According to research by the Business Journal, out-of-town newcomers have been driving up real estate prices by relocating from more costly locales with the wherewithal to outspend locals in places like Las Vegas, Denver, Philadelphia, and more.
In a paywalled article for the Business Journals, Ashley Fahey shares data that reveals trends in domestic migration—namely from more expensive to less expensive metropolitan areas.
• Between Dec. 31, 2020, and July 31, 2022, the median home value of Clark County, Nevada, where Las Vegas is located, increased 44.6%, from $313,778 to $453,764, according to Zillow Group Inc. (Nasdaq: ZG) data.
• Heading into (and during the first year of) the pandemic, Clark County saw the largest number of out-of-state relocations from a single county — Los Angeles County, California — than any other in the U.S., with 6,856 tax filers moving from Los Angeles to Clark counties in 2019 and 2020, according to an analysis of U.S. Census and Internal Revenue Service data by The Business Journals.
For some readers, the additional national analysis made possible by the data in those paragraphs may be worth the price of admission. The largest out-of-state migration patterns in 2019 and 2020 are from Las Vegas to Los Angeles, with Prince George's County, Maryland, and Washington, D.C., Lake County, Indiana, and Cook County, Illinois, Hudson County, New Jersey, and New York County, New York, and Maricopa County, Arizona, and Los Angeles County.
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