The city of Omaha appears to be trending upward when it comes to the city's population. In 2021, the metro city area had a population of 851,000. That is an 8,000 person increase from the year before, and it has gone up by 25,000 people in the last four years.
With all of these new people living in the city it has made keeping up with the real estate market even more important. Has the city's population increase affected Omaha real estate?
Here is what you should know about Omaha real estate trends.
Average Cost of a House
One of the first things that you should know about the Omaha real estate market is what the average cost of a house is.
In 2021, the average price of a home in the city was about $240,000. As of July 2022, that average has increased by about $6,000.
It was even higher a month prior to July, but the average price went down by about $1,000 between June and July.
How does this compare to Nebraska real estate and the national average? Overall, suburban and rural Nebraska is not surprisingly cheaper to buy a house. That average price is about $205,000.
However, the good news for Omaha is that it is still cheaper than the national average. That average at the end of 2021 was about $292,000.
Availability and Sales Time of Houses
The next thing that you should be aware of is how many houses are actually available in Omaha and how long they actually stay on the market.
Well, the bad news for buyers is that this city is very much a seller's market right now. The number of homes for sale decreased by 15.5% from June to July 2022. Overall, there were just 1,115 homes for sale in July.
The other aspect of this is how long these houses are available for before they get sold. Well, the answer is less than a week, as the average house in Omaha only lasted on the market for six days in July 2022.
Big Mortgage Rate Increase
This is not just a problem for Omaha real estate but the entire country as well. Over the last few months, the average mortgage rate has gone up significantly.
In the middle of 2020, you can find an average mortgage as low as 2.8%. Now, most of 2022 has seen average mortgage rates at over 5%. Numbers have not been that high since around the 2008 recession, so this could be some concerning news for the real estate market.
The small piece of good news is that it seems to be going back down. Mortgage rates were as high as 5.7% at the end of June, and at the beginning of August, it is hovering around 5%.
Consider Omaha Real Estate
These are the main things that you should know about Omaha real estate. Houses appear to be selling fast with not much price decrease in the near future. Omaha has a diverse set of neighborhoods and entertainment districts. Our Omaha Neighborhoods guide is a great place to start looking for just the right neighborhood for your unique situation. And Omaha was recently ranked one of the best cities to live in! Livability recently analyzed 2,000 U.S. cities and determined Omaha was one of the best places to live. Read about it here!
Are you interested in buying a home in Omaha and need to speak to an agent at one of the Omaha Real Estate Companies? Click here to find a real estate agent today to help you get your dream house.