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July 26, 2024

Omaha, NE - Real Estate Market Overview 2024

Zoe Harper

Marketing

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The real estate market in Omaha, Nebraska is quite strong. It's great for sellers right now. The median sale price was $282,686 in June 2024. This means prices went up by 2.8% compared to last year¹. Even though living costs are higher, home prices in Omaha are 36% cheaper than the U.S. average².

Houses sell really fast here, often in just 10 days. However, that's a bit slower than the previous year's 6 days¹. In June 2024, 445 homes were sold. This is less than the 562 homes sold the year before. It shows the market is tight¹. But, low interest rates and a good market for sellers are bringing in investors. This reflects Omaha's larger real estate trends¹

Key Takeaways

The median sale price in Omaha increased by 2.8% to $282,686 year-over-year, though still 36% below the national average¹
Homes are selling, on average, in just 10 days, slightly up from 6 days the previous year¹
Omaha's real estate market remains competitive, favoring sellers¹
Only 445 homes were sold in June 2024 compared to 562 the previous year, indicating lower sales volume¹
Continued low interest rates and inventory keep the market attractive for sellers and investors alike¹

For the latest info and stats on Omaha's real estate, check out the Norada Real Estate blog. It has all the updates and analysis you need¹.

Current Housing Market Trends in Omaha

The Omaha housing market has seen some shifts lately. Median home prices are moving, and the market's nature is changing.

Median Sale Prices

By June 2024, homes in Omaha reached a median sale price of $283,000. This shows a steady increase in property values. When we compare this to Nebraska's median of $272,300, Omaha's homes seem a bit pricier. Such steady rise in prices makes Omaha appealing for those looking to sell.

Sale Speed and Market Conditions

In Omaha, homes are now taking about 10 days to sell. This is slower compared to last year's 6 days³. Nebraska, as a whole, experienced a slow down too, with homes taking 33 days to sell in January 2024. That's 6 days longer than before⁴.

Even though fewer homes were sold—down from 562 to 445 year-over-year in Omaha³—prices continue to climb. This keeps the competition among buyers alive and well.

Is Omaha, NE a Buyer's or Seller's Market?

According to the latest Omaha market analysis, Omaha is strongly a seller's market now. Properties sell quickly and for more money than before.

Market Designation

For over a year, low supply and high demand have made Omaha a seller's market¹. This situation helps sellers, as homes often sell for the asking price or more⁵.

Prices and Selling Speeds

In June 2024, the median home price in Omaha reached $305,000, up by 2.7% from last month¹. This rise shows that Omaha property prices are climbing, making the market more competitive.

Homes in Omaha took about 23 days to sell in January 2024, a bit longer than the year before⁵. This shows the market is still moving quickly, even if it's a tad slower.

The data shows Omaha's market is very competitive, favoring sellers. Buyers need to make quick, strong offers.

Home Prices by Bedroom Count in Omaha

In Omaha, the real estate scene shows different prices based on bedrooms. For instance, 1-bedroom houses went up 49.6%, hitting an average of $165,000⁶. But 2-bedroom homes fell by 9.5%, with prices between $67,000 and $385,000⁷. This shows how demand and supply can affect prices.

The cost for 3-bedroom homes stayed about the same, averaging $340,000⁶. The price for 4-bedroom houses was around $345,000⁶. Larger homes, with five or more bedrooms, dropped a bit, 1.4%, to an average of $585,000 for five bedrooms and $600,000 for six bedrooms⁶.

Understanding these Omaha bedroom price trends is key to smart decisions in real estate. It helps with correct home valuation Omaha, giving buyers and sellers important insights.

Looking closer, we see Omaha's housing market thrives on variety, mainly single-family homes. Then come condos, townhomes, multi-family homes, and new buildings⁶. The median home price in Omaha is $345,000, showing a preference for bigger living spaces and various types of properties⁶.

Omaha Median Sale Price Compared to Nearby Cities

Omaha's median sale price saw a rise of 2.7%⁸. This growth outdid the 1.0% increase in Jefferson. It also greatly surpassed Millard's decrease of -8.6%⁵. But, McArdle topped them all with a 14.1% hike⁵.

Comparison with McArdle, Jefferson, and Millard

Looking at housing prices in Omaha versus McArdle, Jefferson, and Millard reveals key insights. Omaha's market is up, with more growth expected: 0.6% by July 2024 and 5.3% by June 2025⁸. McArdle's housing market beats Omaha's, showing more activity.

