Todd gives an update to the Las Vegas luxury real estate market.
Las Vegas Luxury real estate
Hello. Welcome to Todd Miller TV. I’m going to do an update to the Las Vegas luxury market. So right now in Las Vegas, there are 281 houses, single family residences, over a million dollars. So we call it luxury market, OK? We had to pick a number. That’s the number that I picked.
So 281 houses, so what does that mean? Well what that means is that in the last year, there were 185 people that paid over a million dollars for a house in Las Vegas. So that means that those 281 houses at the same rate, it’s going to take a year and a half to absorb that.
And you’ll probably say, “Well Todd, that’s a ton because we know that the market is going like this but why is that like that?” Well, that is normal for the luxury market to have a higher time on the market and a lower absorption rate because there’s just less people that can buy those houses. So I don’t think that that’s terrible. I would say that based on the trend that that is a little bit of a downward trend.
Las Vegas luxury real estate
What’s really interesting is that in the last year, somebody paid $7 million for a luxury house in Queensridge. It was 15,000 square foot house. It was a beautiful house. And so, people are still paying for luxury homes in Las Vegas.
I thought I would share that with you. If you’re a luxury buyer then that’s something you would want to know of course. You can call me anytime, 702-218-2819 and that’s my update for today. Thanks.