Southern Nevada continues to experience dynamic growth, with notable trends shaping its economic landscape. From population increases to real estate market performance and major investment projects, understanding these key indicators is essential for homeowners, investors, and industry professionals alike.

In this report, we break down the latest economic statistics, market trends, and investment developments across Las Vegas and Clark County.

Key Economic Indicators: Winter 2025 Snapshot

The Southern Nevada economy remains resilient, with growth across multiple sectors, despite some shifts in household income and employment. Here are the top takeaways:

• Gaming Revenue: $13.6 billion in Clark County (+$81 million YoY)
• Gross Domestic Product (GDP): $178.4 billion (+40% since 2019)
• Tourism: 41.7 million visitors in 2024 (+846,000 YoY)
• Median Household Income: $68,673 (-2.2% YoY, but still up $6,800 since pre-pandemic)
• Employment: 1.2 million jobs (+7,000 YoY)
• Population Growth: 2.4 million residents (+2.1% YoY, +50,000 new residents)

While gaming and tourism continue to thrive, household income has slightly dipped, reflecting broader economic shifts.

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Southern Nevada Housing Market Overview

The Las Vegas housing market remains a focal point of economic activity, with some zip codes experiencing significant price appreciation, while others show stability in home sales.

Home Prices & Sales Trends (December 2024)

• Median home prices remain steady across various zip codes, with some areas seeing continued appreciation.
• Inventory levels indicate a balanced market, with an average of 2.5–4.5 months of inventory across most zip codes.
• Days on market (DOM) vary by location, ranging from 30–60 days, suggesting a generally active housing market.

Zip Code Performance Highlights

• Most Expensive Area: 89135 (Summerlin South) – Average sale price: $1.91M, Price per Sq Ft: $687
• Most Affordable Area: 89101 (Downtown) – Average sale price: $346K, Price per Sq Ft: $252
• Fastest-Selling Zip Code: 89085 (Northwest Las Vegas) – 26 DOM
• Highest Appreciation: 89138 (Summerlin West) – Median income: $151K (+23.3% pop growth YoY)

These figures indicate that while demand for luxury homes remains strong, affordability remains a challenge in some areas.

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Southern Nevada Tourism & Hospitality Industry

Tourism continues to be a powerhouse for the Southern Nevada economy, with visitor numbers returning to near pre-pandemic levels.

Tourism & Hospitality Stats

• Visitor Volume: 41.7 million in 2024 (+2.1% YoY)
• Convention Attendance: 5.99 million attendees (+1.4% YoY)
• Harry Reid International Airport Passengers: 58.4 million (+1.3% YoY)
• Hotel Occupancy Rate: 81.9% (+2.0% YoY)
• Average Daily Room Rate: $193 across Las Vegas (+1.2% YoY)

Gaming & Entertainment

Clark County’s gaming revenue hit $13.6 billion, with Downtown Las Vegas experiencing the highest growth (+2.4% YoY).

Despite a slight dip in Strip gaming revenue (-1.0%), the industry remains strong, with the Venetian and MGM Grand investing heavily in renovations to modernize their properties.

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Southern Nevada Investment & Development Pipeline

Southern Nevada is experiencing a surge in large-scale projects, ranging from transportation infrastructure to new residential and commercial developments.

Major Ongoing & Upcoming Projects

• Brightline High-Speed Rail ($3B, completion by 2028) – Connecting Las Vegas to Southern California.
• A’s Stadium ($1.75B) – Planned MLB stadium in the heart of the Strip.
• Venetian Renovations ($1.3B) – Upgrading one of Vegas’ premier resorts.
• Las Vegas Convention Center Renovation ($600M) – Enhancing exhibition halls to accommodate growing demand.
• MGM Grand & Rio Hotel Revamp ($650M combined) – Refreshing major casino resorts.

These projects underscore investor confidence in Las Vegas as a growing hub for business, entertainment, and tourism.

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Southern Nevada Demographic Trends

Population growth remains steady, with Clark County adding 50,000 new residents over the past year. Migration trends continue to favor Southern Nevada, driven by affordable living, a strong job market, and tax benefits.

Top States Moving to Las Vegas (2024)

1. California – 21,573 new residents (37%)
2. Florida
3. Texas
4. Washington
5. Arizona

The migration of high-income individuals from California continues to drive demand for luxury housing in communities like Summerlin, Henderson, and Southwest Las Vegas.

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Key Takeaways for Homeowners & Investors

1. Las Vegas remains a top relocation destination – Population growth supports housing demand.
2. The housing market remains stable, with luxury homes continuing to perform well.
3. Tourism and gaming revenues are strong, boosting economic activity.
4. Major investments in transportation and infrastructure will support long-term economic health.
5. Affordability remains a concern, but job growth and development provide long-term confidence.

Looking Ahead: What’s Next for 2025?

• With high-profile projects in the works, expect further job creation and economic expansion.
• The housing market should remain balanced, with affordability influencing buyer demand.
• Continued population growth will keep the rental market strong, with investment opportunities for landlords.

Las Vegas remains a city of growth, opportunity, and resilience, and as these trends unfold, staying informed will be crucial for making smart real estate and investment decisions.

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