The landscape of the real estate market in Nevada has never been hotter, a bold statement given the temperatures in the area. Even with the impact from the COVID-19 pandemic, Nevada and Las Vegas in particular have seen a boom in buyers wanting to move to the area.
What’s Driving the Migration?
One of the largest groups choosing to leave their home state are Californians tired of rising housing costs but still crave the hotter climate and gorgeous nature destinations each state has to offer. While this is nothing new as California has suffered from skyrocketing prices for decades, Nevada has a strong foothold by being a majority of the inner border of the state.
Being able to stay within driving distance of friends and family while decreasing living costs is a heavy appeal that can persuade even the most rooted families to explore the area. Towards the end of 2020, single-family homes in California increased to a median price of over $700,000. Compared to the much more modest $325,000 in Nevada, it’s an easy sell as it means a substantial profit for those with large amounts of equity or even just enough to cover moving and closing costs for families who haven’t quite settled in yet.
The fact that these prices are the reality even with price increases in larger regions such as Las Vegas shows a strong real estate market. Along with a stronger real estate market comes better interest rates on mortgages as higher sticker prices increase the commissions and fees collected by real estate agents and banks. These profit increases are passed down to you as a customer through these lower rates, lowering the overall amount of what you pay for the home.
The transition of workplaces turning into remote positions has also helped to pave the way for homeowners to find the home of their dreams without concern of staying close enough to the office. High level executives as well as technology experts are taking advantage of their safe employment and bringing that income to Nevada, boosting the local economy and allowing the state to keep growing into the new destination for families.
Nevada Has Many Types of Oases
Las Vegas is the desert jewel of state, there’s no denying this. A hot spot for tourists, high-rolling gamblers and the industry’s best entertainers, many homeowners explore the idea of turning this dream vacation spot into a living reality.
On top of this, Nevada has extremely low tax rates that make it even more appealing to families supported by self-employed workers or business owners. Drawing more commerce to communities in this fashion is how the tight-knit neighborhoods that make up surrounding cities more and more prevalent.
Nevada isn’t just a real estate oasis for California though. Many of the surrounding states have higher real estate costs and even residents of the East Coast are deciding to acclimate to the area to flee population and housing price increases plaguing the region.
Whether you’re looking to sell and relocate or are on the hunt for your first home, take a moment to reach out to our Potempa Real Estate team for a free consultation. Let the experts on the local real estate and mortgage market give you the insights you need to make the most out of any move or home purchase.