Las Vegas is having another moment. Built up by gangsters, known for its seedy side, this city of some 650,000 people is spread over 135 square miles, with an assortment of small, older neighborhoods close to downtown and large, master-planned, gated communities with parks and shops on the outskirts centered around golf courses and artificial lakes. Located in the middle of the Nevada desert, the city was a face of the 2008 housing crisis, with whole neighborhoods of empty, foreclosed homes.

Now, Sin City clocks the highest share of page views on Zillow from out-of-town buyers of any major city. Median home prices were up 12.3% in February compared with a year earlier, according to Las Vegas Realtors. The city was the most overvalued large metro area in the country in the fourth quarter of 2020, according to a ranking by credit- rating agency Fitch Ratings.

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