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Las Vagas Real Estate Update - 2024


Comprehensive Real Estate Report: Las Vegas, NV


Introduction

This report provides an in-depth analysis of the real estate landscape in Las Vegas, Nevada, focusing on the growth trends in property values, demographic shifts, economic development plans, and crime rates. The findings are based on data from various sources, including Zillow, Stacker, HomeSnacks, Exploding Topics, CrimeData.io, Rebusinessonline, Nevada Business Magazine, and CrimeGrade.org. The report aims to offer valuable insights for investors, policymakers, and residents.


1. Popular and Fast-Growing Zip Codes

Las Vegas has experienced significant growth in rental prices across various ZIP codes. According to data from Zillow, the ZIP codes with the fastest-growing rent as of January 2021 include 89104, 89032 (North Las Vegas), and 89142, with 89104 leading the pack (Stacker.com). These areas have seen a substantial change in the Zillow Observed Rent Index for all homes and apartments over the last year. Other notable ZIP codes with increasing rent are 89145, 89117, and 89139 in Las Vegas, as well as 89052 and 89044 in Henderson.


The fastest-growing cities in Nevada for 2024, based on the American Community Survey and Saturday Night Science, are Enterprise, Dayton, and Mesquite. Enterprise, in particular, has seen a staggering 126.5% growth since 2010, with an absolute growth of 125,917 people (HomeSnacks.com). This rapid expansion is indicative of the broader trends in the Las Vegas metropolitan area, where zip codes are experiencing a surge in demand for housing.


More neighborhoods and zip codes information are here


2. Crime Rate and Trend

The crime rate in Las Vegas has shown both positive and negative trends. While the total crime rate has decreased over the past decade, with the lowest point observed in 2021, violent crimes, including homicides, robberies, and aggravated assaults, have surged in recent years. The Las Vegas Metropolitan Police Department reported a 14% increase in homicides in 2024 compared to the previous year (Daily Currant). However, it is important to note that the violent crime rate in Las Vegas was 70.07% more prevalent compared to the national average, and the robbery crime rate was 33.85% higher than the state average (CrimeData.io).


Despite these concerning figures, the overall crime rate in Las Vegas is lower than the Nevada state average and the national average, suggesting effective community efforts in combating crime (CrimeData.io). The safest places in Las Vegas, as indicated by CrimeGrade.org, are generally found in the southern part of the city, while the central and northeast areas have higher crime rates.


3. Economy and Development Plans

Las Vegas's economy is driven by the tourism industry, which continues to expand beyond casinos and entertainment to include shopping, conventions, fine dining, and outdoor attractions (Exploding Topics). The city's population growth has spurred development, with over $8.12 billion of new major projects delivered in 2023 and another $2 billion under construction for 2024 and 2025 (Rebusinessonline.com). Additionally, $17.25 billion of announced and proposed projects are expected to keep the momentum going.


Economic forecasts for 2024 remain optimistic, with no anticipated recession or downturn. Job growth and population growth are expected to slow but remain at long-term historical levels (Nevadabusiness.com). Industries such as healthcare, advanced manufacturing, and logistics are projected to continue their expansion, contributing to the region's economic stability.


4. Demographic and Population Growth Information

Southern Nevada's population is projected to gain 41,900 new residents in 2023 and increase by another 2.4 percent in 2024 (Rebusinessonline.com). This influx of new residents is creating more jobs and demand for housing. The multifamily housing market is responding to this demand, with approximately 4,025 total units estimated to be completed in 2023 and another 7,926 units scheduled for delivery in 2024. However, there is uncertainty beyond 2024 regarding new supply due to current economic and capital market conditions.


Las Vegas is also set to host major events such as Superbowl LVIII in 2024, which is expected to bring significant revenue to the city. The relocation of the Major League Baseball franchise, the A's, further cements Las Vegas's status as a sports and entertainment hub (Rebusinessonline.com).


5. Business Incentives in Las Vegas

Las Vegas offers a variety of business incentives designed to attract and retain companies, thereby fostering economic growth. The Las Vegas Global Economic Alliance (LVGEA) partners with the Governor’s Office of Economic Development (GOED) and local jurisdictions within Clark County to offer incentives such as:


  • Sales and Use Tax Abatement: This incentive reduces the rate on qualified capital equipment purchases to as low as 2 percent for a two-year period.
  • Modified Business Tax Abatement: Companies can receive an abatement of 50 percent of the 1.475 percent rate on quarterly wages exceeding $50,000 for a four-year period.
  • Personal Property Tax Abatement: Up to 50 percent abatement is available for a maximum of 10 years.
  • Real Property Tax Abatement for Recycling: Qualified recycling businesses can receive up to 50 percent abatement for up to 10 years.
  • Aviation Parts Abatement: This incentive is tailored to the aviation industry (LVGEA, n.d.).

These incentives are part of a broader strategy to encourage new business and support the expansion of existing companies in the region.


6. Job Growth and Employment Information

The Las Vegas economy is experiencing robust job growth. The Las Vegas Metropolitan Statistical Area (MSA) saw an increase in employment by 1,800 jobs (0.2%) from December to January, and a significant increase of 40,300 jobs (3.6%) since January 2023 (Nevada Workforce, 2024). The state's employment growth rate remains strong, up 3.8% over the year, while the unemployment rate is steady at 5.3% (Nevada Workforce, 2024).


