Las Vegas is a very hot market for a number of reasons. The growing entertainment venues, the weather and the reputation of being the place to go when you want to have fun are just some of the reasons people visit, but there has been an influx of new residents in the past couple of years that have found Las Vegas to be an attractive place to live. With the housing market on the rebound, new home sales are booming. As the market continues to grow, home prices are soaring, with no sign of letting up anytime soon. According to RealtyTrac, cash purchases are leading the way, with 52.2 percent of all new home transactions being in cash.
Luxury home buyers are in a great position, with many new planned communities on the rise. Builders have taken the surge in the market and rejuvenated new home construction with a lot of added perks. With so many families relocating to the area, this is a great opportunity to capitalize on building new homes that offer exclusive amenities at reasonable prices. Luxury homes in the area start around $300,000, which is way below standard market rates in other locales.
Other factors are contributing to the attractiveness of the Las Vegas new home market. The Summerlin master plan is adding an urban center and downtown area which should propel corporations to come to the area. For those businesses looking to expand, this is a perfect place to consider. New jobs require new homes and spaces for employees, which opens the doors for not only the developers of Summerlin, but new home builders as well.
West Nevada is just one area that is growing. DR Horton is also prepping to build a number of new communities in an area that was previously zoned for a casino and resort. This will also fuel the economy and create jobs, which will support the rise of new homes and higher prices.
New home sales have risen 6.2 percent nationally, with a surge in the Midwest. Major luxury home builders like Lennar, Pardee Homes, and Ryland offer luxury homes that start at $450,000. What do these new homes offer? Inside the home, you’ll find the true meaning of opulence: great rooms, game room, options bonus room, 3 to 5 bedrooms or more, 3 and 4-car garages, mountain-view backyards, waterfront property and more. These communities also offer pool-sized lots, parks, opportunities for biking, hiking, fitness centers, great schools and special enclaves that provide every need so you won’t have to leave.
Competition is fierce in the new home market and continuously growing. There are a number of new homes already available in Henderson, North Las Vegas, West Las Vegas and the city. These homes are continuing to sell quickly. With so much inventory available and new inventory being built, new home buyers can be choosy, but should be ready to make an offer once they find the perfect place.