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Real estate experts say the housing market in Las Vegas is favoriting sellers as housing inventory dwindles.

Real estate agent Clark Kiat-Ong with Coldwell Banker said these days, sellers are smiling all the way to the bank and buyers have a lot of competition.

“Especially with a price point of under [$400,000], we’re looking at multiple offers on properties. Prices are definitely not going down, they are slowly creeping up,” said Kiat-Ong.

The reason for the rush to buy, according to Kiat-Ong, is due to lower than usual interest rates.

“That just increases the demand for buyers, to buy properties because their interest rate is lower therefore they can afford to buy a house under budget,” said Kiat-Ong.

The median price for a home in Las Vegas is $325,000 dollars, which set a record for June. The numbers for July have not yet been released but experts say the market does not appear to be slowing down.

“I expect it to go up another $5,000 or so,” said Thomas Blanchard, president of Las Vegas Realtors.

Southern Highlands resident Elrod Bitor is selling his current home and buying another. He said at first he was skeptical about selling during the pandemic, then quickly realized he made the right move.

“When we put our house on the market I was surprised how healthy the market was. We had a lot of visits. Our house was on the market for a month or so and it sold pretty close to our asking price,” said Bitor

Kiat-Ong said the rush to buy homes is reflected in the number of houses on the market.

Currently there are just over 5,200 homes for sale. Last year in July, there were more than 8,000.

“The demand is pretty high right now so it’s great to sell a house if you are looking to sell your house,” said Kiat-Ong.

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