Updated December 4, 2023 - 11:37 am
Las Vegas remains a top destination nationwide for people looking to relocate, and Los Angeles is the prime city they are moving from, according to Redfin, an online real estate brokerage.
The Las Vegas Valley ranked second in the nation for people relocating from other states, behind Sacramento, which topped the list with approximately 5,000 residents added in October.
The valley added around 4,000 residents to its population during that month, ahead of Orlando, Florida, and Myrtle Beach, South Carolina, which added 3,700 each.
Redfin says its algorithm has a 90 percent accuracy rate and includes renters.
Daryl Fairweather, Redfin’s chief economist, said a continuing story is playing out as homeowners look to relocate at a rate higher than pre-pandemic levels.
“High mortgage rates and high home prices are driving people away from the coasts and to the Sun Belt, and Las Vegas is a top destination,” she said. “Although Las Vegas homebuyers also have to contend with high mortgage rates and home prices that continue to climb, Las Vegas looks affordable in comparison to places like Los Angeles, San Jose or Seattle.”
But Las Vegas’ latest population boom, which hit its peak in 2021, appears to be coming to an end. In October 2022, the valley added 7,100 residents, the majority of them from Los Angeles, which has seen some of the biggest population declines for major cities over the past few years, along with San Francisco and New York.
A recent Census Bureau report said the pandemic dramatically altered domestic migration patterns — something that has benefited Las Vegas in terms of gaining residents. A number of factors contributed to this, including the rise in remote work, pandemic restrictions and rising cost of living.
“Fast-growing metro areas in the West, such as Las Vegas and Phoenix, showed notable growth,” the report stated. “In the South, net domestic migration gains were seen in Florida, the Carolinas, north Georgia (surrounding Atlanta), and in the major metro areas of Texas — although not in the urban cores of Dallas or Houston.”
UNLV’s latest population report prepared for local governments estimates this year on average Clark County is adding around 115 residents a day to its population, and places such as North Las Vegas and Henderson were some of the fastest-growing municipalities in the country last year.
Contact Patrick Blennerhassett at email@example.com.