Omaha Real Estate Market Report – August 2019

Enjoy this Real Estate Market Report for the Omaha and surrounding communities of Bellevue, Elkhorn, Gretna, Papillion, La Vista, Ralston, Bennington, Blair, Fort Calhoun, Waterloo, Valley, Springfield, Louisville and Plattsmouth.

See all listings available for sale and set up a home search to get notified as new properties come on the market.

The Average Sale Price for single-family homes in the Omaha area.

Interest rates are decreasing and the market still has a very low inventory of homes for sale which is making it challenging for home buyers to find and purchase a home.  The lower interest rates probably won’t be able to help first time home buyers as the lower rate doesn’t solve a lack of inventory nor historically high home prices.

NEW CONSTRUCTION

New listings increased 5.8%; Pending sales decreased 20.6% and Total Inventory decreased 12.7% for New Construction. Median Closed Price increased 7.2%, Days on Market decreased 13.2% and Months Supply of Inventory increased 3.6%.

EXISTING HOME SALES

New listings decreased 5.2%; Pending sales decreased 5% and Total Inventory decreased 10.9% for Existing Homes. Median Closed Price Increased 11.1%, Days on Market remained flat and Months Supply of Inventory decreased 5.9%.

This month, a total of 1484 homes were sold in the Omaha and surrounding areas which represents a decrease of 13.1% over the same time last year and a decrease of 7.4 % homes sales compared to YTD last year.

This month, a total of 1298 existing homes were sold in the Omaha and surrounding areas, which is a -9.1% compared to the same time last year.  When we take a look at Year to Date home sales of existing homes, there was a 6% decrease in homes sold.

The Average Days on market represents the number of days between when a property is listed and when an offer is accepted in a given month.

Days on Market – 12 Month Look Back

The total number of Existing Homes for sale at the end of the month in the local Omaha area was 1,606 which is -10.9% over the same time last year.

New Construction was at 651 homes for sale at the end of the month, which is -12.7% over the same time last year.

Due to the low inventory of homes for sale, homes in Omaha are selling very close to the price they are originally listed for, which is great new for Homes Sellers in the Omaha area.

New Construction homes are up .4% which is the first time they are not in the negative.  Existing homes are also up .4%.

There were 174 home listings that expired in the month of August in the local Omaha area. 1895 listing contracts expired so far in 2019.

The seller may have relisted with the same agent, another agent, or may have postponed selling their house altogether. Another seller option is deciding to lease the property for rental income rather than selling.

Mortgage rates are still very low and Omaha is still a hot market for the home seller.

The Bellevue Nebraska Housing Market ended the month with the average home sold price of $213,546, an increase of $3,578 from the previous month.

The Papillion Nebraska Housing Market ended the month with a decrease in the average single-family home price over the previous month of $14,000.

The Elkhorn Nebraska Housing Market ended the month with the average home price of $409,988 which is an increase of more than $40,000 over the previous month.

The Bennington Nebraska Housing Market ended the month with the average home price of $321,935 which is an increase of more 1.6% over the previous month.

The LaVista Nebraska Housing Market ended the month with the average home price of $235,242 which is a decrease of 10.2% from the previous month.

The Ralston Nebraska Housing Market ended the month with the average home price of $189,542, which is an increase of 7.8% from the previous month.

The Average Home Sale Price of Homes for Sale in Omaha and surrounding Communities by City

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