The city of Las Vegas is buzzing with excitement over the impending arrival of the Raiders. When the NFL football franchise arrives, tentatively in 2020, it’s going to increase tourism, provide more local jobs, and give tourists and locals another major option to choose from. The stadium will also have a huge effect on the city and the nearby neighborhoods.

One thing that will absolutely be affected by the Raiders calling Vegas home is the real estate market. But how?  Neighborhoods.com partner agent Rob Feldman chatted with us to explain what’s likely to happen. 

From Oakland to Vegas

Miami Dolphins vs Oakland Raiders photo courtesy of June Rivera

Feldman says it all starts with some of the overall differences between Oakland and Las Vegas when it comes to the players and coaches. Oakland has had some rougher economic times, and Las Vegas offers a great climate with tax savings, as well as fun and excitement within the surrounding areas. There will be for both Las Vegas, where the stadium will be located, and also Henderson, where the team’s training facility will be. Expect to see many of the millionaire players, coaches, and executives start snatching up luxury homes in and around the facility.

Prices Will Go Up

Home in Las Vegas, Nevada

Feldman also noted how the real estate market changed since the announcement of the Raiders coming to town. Inventory is low and demand is high, especially with people arriving from California. Feldman says when the stadium is built and the Raiders arrive, home and rental prices are also going up, so people thinking of relocating should consider locking in a home purchase. Many of the smaller homes and condos are being sold quickly, often sight-unseen, for rental and resale options in the future.

Feldman emphasizes that it’s best to act now if you are on the fence about buying property. “We have seen recent prices increase 4 to 12 percent in the area in the last year. Prices are still favorable compared to other U.S. markets, however.”

Neighborhood-Level Changes

Rendering courtesy of Manica Architecture

Feldman points out that the new Raiders stadium should have a lot of positive impacts on the city. There should be an increase in employment opportunities as well as more local vendors and businesses to support. He also points outs that school ratings and educational levels could potentially increase to attract more families. 

Expect to see a lot of changes at the neighborhood level when the stadium is completed. The stadium will be located off the 15 freeway at Russell Road and will border Spring Valley and the Southwest. Since the stadium will be minutes from The Strip and Town Square outdoor shopping district, there will most likely be an increase of visitors to both of those locations.

Vegas Inc. also predicts that some of the businesses closer to the stadium will be drastically impacted. They suggest some of the smaller industrial and automobile businesses may have to relocate, whether they want to or not. The rent in the areas around the stadium is expected to rise, and it’s assumed many businesses won’t be able to afford it. 

Vegas Inc. also suggests it’ll be beneficial to have businesses near the stadium that will actually benefit, such as restaurants, boutique hotels, and Raiders-themed bars. An example of a city with this set-up is Downtown San Diego and the Gaslamp Quarter, near Petco Park, home of the Padres.