Las Vegas Ranks Highest in Nation in Terms of Growth of New Home Listings
LAS VEGAS, NV – While Las Vegas has always been a hotbed of real estate activity, a new report indicates the city currently boasts the highest levels of growth in terms of new home listings out of the entire nation.
According to residential real estate brokerage and mortgage origination services company Redfin, in August of 2024, the number of new home listings in Sin City jumped an impressive 12.8 percent year-over-year, which represents the biggest increase out of any metro area in the United States.
However, Redfin did not note the overall number of listings that this encompassed, just the percentage of the increase from one year to the next.
The growth of new listings in Vegas beat out competing cities such as San Diego, California, which saw an 11.7 percent increase, and Sacramento, California, with an 9.5 increase.
In contrast, Atlanta, Georgia, saw its number of new home listings decrease the most nationally, with a whopping drop of 19.4 percent year-over-year.
As for what is driving the large increase of new home listings in Las Vegas, experts point to numerous factors influencing the real estate market, such as a growing number of residential transplants from neighboring California – most likely escaping high living costs and heavy tax burdens – as well as lowering interest rates on home mortgages following the Federal Reserve’s recent rate cuts.
The continued upward trajectory of Vegas’ real estate industry is also being driven by the arrival of new professional sports teams – such as the Raiders NFL team – as well as significant investments on the part of Hollywood bigwigs such as Sony, which is establishing a new studio in Summerlin.
“Everyone is coming here,” Perry said. “I’ve had a lot of cash buyers come in, and a lot of Californians are coming because prices are so high they can sell their property and pay cash here and have a big nest egg because everything in Las Vegas is cheaper.”
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.