The labor force in Las Vegas is currently 1,195,575 people, which is up by 37,035 people since January 2023. The number of unemployed individuals in the Las Vegas MSA was 64,827 in January 2024, which is 3,985 less than in January 2023 (Nevada Workforce, 2024).


7. Major Employers and New Business Moves

Las Vegas is home to a diverse array of major employers across various sectors, including gaming, hospitality, retail, and healthcare. The city's pro-business climate and vibrant economy have attracted new businesses, contributing to the region's economic development.


Existing Major Employers

Some of the best companies to work for in Las Vegas, known for their financial health and employee diversity, include:


  • NV Energy: A public utility providing electric and natural gas services.
  • Station Casinos: A leading gaming development company.
  • Golden Nugget: Engaged in providing overnight sites for recreational vehicles and more.
  • Switch: A technology infrastructure company (Zippia, n.d.).

New Business Moves

In 2024, Las Vegas welcomed two companies that are projected to create over 100 high-paying jobs over the next two years:


  • Edgewood Renewables: A renewable biofuel production company focusing on renewable diesel and Sustainable Aviation Fuel.
  • Hard Eight Nutrition: A dietary supplement e-commerce and manufacturing company (LVGEA, 2024).

These companies represent the region's potential for long-term growth and a focus on sustainable and health-related industries. The GOED board approved tax incentives for these companies, which are expected to make capital investments of more than $120 million and generate $37.5 million in new state tax revenues over the next 10 years (LVGEA, 2024).


8. Large Residential and Commercial Development Projects

Residential Developments


  • Moro Rock by Richmond American Homes
    Moro Rock is a standout community located in the heart of Las Vegas, offering the serenity of suburban living with easy access to the city's vibrant lifestyle. The community is characterized by its prime location and is expected to attract a significant number of residents seeking a balance between tranquility and urban excitement.

  • Magnolia Crest by D.R. Horton Express Series
    Magnolia Crest is set to emerge in North Las Vegas within the 89081 zip code. This new community will feature two-story homes ranging from 1,150 to 1,340 square feet, with options of 3 to 4 bedrooms, 2.5 bathrooms, and 2 car garages. The development aims to cater to the growing demand for modern and affordable housing in the region.

  • Crestview by Tri Pointe Homes
    Crestview is an upcoming gated townhome community in the Northwest part of the Las Vegas Valley, adjacent to Skye Canyon. With a starting price in the high $300s, the townhomes will vary in size from 1,529 to 1,810 square feet and will include 2 to 3 bedrooms, 2.5 bathrooms, and two-car garages. The community will also feature a pool, park, and dog park, enhancing its appeal to potential buyers.

Commercial Developments


While specific commercial development projects have not been detailed in the provided information, Las Vegas is known for its continuous expansion and development of commercial real estate. These projects typically include office spaces, retail centers, and mixed-use developments that support the city's growing economy and tourism industry.


9. New Construction Communities and Major Builders

New Construction Communities

Las Vegas is witnessing the introduction of 11 new communities, with 32 floor plans or inventory homes currently under construction. These communities are designed to meet the diverse needs of families and individuals, offering a range of amenities and styles to choose from.


Major Builders

  • Lennar
    Lennar is a prominent builder in the Las Vegas area, with several projects listed at starting prices of $999,999. These include a variety of residential options such as the 4-bedroom, 3.5-bathroom Skyland in Henderson, NV, and the 3-bedroom, 2.5-bathroom Cooper in North Las Vegas, NV.

  • Woodside Homes
    Woodside Homes is offering properties like the Arbor Plan 1 and Ember Plan 2, both in Las Vegas, NV, with 4 bedrooms and 3 bathrooms, starting at $999,999.
  • Touchstone Living
    Touchstone Living is contributing to the Las Vegas real estate market with properties such as a 2-bedroom, 2.5-bathroom Unit 100 in Las Vegas, NV, starting at $999,999.

10. Latest Real Estate Listing Inventory and Price Trend Information

  • Inventory Trends
    The Las Vegas real estate market is currently experiencing a surge in new construction homes for sale, with frequent updates every 15 minutes from the GLVAR MLS. This indicates a healthy and dynamic market with a steady flow of new properties entering the market.

  • Price Trends
    The starting prices for new construction homes in various communities are consistently listed at $999,999, reflecting a premium segment of the market. This pricing trend suggests a focus on luxury and higher-end properties within the new developments.

Conclusion

Las Vegas, NV, stands out as a region of dynamic growth and development, with specific zip codes experiencing rapid increases in rental demand. Despite challenges with crime rates, particularly violent crimes, the city maintains lower overall crime rates compared to state and national averages. Its robust economy, driven by tourism and supported by substantial development projects and population growth, contributes to its vibrancy.


In 2024, Las Vegas is poised for a significant economic boom, propelled by strategic business incentives, robust job growth, and an influx of new businesses. The city's diverse economy and global entertainment reputation make it an attractive destination for businesses and job seekers. With ongoing support from economic development agencies and a favorable business climate, Las Vegas is set to solidify its position as a dynamic metropolitan city.


The real estate market in Las Vegas is undergoing significant expansion, with various residential and commercial projects underway. Major builders like Lennar, Woodside Homes, and Touchstone Living lead these developments, offering luxurious and modern living options. The market features a robust inventory of new construction homes with a trend towards premium pricing. As Las Vegas continues to grow and attract new residents, the real estate market remains vibrant and competitive.


Prospective homeowners and investors should take note of these developments and trends when navigating the Las Vegas real estate market. With the city's economy and population poised for growth, opportunities for real estate investment are promising.


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References

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