There has been a significant shift in North Las Vegas that has been building for years and shows no signs of slowing: the percentage of new homes sold in North Las Vegas has been steadily on the rise.
In the first half of 2018, only 11 percent of the homes sold in the city were new homes. This is in contrast to the first half of 2019, where that figure has jumped to 19 percent.
It would appear that new home buyers are flocking to North Las Vegas and abandoning the southwest valley area. New home sales in that portion of the region dropped from 36 percent in 2018 to 28 percent this year.
The rest of the region has stayed steady with their percentage of new home sales. The northwest valley went up a point while Henderson dropped just one point.
Why are new home sales are up in North Las Vegas?
In a word, affordability. Land in North Las Vegas for building new homes is up to 25 percent less expensive than the rest of the region. This means that the homes built on the land can be that much less expensive.
In fact, the average base home price in active communities in North Las Vegas is $54,000 less the same home in the southwest valley.
Another reason is that North Las Vegas is coming into its own as a city, as opposed to being a bedroom community of the rest of the region.
There has been significant growth in jobs in the city of North Las Vegas in recent years. That has drawn more people to the city and made the city even more desirable.
The sales of new homes in North Las Vegas should be expected to continue to grow as a percentage of sales as long as land in the city stays inexpensive.