Las Vegas has long been known for its dazzling lights, world-class entertainment, and high-stakes energy. But beyond the lights lies a rapidly growing luxury real estate market that continues to attract high-end buyers from across the country. We sat down with Troy Reierson, CEO of Berkshire Hathaway HomeServices Nevada Properties, who offered deep insights into what’s driving this booming market.

The State of Las Vegas’s Luxury Market

When asked about the current state of the luxury real estate market in Nevada, Reierson didn’t hesitate to call it “dynamic and aggressive,” with Las Vegas leading the way. He pointed to the pandemic-driven influx from coastal cities as a major factor fueling luxury sales, momentum that shows no signs of stopping.

“Lifestyle migration is a big part of it,” he explained. “Vegas really hasn’t slowed down too much on the luxury side. It’s catapulted.”

Approximately 30-40% of incoming buyers are from California, driven by favorable tax policies, a desire for upgraded living, and an eagerness to stretch their dollar without sacrificing access to world-class amenities. In Las Vegas, luxury buyers often discover they can afford architectural masterpieces that might have been out of reach in cities such as Los Angeles or San Francisco. Beyond spacious floor plans and designer finishes, these buyers seek exclusive experiences. “Vegas is built on VIP,” Reierson shared. “You want to go to a sporting event? There’s a VIP version of it. A concert? VIP. Dinner? VIP. That resonates deeply with the luxury buyer profile.”

Listings in the luxury sector are moving fast. While homes under $1 million may linger (for a minute) on the market, days on market are tightening for high-end properties as demand outpaces supply. Only recently has this trend become noticeable. Whether buyers choose a sprawling hillside estate in Summerlin, an upscale master-planned community in western Las Vegas, a sleek high-rise penthouse overlooking the Strip, or a custom modern masterpiece in MacDonald Highlands, an exclusive guard-gated enclave in the foothills of Henderson, they’re finding a lifestyle defined by exclusivity, comfort, and vibrant city energy.

Beyond the Strip

Although Las Vegas is known globally for its neon lights and nightlife, its natural landscapes play a critical role in attracting high-end buyers. From the red sandstone formations of Red Rock Canyon to the pine-covered slopes of Mount Charleston, luxury homeowners enjoy a daily backdrop of desert and mountain beauty that surprises many first-time visitors.

 “When we were considering moving to Las Vegas, I’ll never forget looking out from my hotel window at Caesar’s and seeing those gorgeous mountains surrounding the city,” Reierson recalled. “I had been to Vegas so many times before, but I never noticed them.” Stunned, he quickly snapped some photos and sent them to his wife back home. But her reaction surprised him. “She said, ‘You’re not in Vegas.’ I said, ‘I am! Look at these mountains!’” That simple moment shifted their mindset about raising their family in Nevada.

Stories like this aren’t uncommon. Many buyers, especially from dense urban areas in California or Seattle, arrive expecting only glitz and nightlife. Instead, they discover a region filled with quiet, upscale neighborhoods located amongst rugged canyons and mountain ranges, where hiking trails are minutes away and the sunsets paint daily masterpieces across the desert sky. 

For these buyers, mornings can begin with a hike through Red Rock Canyon’s dramatic trails, followed by a round of golf at Shadow Creek, considered one of the best courses in the country. In the winter, a quick 45-minute drive brings residents to Lee Canyon, where they can ski under crisp blue skies before returning to a sunset dinner overlooking the Strip. Summerlin, The Ridges, and Ascaya are just a few of the neighborhoods designed to maximize these views, marrying indoor-outdoor living with open terraces, disappearing glass walls, and resort-style pools that reflect the colors of Nevada’s natural landscape. 

Additionally, Las Vegas’s strategic location enhances its appeal for affluent buyers who value access and mobility. Residents can drive to Newport Beach in just over four hours or reach Zion National Park in two hours for a weekend of red rock adventures. Multiple executive airports, including facilities at Henderson, North Las Vegas, and the executive terminal at Harry Reid International, make private jet travel effortless.

Know Before You Buy

Buying luxury real estate in Las Vegas requires a nuanced understanding of neighborhoods, pricing trends, and the city’s evolving geography. “Know your neighborhoods,” Reierson  advised. “If you’re in the $1.5 to $5 million range, you’re typically safe anywhere. But if you’re under $1 million it’s important to do your research to ensure you are in the right area.” 

