Nevada, Florida lead in housing price growth powered by sports and tourism – News3LV

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Nevada and Florida are two of the nation’s top tourist destinations and now have something else in common. Both are in the top three for the highest percentage growth in average housing prices between 2013 and 2023.

“When you look at those numbers,” said economist Mike PeQueen with Hightower Las Vegas, “for the last 10 years, home prices in Southern Nevada have grown on average by about 10% a year.”

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According to data from Zillow, compiled by Architecture Lab, Nevada saw a 158% increase in the average price of a home over the 10 years ending in 2023. That’s third best behind Florida at 164% and Idaho, which landed at the top of the list at 171%.

“Historically, home prices go up roughly about as much as inflation, and inflation has not been anywhere close to 10% a year for 10 years,” PeQueen said. “So what it does, it’s reflected how many people want to move to Southern Nevada and how many homes we have not built to keep up with demand.”

Based on new U.S. Census Bureau findings, PeQueen says the reasons for the migration to Nevada include higher wages for jobs that don’t require a degree, benefits provided by labor unions, and retirement.

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And, as Las Vegas re-invents itself into a sports mecca, a new class of workers is migrating here.

“Pro sports tipped the scales,” said Lifestyle LV broker Heidi Holly. She says the influx of athletes and staff connected to our professional sports teams in recent years has added to the demand for our lucrative high-end real estate.

“Every new season of the NFL, they change hands, and they either come from the East Coast – even L.A. – and that brings a lot of our luxury buyers coming here,” Holly said.

New arrivals include Evan Williams, wife of the Raiders’ new running backs coach, moving to Henderson from Alabama.

She says she’s used to moving frequently because of her husband’s career, but they have no worries about buying a home in Southern Nevada.

“The market is insane in Vegas,” said Williams. “I’m ecstatic. I could tell when I came and visited. I’m pretty much flying out every week,” she added. “I was just not aware of the growth. I’m very excited. I feel like we’ll be getting some great bang for our buck.”

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