High net worth homebuyers from California are still moving to Las Vegas and its suburbs in significant numbers to preserve their wealth and stretch it further, especially as California grapples with tax policies targeting the affluent. By the end of 2025, over 23% of Realtor.com® listing views in Las Vegas originated from Los Angeles, making it the largest source of out-of-market demand, according to cross-market data analysis. San Jose ranked second at more than 8%, while Riverside placed fourth with nearly 4%.
Tania Jhayem, a real estate agent at Keller Williams The Marketplace’s luxury division in Las Vegas, has observed a clear trend over the past year of Californians—particularly high earners—flocking to Sin City. “There has been a noticeable increase in affluent buyers relocating from California,” Jhayem tells Realtor.com. “Many of these clients are selling higher-priced homes in coastal markets and bringing significant equity with them, which allows them to purchase luxury properties here either with large down payments or all cash.”
A comparison between home prices in Las Vegas and some of California’s top metros reveals a stark disparity. In January 2026, the typical home in L.A. cost around $1,025,000, while the median listing price in San Jose was $1,119,000—the highest in the U.S. and nearly three times the national figure. Meanwhile, the median listing price in Las Vegas was $465,000, down 0.5% month-over-month and 2.3% year-over-year, meaning buyers relocating from high-priced coastal markets can get significantly more house for their money in Nevada’s largest metro.
Californians are drawn by lower prices and taxes. Unlike California, Nevada has no income tax, allowing out-of-state transplants to keep more of their earnings.
“With Nevada’s zero state income tax and persistent relocation demand from wealthy Californians, Las Vegas luxury real estate in 2026 delivers strong value, lifestyle upgrades, and wealth preservation potential.” — Blanc Sovereign
According to Jhayem, a combination of economic and lifestyle factors is motivating most of her California buyers to relocate to Las Vegas.
“Taxes and overall cost of living are major drivers, and Nevada’s lack of state income tax continues to be one of the most frequently cited reasons for the move,” she says. “For some clients, it’s purely financial. They can sell a $2 million to $3 million home in California and purchase a comparable or larger property in Las Vegas for less while reducing their ongoing tax burden.”
Others cite the regulatory environment, business-friendly policies, and the ability to stretch their wealth further. This issue remains acute for California’s roughly 200 billionaires facing potential wealth tax proposals, though Gov. Gavin Newsom has opposed such measures to prevent an exodus.
Notably, cross-market demand analysis shows that the share of listing views in Las Vegas originating from San Jose nearly tripled year over year, signaling growing appeal among affluent tech-driven buyers from Silicon Valley. “Buyers feel they can preserve wealth, enjoy newer housing inventory, and maintain proximity to the West Coast while benefiting from Nevada’s tax structure and lower cost of ownership,” says Jhayem.
Current Market Conditions: A Buyer’s Market Emerges
As of February 2026, the Las Vegas housing market is firmly tilting toward buyers, with stabilizing prices, increasing inventory, and slower sales pace creating more negotiating power and options for purchasers. This shift comes after a challenging 2025 marked by high interest rates and economic uncertainty, but early 2026 data indicates a “buyer-friendly start” with conditions favoring affordability and choice.
- Market Type: Buyer’s market, with 4.3 months of supply for single-family homes (up from 3.3 months a year ago). Anything over 4 months typically favors buyers, offering more time to decide and better leverage in negotiations.
- Inventory Levels: Active listings have risen 25.4% year-over-year, with 6,190 single-family homes available without offers (up 18.7% YoY) and 2,377 condos/townhomes (up 25.4% YoY). This is a reversal from the inventory shortages of prior years, providing more choices especially in suburbs like Henderson and Summerlin.
- Sales Activity: Home sales plunged in January, with 1,445 single-family homes sold (down 19.8% from December 2025 and 8.4% from January 2025). Total existing home sales (including condos) reached 1,825, down overall but with condos seeing a 14.6% increase in sales value YoY.
- Days on Market: Homes are taking longer to sell, with a median of 55 days to pending (up from faster paces in 2025), reflecting cautious buyers amid stabilizing rates.
The market’s cooling is partly due to lingering effects from 2025’s tourism dip and high unemployment (around 5.7% in the metro area), but diversification into tech, healthcare, and logistics is supporting long-term stability.
Key Statistics for January 2026
| Metric | Single-Family Homes | Change (YoY) | Condos/Townhomes | Change (YoY) |
|---|---|---|---|---|
| Median Sale Price | $470,000 | -3.1% | $283,750 | -3.2% |
| Average Sale Price | $618,103 | +3% | N/A | N/A |
| Homes Sold | 1,445 | -8.4% | 380 (est.) | -8.0% |
| Active Inventory | 6,190 | +18.7% | 2,377 | +25.4% |
| Months of Supply | ~4.3 | Up from ~3.3 | ~6.3 | Up significantly |
| Zillow Home Value Index | $420,894 (metro avg.) | -2.4% | N/A | N/A |
Sources: Las Vegas Realtors (LVR), Realtor.com, Zillow. Peak prices hit $488,995 for homes in Nov 2025 and $315,000 for condos in Oct 2025.
Trends: Affordability, Luxury Demand, and Economic Factors
- Affordability Boost: With median prices stabilizing at $470,000 (down from peaks), and mortgage rates hovering around 6.5-7% in early 2026, first-time buyers and relocators are finding entry points. California migrants can often buy 2-3x the space, with many opting for new constructions in master-planned communities.
- Luxury Segment Strength: High-end homes ($1M+) saw 129 sales in January, with average days on market at 65 and $458/sq ft. New listings: 312. This segment benefits from affluent inflows, with gated communities like Red Rock Country Club and The Ridges popular. For example, custom-built seven-bedroom estates are listing around $3.9M, offering pools, offices, and amenities at fractions of CA costs.
- Political and Economic Context: While politics play a role (Nevada as a battleground vs. California’s blue dominance), most moves are economic. UNLV forecasts modest recovery in 2026, with no recession but potential boosts from events and lower rates.
- Challenges: Sales volumes are down 9.2% overall from 2025, with tourism still recovering (-7.6% in 2025). However, pending sales rose 7% YoY to 2,035 units.
Forecasts and Advice for 2026
Experts predict continued stabilization, with minor price increases (1-3%) in high-demand areas like luxury and new builds, but overall flat or slight declines if inventory keeps rising. Nationwide, inventory growth slowed to 10% YoY in January, but Las Vegas outpaces with 25% gains. Buyers: Act now for deals like seller-paid closing costs; sellers: Price competitively.
For entrepreneurs like those at NetworkinVegas.com, this market offers networking ops at real estate events—connect with agents via LVR or local chambers to tap into relocation trends for business growth. If you’re considering a move or investment, consult local pros for personalized insights.
