people due to weather and economic situations moving to Vegas because we’re such on the growth path and other places struggle,” Lee said.

Among the cities which appear to be struggling, based on Redfin’s “outflow” search list, or cities where people were searching for property in a different state, San Francisco is at the top of the list. It’s followed by New York City, Los Angeles, Washington, D.C., and Chicago, rounding out the top five.

Lee believes those homebuyers escaping high taxes and lousy weather are having a balancing effect on our housing market. “We’re in a weird, just a unique situation,” said Lee. “With what you would think would cause housing to get stagnant because of a high-interest rate. But because of the flip side of that, with the lack of inventory, our prices are not going down.”

Other stats from the Redfin data show most people looking for a home in Las Vegas were searching from Los Angeles. And, likely no coincidence, the median home price in Las Vegas is currently about $440,000, compared to nearly $1 million in L.A.

BACK
bgr-section-logo
bgr-section-logo

Featured Media

Living Here

Las Vegas ‘definitely on our list’ for NBA expansion, commissioner says

Read more
Business and Industry

Touchdown! Super Bowl brings big economic victory to Las Vegas

Read more