Jefferson's market grows slowly but surely, whereas Millard is in decline. Omaha stands strong in the real estate game⁵. Its success comes from low jobless rates and the spending power of its people⁸.

It's vital to keep an eye on these trends. They help us understand the housing market for buyers and investors.

Understanding Housing Supply in Omaha

The market supply dynamics Omaha is changing a lot, showing more homes for sale recently. The number of houses on the market jumped 35.5% by June 2024, from 1,370 to 1,857 homes. This gives more choices to people looking for homes in the area⁹.

Number of Homes for Sale

The Omaha housing market is growing. More houses are being listed for sale. Now, there are 1,640 homes up for grabs, with prices ranging from $9.9K to $4M⁹. The market is getting better thanks to the strong economy and more people wanting to buy.

Availability by Bedroom Count

Looking closer at Omaha's market, we see more listings in every bedroom category. Houses with five or more bedrooms saw a 55.3% jump⁹. This shows Omaha has homes for all kinds of families and lifestyles.

For detailed information on Omaha's real estate changes, including how real estate agents get paid and agreements with buyers, visit Mike Salkin's Real Estate Market Analysis ⁹.

Home Sales: Asking Price vs. Sold Price in Omaha

The Omaha real estate scene is always changing, especially when talking about home prices. Last month, more than a third of the homes sold for more than their asking price. This shows how important it is to price homes correctly in Omaha. For buyers and sellers, understanding this can be tough, but it's crucial.

Percentage of Homes Sold Above, At, and Below Asking Price

Here's how things broke down:

Above Asking Price: 38.4% of houses went for more than their original price. This suggests a lively and competitive market in Omaha ¹⁰.
At Asking Price: 141 homes met their seller’s goals by selling at the set price. It shows that prices are often set just right¹⁰.
Below Asking Price: Even in a busy market, 169 homes had to drop their prices to sell. This indicates there’s still room for negotiation for buyers¹⁰.

This info sheds light on the fact that many homes sell for more than their asking prices, yet some can be bought for less. It underlines the need for a flexible pricing strategy in Omaha for both buyers and sellers.

Average Time on Market for Omaha Homes

Recently, Omaha homes have taken a bit longer to sell, showing a vibrant market change. Now, homes are on the market for about 19 days, which is slightly more than last year’s 18 days³. This small increase means sellers might wait a little longer to sell their homes.

In January 2024, homes in Omaha stayed up for sale for 23 days, a bit longer than the 21 days in the year before⁵. This changing trend shows the market is always moving. Still, homes that are priced right sell fast, with 471 homes selling in under 30 days¹¹.

Breakdown of Home Sale Times

Homes in Omaha are selling quickly, especially in March 2024. They received around 2 offers and sold in 12 days, up from 9 days the year before¹¹. Also, 378 homes found new owners, which is just a slight increase from 377 homes sold at the same time last year¹¹.

These numbers show that the time it takes to sell a home in Omaha depends on many things. That’s why it's vital for buyers and sellers to know about these trends. This knowledge helps them make timely and smart choices.

Omaha Housing Market Overview

The Omaha housing market is growing strong, supported by several factors. New listings keep coming in, maintaining a stable sale-to-list ratio. This makes the future of Omaha's real estate look bright.

Market Forecast

Experts predict that Omaha's housing market will keep buzzing. By the end of April 2024, activity in the housing market is expected to grow by 0.5%. Then, we'll see an increase of 1.2% by the end of June 2024. And by March 2025, activity will rise by 1.9%¹¹. This positive trend encourages both buyers and investors to consider Omaha.

Key Metrics and Ratios

Omaha's housing market is showing solid strength. In March 2024, the median sale price of homes reached $267,000. That's a 5.3% jump from last year¹¹. Homes usually sell for about 1% below the asking price. However, popular homes can go for 2% above it¹¹.

The price per square foot increased to $149 in March 2024, a 2.8% rise. Homes now take around 12 days to sell. This was quicker last year, taking only 9 days¹¹. This reflects a strong but slightly slower market.

Omaha's growing population, especially in the suburbs, is driving up demand for homes. The market has favored sellers for years due to limited inventory, raising prices¹. Living in Omaha costs about 7% less than the national average. This makes the city more inviting¹¹.

