5K LA residents moved to Vegas at end of summer, report says
Approximately 5,000 people moved to Las Vegas from Los Angeles in August, according to Redfin projections.
This number is actually a drop from August 2022 when 6,800 people moved from Los Angeles to the valley, according to the online real estate brokerage, which tabulates homebuyer searches for people looking for homes outside their local market. Its algorithm has shown to have a 90 percent success rate in predicting moving behaviors, according to Redfin.
Los Angeles is the top city that people are moving out of to relocate to metro areas like Las Vegas.
Las Vegas ranked second in the country when it comes to relocated homebuyers behind Sacramento, California, and a record number of homebuyers (26 percent) are currently looking to move to a different part of the country, according to Redfin. The cities seeing the biggest outflow of residents are San Francisco, New York, Los Angeles and Washington.
“Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move,” Redfin stated in a news release. “Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.”
Las Vegas is adding approximately 115 residents to its population base every day according to the UNLV Center for Business and Economic Research data projections.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
