Robert Davis Explains How Las Vegas’ Economy and Real Estate Market Have Been Impacted by COVID

A Significant Drop in Visitors

The pandemic has forever changed the face of business in Las Vegas. As a prosperous, glamorous, and even indulgent city, Las Vegas is known for their booming night life and tourism industry. Shutting down entire industries overnight, the pandemic has caused an economic rift in the city that no one saw coming. Robert Davis explains that even after a move to gradually re-open after the initial shutdown, it has been difficult to combat the overwhelming low number of visitors. According to the Las Vegas Convention and Visitors Authority, the number of visitors from January through August 2020 fell to 12.7 million from 28.4 million compared to the previous year. In addition, Las Vegas, the most populous city in the state of Nevada, has suffered disproportionately from job losses due to their heavy reliance on travel, entertainment, and dining.

The Impact on the Housing Market

Every housing market has its own cycle, and while Southern Nevada was due for a slowdown, the pandemic has only further accelerated it. As Robert Davis explains, the housing market was growing at a rapid pace before COVID-19 washed over Las Vegas. With thousands of layoffs and furloughs taking place over the past year, he claims that many residents were struggling to stay afloat. However, despite the economic and social challenges faced by residents, the housing market seems to be booming.

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Robert Davis RD Heritage

Robert Davis RD Heritage

Founder of RD Heritage Group from Las Vegas, Nevada