Las Vegas is Going Vertical!

According to a recent study conducted by a United States Census Bureau, Nevada will have more than 4 million residents by the year 2030! That’s right, one the nation’s fastest growing states has absolutely no plans for slowing down anytime in the near future. As one can only imagine, this enormous growth will have a tremendous impact on the Las Vegas real estate market.

Nevada State Demographer, Jeff Hardcastle, stated that, “Simply put, in 2030, everything will double what you see now.” Of course, this statement also applies to increase in developments, both commercial and residential. Due to this rapid growth expected in such a short period of time, it’s no wonder that Las Vegas real estate is also projected to continue growing vertically. The Las Vegas high-rise market is currently booming and, if this projection is correct, then the craze is not even close to being over.

Experts say that, “The figures released in the new report conjure an image of Las Vegas growing vertically with high-rise condominiums and growing outwardly with houses built on mountains and encroaching on current outlying bedroom communities.” The city is anticipated to resemble other U.S. areas that also encompass large numbers of people, such as New York, San Francisco, Chicago and San Diego. Each of these places has also grown upward because of the lack of land and space to build, as well as a huge demand for residential living. So, be ready future homeowners, Las Vegas real estate is being converted into Las Vegas high-rise living.

Konnel Peterson
REMAX Associates