Considering these points, Omaha's real estate is on a path of steady growth. For deeper insights, check out this detailed article at Realbricks¹¹.

Important Considerations for Homebuyers in Omaha

Buying a home in Omaha requires attention to several critical details. It’s important to work with licensed experts and examine your finances and insurance carefully. This helps ensure a stress-free and successful home purchase.

Consulting Licensed Professionals

Getting help from a real estate professional in Omaha is vital. They know the market well and can offer insights on market trends and the value of. This makes sure you make smart choices¹². A good agent will find the best deals for you and get the terms you want, even when lots of people are looking to buy.

Financial and Insurance Considerations

Understanding the costs involved in buying a property in Omaha is crucial. Buyers should check out different mortgage options. Right now, the interest for a 30-year fixed mortgage in Nebraska is about 6.8%¹². It’s also key to know about property taxes. In Nebraska, the average tax rate for properties is 1.63%, leading to a yearly bill of around $5,982.37¹³. With insurance, it’s best to look at all your options and talk to an expert to find the right plan.

Keeping these tips in mind and using advice for Omaha homebuyers will help you move through the property market with confidence. You'll be able to find and buy your ideal home more easily.

Conclusion

The Omaha housing market is key for both sellers and buyers, with a lively scene. In 2023, Omaha's average home values changed a lot. They started at $362,000 in May, fell to $300,000 in November, and rose to about $310,000 by April 2024¹⁴. This shows the market is full of chances and challenges, depending on the area.

Looking at nearby places like La Vista, Elkhorn, and Bennington, we see different trends. La Vista's average home value is $255,000. In contrast, Elkhorn and Bennington's values stand at $647,000 and $475,000, respectively¹⁴. This highlights Omaha's real estate diversity, offering options for buyers and investors.

Talking to experts and really understanding money and insurance matters is key. Changes like the square foot cost rising from $162 to $163 show growth. Also, a 14.72% increase in homes sold from May 2023 to April 2024 signals evolving dynamics¹⁴. Omaha's market is growing. It's crucial to make smart choices in this busy Midwestern area. For both first-time buyers and experienced investors, Omaha has a lot to offer for those ready to dive in.

FAQ

What is the current median sale price for homes in Omaha, NE?

The median sale price for homes in Omaha, NE is $282,686 as of June 2024. This is a 2.8% increase from last year.

How does Omaha's median home price compare to the national average?

Omaha's median sale price is 36% lower than the national average. Despite recent price hikes, it remains more affordable.

How long do homes typically stay on the market in Omaha?

Homes in Omaha stayed on the market for an average of 10 days in June 2024. This is up from 6 days in the prior year, showing a slight sales slowdown.

Is Omaha currently a buyer's or seller's market?

Currently, Omaha is considered a seller's market. This means homes sell faster and at higher prices.

How have home prices changed based on bedroom count in Omaha?

Home prices in Omaha change a lot based on the number of bedrooms. One-bedroom homes' prices shot up by 49.6%. Two-bedroom homes saw a 9.5% price drop.

Homes with three and four bedrooms saw small price changes. Prices for homes with five or more bedrooms slightly fell by 1.4%.

How does Omaha's median sale price growth compare with nearby cities?

Omaha's median sale price grew by 2.7%, outpacing Jefferson's 1.0% growth. It grew slower than McArdle's 14.1% increase. Millard's prices fell by 8.6%.

What is the current housing supply situation in Omaha?

In June 2024, Omaha saw a 35.5% rise in homes for sale, increasing from 1,370 to 1,857. This shows a big jump in housing supply.

How do selling prices compare to asking prices in Omaha?

Last month, 38.4% of Omaha homes sold for more than the asking price. Meanwhile, 169 homes sold for less and 141 homes sold at the asking price.

What is the average time homes stay on the market in Omaha?

On average, homes in Omaha now stay on the market for 17 days. This is an increase from 15 days last month. Still, most homes sell in under 30 days.

What are the key metrics to understand Omaha's housing market?

As of May 2024, the median sale to list ratio is 1.000. Many sales exceed the list price, indicating a strong seller's market but also chances for buyers.

What should homebuyers consider when purchasing property in Omaha?

Buyers should work with real estate experts and look into mortgage choices. It's important to understand property taxes and insurance options to fit personal needs.