LV REAL ESTATE OUTLOOK FOR 2022 EXPECT FAVORABLE WINDS FOR LV REAL ESTATE
By Michael G Lewis, Simply Vegas Real Estate
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hat’s ahead for the LV real estate market in 2022? All the factors that contributed to the increase in property values through 2021 are still going strong and showing no signs of weakening. The now years-long pandemic brought stark changes to industries across the board. But home sales prices are setting new records by the month and the current economic climate suggests that this growth trend will continue, especially here in Las Vegas. The Changing Image of Las Vegas Las Vegas is no longer a two-industry city. The era when the gaming/lodging sector along with the construction industry drove the local economy ended years ago. 48 | VEGASLEGALMAGAZINE.COM
Since then, the city has attracted families and businesses from other regions of the country at a remarkable rate. Between 2010 and 2020, the population of Las Vegas and the surrounding metro area grew by 18.7 percent. Using data from U.S. Census Bureau’s Population and Housing Estimates Program and the Bureau of Labor Statistics, one report ranked Las Vegas among the top five fastest growing cities in America. New residents bring new skills, new ideas, and diverse cultural narrative to the city. The attractiveness of Las Vegas can be attributed to the nation’s awareness that the quality of life here is far richer than traditional stereotypes. In the last few years, adding a world class performing arts center, bringing in new professional
