Vegas New Home Luxury Sales Hit Record High

By Buck Wargo to Las Vegas Review Journal
September 10, 2023 – 9:05 am

Aided by price increases and strong demand at the luxury level, Las Vegas recorded its highest number of new-home sales in excess of $1 million during the first six months of 2023.

There were 267 million luxury sales of new homes between January and June, topping the previous mark of 237 during the first six months of 2022, according to Las Vegas-based Home Builders Research. The list is for production homes and doesn’t include custom homes in which homeowners buy a lot and have a builder construct it for them and run in the tens of millions of dollars.

Real estate experts said the demand for luxury homes has escalated as buyers have been unable to secure existing homes because of a lack of inventory or because the homes are outdated in style and don’t offer the amenities sought by today’s buyers.

The luxury segment is stronger than the overall new-home market because many buyers are less immune to higher interest rates that have more than doubled in the past year, according to local market watchers.