Las Vegas is a city of hidden pockets. Some areas, while upscale on paper, may border less desirable neighborhoods, affecting resale value and long-term satisfaction. This is why many high-end buyers insist on putting their feet on the ground before purchasing, exploring communities in person to ensure the location aligns with their vision. While it’s common for ultra-high-net-worth clients in the $5 million and up category to send representatives to preview homes, buyers in lower luxury tiers often visit themselves to fully grasp the lifestyle nuances of each neighborhood. 

Another mistake first-time luxury buyers make is underestimating the market’s pace. Luxury properties in Las Vegas, especially unique, custom-built homes with Strip or mountain views, often sell within days. “Oftentimes, buyers will see a property they love but say they need to think about it,” Reierson said. “Then it’s gone the next day, and they’re upset. The truth is, if there’s a nice place available, it’s going to go and it’s going to go quickly.”

 This urgency is amplified by rapid price appreciation in the luxury segment. Some areas have seen prices in the $2 to $5 million range increase by as much as 21% year-over-year, making hesitation an expensive choice. Conversely, however, the under $1 million market is increasing, with homes sitting longer and seeing limited appreciation. 

For first-time luxury buyers, the overarching lesson is this: success comes from preparation, discipline, and decisiveness. From understanding neighborhood nuances to making swift offers and embracing a mindset of reward over risk, buyers who approach the Las Vegas luxury market with clear eyes and local expertise will find opportunities unlike anywhere else in the country. 

Viva Las Vegas 

As demand continues to rise, Reierson and Berkshire Hathaway HomeServices Nevada Properties are focused on intentional, intelligent growth to keep pace with the evolving expectations of high-end buyers. “We're actually helping our agents become more fluent with AI and using AI responsibly. “It’s important that we streamline systems and processes for our agents so they can focus on their clients, and also so they’re comfortable educating luxury buyers about how to elevate their homes with the latest tech as this is a huge trend in Vegas.” 

But it’s not just the real estate companies evolving, Las Vegas itself is experiencing a profound transformation. Long known solely for entertainment, the city is now positioning itself as a global sports hub, creating even more value for luxury homeowners who want access to world-class events minutes from their driveway. Professional football has taken root with the Raiders, hockey fever has captured the city with the Golden Knights, and the WNBA has established a strong local presence. Baseball’s Oakland A’s have broken ground, and NBA expansion feels imminent. 

“I heard the NBA Commissioner say, ‘It’s not should we go to Vegas, it’s when will we bring a team to Vegas,’” Reierson proclaimed, emphasizing how the city’s profile continues to rise. “Overnight, it turned into a sports capital, and for a lot of our luxury clientele, that’s important. They want to get out and enjoy these amenities.” The influx of celebrities choosing Las Vegas for full-time residence further cements its reputation as a luxury destination. Mark Wahlberg, for instance, recently moved his family to Las Vegas and opened a new restaurant south of the Strip, reflecting a broader trend of high-profile figures investing in and contributing to the city’s growth. 

Meanwhile, groundbreaking developments continue to redefine the skyline. The Sphere, a $2 billion immersive entertainment venue, has not only changed the Strip’s visual identity but set a precedent for future projects. “Living here, we used to see the Bellagio fountains and Paris in every news shot,” Reierson said. “Now it’s all taken from the Sphere, shooting back across the Strip. It reinvented the skyline overnight.” The Sphere’s programmable exterior transforms for events like Formula One and the Super Bowl, with visuals that captivate both residents and visitors. Recently named “Orbi,” the Sphere displays ever-changing graphics, from giant eyeballs to animations of The Wizard of Oz’s ruby slippers, demonstrating Las Vegas’s commitment to spectacle and innovation.

“It’s a city that never stops evolving,” Reierson concluded. “If something is broken, they reinvent it overnight. They’re already talking about what they’re going to do, and seconds later, they’re doing it. That constant change keeps people excited.”

Looking ahead, Las Vegas is poised to remain one of the fastest-growing luxury markets in the U.S.. Its population has already surpassed three million, growing at nearly 100,000 people per year. While not all newcomers enter the luxury space, a significant share are affluent buyers from California, Seattle, Chicago, and New York, drawn by the city’s unmatched combination of tax benefits, lifestyle opportunities, and continuous reinvention. For these buyers, the message is clear: Las Vegas offers not only a place to live, but a place to thrive in an ever-changing environment built to anticipate and exceed their expectations.