Luxury home listings in Las Vegas have expanded sharply, with a 42% increase in $1 million-plus listings that outpaces the national trend. Total new property count rose 5% year over year in July, though that growth rate has slowed compared with earlier months. Builders and sellers are showing signs of tapering momentum as inventory growth moderates. Affluent buyers from West Coast cities are attracted by larger homes, custom finishes, lower costs, no state income tax, and regional proximity. Increased supply has intensified competition among sellers, generating sharper price reductions, notably above the $1.2 million mark.
Las Vegas is experiencing a surge in million-dollar homes for sale, leading to a rise in inventory but also prompting sellers to reduce prices to match market demands. The luxury real estate market in Vegas offers spacious homes with custom finishes at relatively lower prices compared to coastal cities. Total new property count in Las Vegas rose 5% year over year in July, but that pace has cooled notably from earlier in the year.
Las Vegas has seen a 42% increase in listings priced at $1 million or more, surpassing the national increase, indicating a cooling pace of inventory growth. Affluent buyers from cities like Los Angeles are drawn to Las Vegas for its larger homes, lower cost of living, no state income tax, and proximity to major West Coast hubs. With a growing supply of homes, sellers in Las Vegas are facing more competition, leading to sharper price cuts, especially in the $1.2 million-plus range.
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