What's fueling Vegas real estate growth?
Despite rising land and construction growth, the Las Vegas valley stands poised to surpass the 2 million resident mark in the next few years.
Some 6,000 to 7,000 new residents move-in each month (of course some move out as well). Name another place in the country experiencing that kind of growth.
Since 2000 Clark County has grown by 401,940 people. That's similar in size to the entire city of Oakland, California. Hello!
Forecasters have predicted that by 2024 there will be more than 2.7 million residents in this quaint desert bowl. That's 36 percent more than today. Does this news make any other motorist sweat?
Last year some 38,517 new single-family detached homes were sold. That's a Vegas record. Also last year, the median new single-family detached home price was $345,130, 53 percent more than only five years ago. Cha-ching!
Again I ask, what's fueling Vegas real estate growth?
It's got to be that so many people live in places so much larger than Las Vegas and they're looking for a small town in a warm, dry climate to call home. That's the same reason my grandparents moved to Vegas in 1960.
But could it be that with so many move-ins we'll one day wake-up in one of the country's largest cities, confronted with high crime rates, poor schools and amazingly high utility rates? Oh wait, I think that was this morning (all except for the largest U.S. city part).
