What defines a luxury home is changing. For years, bigger homes, higher price points and over-the-top features helped set the high end of the market apart. Today, buyers are looking at luxury differently. Size and price still matter, but buyers are placing greater value on privacy, thoughtful design, functionality and the overall experience of living in a home.

Southern Nevada’s luxury real estate market continues to attract buyers from across the country. Buyers from California, Washington, Hawaii, New York and other high-tax states are relocating for Nevada’s zero state income tax and lower cost of luxury ownership. Many are purchasing second homes in new-build communities, with a significant share of high-end transactions closing without financing.

The tax advantages still matter, but they are no longer the whole story. Las Vegas is increasingly competing with markets such as Scottsdale, Arizona, and Austin, Texas, on lifestyle.…