Omaha Real Estate Holds Steady in 2024: Average Values Rebound with Varied Trends Across Neighboring Cities

This blog post explores real estate trends in Omaha and nearby Nebraska cities, analyzing property values, sale prices, and market activity to guide buyers, sellers, and investors.

authorWritten by Manuel MartinezMay 15, 2024

Over the past year the real estate market in Omaha, Nebraska, has seen a shifts that can be pivotal for buyers, sellers, and investors. The average value of properties in Omaha showed resilience amidst fluctuations: starting at approximately $362,000 in May 2023, property values took a downturn towards the end of the year, landing at about $300,000 in November. Yet, a promising rejuvenation was noted with values climbing back steadily to around $310,000 by April 2024.

Here is the trend over the last 12 months

The average sale prices have not mirrored this ascent, reflecting buyer leverage and market dynamics. From an appreciated height in September 2023, with average sale prices around $275,000, they tapered off to approximately $256,000 by December—notably during a period when home values also dipped.

The cost per square foot was approximately $162 in May 2023 and ticked up marginally to about $163 by April 2024, underscoring a stable demand for property space in Omaha, albeit with restrained growth.

Here is a snapshot of the Omaha market, compared with this month last year

May 2023 April 2024 Change
Median Listing Price $361.7K $268.1K -25.87%
Median Sold Price $260.4K $268.1K 2.94%
Homes For Sale 269 588 118.59%
Homes Sold 3,817 4,379 14.72%

Market activity, in terms of property listings and sales, proved to be less predictable. The variability month-to-month suggests that the heartbeat of Omaha’s real estate market is characterized by neither a palpable increase in listings or sales nor a considerable decline but rather a variation that could be an interplay of seasonal trends and economic factors.

The average value of homes settles at about $310,000, while the price per square foot hovers around $163. Meanwhile, Omaha has a healthy listing count of 588 properties on sale. Yet, there appears to be a divergence when looking at the average sale price of approximately $268,105, which is lower than the average value, and a convincing average sold per square foot value of around $193. This reveals that while sellers list at higher amounts, the closing sale price tends to be lower, indicating negotiating room or a market that is slightly skewed to benefit buyers.

There were a total 4,379 properties sold recently. This high figure points to an active market with substantial transaction volume, driving home the importance of Omaha’s real estate sector’s vibrancy.

Comparative Analysis of Nearby Cities

The landscape changes somewhat when we shift our gaze to the nearby cities of La Vista, Elkhorn, and Bennington in Nebraska, with each showing unique market characteristics:

  • La Vista presents an average value of approximately $255,000 with per square foot values around $151. This suggests a more modest real estate climate compared to Omaha. However, the average sale price of about $289,000 and an average sold per square foot value of $222 stand out, implying that La Vista properties could be more attractive to buyers, reflecting perhaps higher-end homes or a competitive market fetching higher sale prices.
  • Elkhorn, on the other hand, stands as a premium market with an average value of properties at around $647,000. The city also showcases the highest per square foot value, approximately $189, accentuating the city’s posh market appeal. With an average sale price of about $499,945 and an impressive average sold per square foot value of $251, the figures indicate robust demand and a market geared towards luxury or high-quality estates.
  • Bennington‘s real estate paints a picture of a flourishing market with an average value of roughly $475,000 and a per square foot value of near $173. The average sale price is at about $393,932, with a per square foot average sale price of approximately $224, vying closely with La Vista’s metrics. The numbers here might suggest an increasing preference for suburban living or a market with several high-value transactions contributing to the higher averages.

Across the board, while Omaha leads in property volume, its neighboring cities outshine with higher average sale prices and per square foot values. This comparative analysis could be eye-opening for those considering where to invest or settle in the region.

Each of these market snapshots reveals trends and habits that could influence strategies for buyers, sellers, and investors alike. Considering the real estate market in Omaha and its vicinities offers varied opportunities depending on one’s market position and objectives.

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