The number of millionaire households in Las Vegas has tripled since 2019, top broker says

The number of millionaire households in the Las Vegas Valley has tripled since 2019, according to Ivan Sher, one of the valley’s top luxury real estate agents.

Sher, the founder of IS Luxury real estate brokerage, said the area has become a “magnet” for high-net worth individuals.

Sher first moved to Las Vegas from California in 2000, forming the Shapiro & Sher Group under Berkshire Hathaway HomeServices, quickly becoming one of the top luxury teams in the area. Following co-founder Florence Shapiro’s untimely passing, Sher took the business through a “reimagining,” establishing The Ivan Sher Group and creating a separate marketing and publication division.

Sher launched IS Luxury in 2022 and recently opened an office in Orange County. The brokerage closed nearly $2 billion in luxury home sales over the past three years.

Sher took some time to speak to the Las Vegas Review-Journal about his passion for the market, where he thinks the luxury game is headed and how he thinks the valley will change over the coming decades.

What is one thing people should know about the luxury real estate market in the valley?

The luxury real estate market in the valley has evolved dramatically over the past decade. Ten years ago, the top of the market was $10 to $15 million. Today, sales regularly exceed $30 million. What used to be considered luxury at $1 million is now closer to $3 to $3.5 million. This shift reflects more than just pricing; it shows that Las Vegas itself is maturing.

The city has become a magnet for high-net-worth individuals seeking more space, a better quality of life, and the energy of a market that is constantly innovating. Since 2019, the number of millionaire households has tripled, and that momentum is evident in the type of buyers moving here, from tech entrepreneurs and finance executives to professional athletes and CEOs. They expect a level of sophistication in design and lifestyle that builders are stepping up to deliver.

Even with challenges, such as the recent movie studio bill not passing (in the state Legislature), Las Vegas is still on the cusp of something major. From F1 to the Super Bowl, NHL, NFL, and potentially MLB, the infrastructure is growing to support high-income industries. The market is fluid, dynamic, and still just getting started.

Who are the people buying luxury homes in the valley right now and why are they buying here?

Right now, the luxury home market in the valley is attracting a mix of local buyers and those relocating from California. Before COVID, roughly half of my buyers were local, about 30 percent came from California, and the rest from other areas. After 2020, there was a noticeable shift. California buyers made up around 75 percent of my clientele. The pandemic was a tipping point, showing people that they no longer needed to live where they worked, thanks to Zoom and remote work, which created a strong migration to Las Vegas.

Today, the market has evened out again, with roughly 40 percent local buyers, 40 percent from California, and the remaining 20 percent from elsewhere. California buyers are drawn here first by the financial benefits, particularly Nevada’s lack of state income tax. Beyond that, they appreciate the easier lifestyle. Many are seeking a place with less polarization, a more manageable pace of life, good food, great weather, and convenient access through the airport. People come for these reasons and often stay because Las Vegas delivers a quality of life they cannot find elsewhere.

What are some of the trends you are seeing right now in the overall luxury market in the valley and across the country?

Quality over quantity. Luxury buyers are increasingly less concerned with sheer square footage. A home does not need to be 20,000 square feet to be considered exceptional. What really matters now is the level of finishes, the thoughtfulness of the architecture, and the overall design. Buyers are looking for spaces that feel intentional and well crafted, where every detail, from materials to layout, enhances the living experience.

While large homes are still being built, the emphasis has shifted to what is inside the home. Sophisticated buyers want homes that offer both functionality and aesthetic appeal, with spaces that are livable and elegant rather than just expansive. This trend reflects a broader shift in the luxury market toward refined living experiences, where attention to detail and design quality take precedence over size and price tag alone.

Where is the luxury real estate market headed in the valley in the next 10 years, and where do you see the city progressing to overall?

We’re just getting started. Over the next 10 years, I expect both the city and its high-end market to grow exponentially. Las Vegas is evolving with new opportunities, including sports, entertainment, and major development projects, which will raise the bar for sophistication in design and architecture. In the next five years, we could see properties listed at $50 million and beyond, and within 10 years, $100 million homes will become more common. There are already homes under construction with more than $100 million invested in design and construction.

Las Vegas is on track to become one of the top cities in the country for architecture, design and overall quality of life. The city combines ease of living, modern developments, a politically moderate environment, and close proximity to major destinations. As someone who relocated from California, I love that much of California is just a 45-minute flight away, while other key destinations like Park City, Aspen, Vail, and Cabo are at my fingertips. Las Vegas is on the rise, and the luxury market here is just heating up.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.