Hot Housing Market in Omaha Continues
For the past couple of years we have seen an incredible growth in the housing market in the greater Omaha area. Home values have continued to appreciate throughout the years and especially in the second quarter of 2019. When comparing the second quarter of 2018 vs. 2019 we have seen an increase in listing price of 5.6% ($378,000 in 2019) and an increase in sales price of 4.6% ($251,000 in 2019). The average price per square foot has also increased at a rate of 3.7% and is currently at $113.69/Sq. Ft.
The average number of days that a home is on the market before going under contract has stayed the same in both year at 24 days. Another interesting fact is that the months of inventory has stayed steady at 1.5 months when you average all price ranges. Once you get above the $400,000 price range we do see an increase in the months of inventory at 4.6 months in 2019 vs. 4.4 months in 2018.
We expect the market to stay steady, if not increase at the lower price range in the following months as those buyers who were able to secure the Wells Fargo LIFT Grant will be purchasing a home with those funds. Additionally, interest rates are continuing to drop throughout 2019 and as of the first week of August rates were under 4.0% for all loan types (Conventional, VA, USDA and FHA). Now is the time to take advantage of the low rates as a buyer or the increasing sales prices if you have a home to sell! For more information or to start the home buying and selling process, reach out to your trusted Jacobsen Group Realtor today!