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as Vegas is experiencing a significant surge in properties for sale, with Altos Data showing a 74.6% year-over-year increase. Realtor Kristen Routh-Silberman attributes this to national and local trends shaped by pandemic-era buying behavior and natural market cycles. She notes that the elevated inventory reflects a collective purchase of homes during the boom years, resulting in more properties across the country.

    Routh-Silberman disputes reports of retirees and investors fleeing the market, instead suggesting a mass exodus from California, Oregon, and Washington into Las Vegas. The city's diverse real estate offerings, ranging from $500,000 to $15 million homes, make it an attractive destination for buyers.

    Realtor.com data and Altos Data show similar inventory growth percentages in Las Vegas, with a marked separation from other major metros like Washington, D.C. Nationwide active housing inventory has increased by 30% year-over-year, with current levels representing a 252.7% increase since the low-inventory trough in March 2022.

    Douglas Elliman's broker of record in Nevada, Don Kuhl, also dispels concerns about a market downturn, citing lower transaction volume and growth in inventory due to people holding onto properties longer. He notes that Las Vegas remains tax-favorable and is doing well compared to other areas like Seattle.

    Growing inventory is creating buying opportunities, particularly for those with significant home equity. Routh-Silberman suggests that buyers can "buy up" to higher price points using their accumulated equity in lower-priced homes. Realtor.com data shows housing inventory increasing across all four regions, with the West experiencing the greatest growth (+38.3%).

    Las Vegas' unique market dynamics, combining primary residences, vacation homes, and investment properties, make it an attractive destination for buyers. Routh-Silberman notes that many of her clients are "tax refugees" from high-tax states preparing for major life or financial transitions.

    The buyer base is also evolving, with a shift from Southern California to Northern California and increasing numbers of buyers from Oregon and Washington due to political unrest and security issues. Despite its glitzy image, Routh-Silberman argues that Las Vegas is a well-run city with limited land availability, which will keep the market stable over the long term.