An Update on the Luxury Home Market in Southern Nevada
New luxury home sales are up an incredible 84% from last year. Here are a few reasons why this area of our market has been so successful.
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I’ve got a quick update for you today on the luxury home market in Southern Nevada. Unlike many other luxury markets across the country, our luxury home market remains very strong. In fact, we’ve seen an 84% increase in new luxury home sales in the last 12 months, as well as a 12% increase in resale luxury homes. Luxury homes are considered any homes priced over $750,000.
Why is our luxury market doing so well? For starters, we have affordability. We are priced much lower than the luxury market in Southern California, where we are seeing a large influx of buyers come here from. Luxury homeowners in SoCal are getting sick of the high cost of living, crowded areas, and being limited by property tax deductions.
A lot of our luxury homes are in very nice communities with plenty of amenities for the discerning buyer. In addition, Southern Nevada is an attractive place to live. We have world-class entertainment, world-class restaurants and shopping, and a professional hockey team as well as a professional football team coming soon. There’s also no state income tax and an average 294 days of sunshine each year.
If you’re interested in learning more about the luxury market here in Southern Nevada or if you have any other real estate-related questions, don’t hesitate to give me a call or send me an email today. I would love to hear from you.