Omaha Real Estate Market Thrives Amidst Fluctuations – A Look At Early 2023 to 2024 Trends

Omaha’s real estate market displayed significant activity with a seasonal peak in sold properties and fluctuations in property values and demand, alongside notable price differences between Douglas and Sarpy Counties and varied trends in nearby cities, indicating a dynamic and diverse housing market

authorWritten by Manuel MartinezFeb 8, 2024

In Omaha, January 2024 saw the highest number of sold properties at 4906, hinting at a possible seasonal market peak, while November 2023 recorded the highest property count at 605. Conversely, January 2024 had the lowest number of properties available at 459. Understanding these fluctuations can help sellers and buyers make well-informed decisions on when to enter the market.

Homes for Sale Omaha NE
Homes for Sale Omaha NE

Throughout 2023, Omaha, NE experienced fluctuations in property values and demand by month. Notably, the average sold price for the region is currently approximately $230,293, and the median price per square foot is up to around $172, providing a range of options for buyers with different budgets.

Omaha NE homes prices 2023
Omaha NE homes prices 2023

In recent months, specifically from August 2023 to January 2024, we’ve noticed an slight upward trend: despite a slight average sold price decrease in January 2024, the median sold price per square foot has been gradually increasing. This discrepancy might be due to the type of properties sold – perhaps smaller, higher-quality properties are more in demand now, pushing up the price per square foot.

Price per sq ft Omaha NE
Price per sq ft Omaha NE

Moreover, there was a noticeable difference in property prices between Douglas County and Sarpy County. On average, Douglas County has higher property values per square foot, signifying potentially higher property values or higher demand. Only in June and July 2023 did Sarpy County’s median sold prices drop slightly below Douglas County, showing that the latter generally has a higher property value trend.

However, median sold prices are not all there is to property value. The median price per square foot consistently sits higher in Douglas County, hinting at a market in which property value, and possibly the density of amenities and services, are concentrated into smaller spaces.

Property Trends in Nearby Cities

Honing in on nearby cities, our data shows substantial variation amongst them. West Point, NE, despite a wide range of median values, maintains a stable median sold price per square foot. This stability implies consistent property type and size offerings throughout the period under review.

On the other hand, Yutan and Waterloo depict substantial price fluctuations. Yutan, NE, demonstrates a significant swing in median sold prices, peaking in December 2023 at $395,000 and dropping to its lowest in November 2023 at $229,275. Waterloo, NE, stands out as the most lucrative market with high median values and price per square foot. September 2023 recorded the highest median sold price per square foot at a staggering $316.

Overall Market Data

Taking into account the entire market, ~80% of properties are currently active and up for sale, with a relatively high median list price of $284k. These properties typically offer a slightly lower median list price per square foot ($159) compared to the region’s average sold price per square foot. This price point might attract buyers who favor larger properties and are willing to invest in quality improvements.

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