2019 Omaha Market Outlook: Record-Breaking, Resilient, and Consistently “Nebraska Nice”
There has been a well-kept secret in the form of this booming Midwestern metro area as of late: a stable job market, growing tech sector, and events such as the College World Series as well as the #1 zoo in the nation have bolstered Omaha's popularity. The housing market during 2018 absolutely continued the “whirlwind romance” that has been happening in Omaha for six years straight, as the market has been gradually climbing. Many new home buyers and those who are poised to sell will absolutely enjoy the many benefits of doing so during this robust and profitable time.
As housing experts have taken a close look at Nebraska and Omaha in particular, they have determined that millennials are absolutely tired of paying too much for rent. This means that they are looking to buy instead, which is resulting In a very positive push to hesitant sellers eager to get their home on the market. For a population that has grown 14% during the past seven years, the unemployment of 2.9% is remarkably low, another factor fueling growth and sustainability.
Taking a close look at Zillow, you can see that over the last year alone, housing values have risen by 7 percent – a healthy increase. Based on past percentages and after a close look at market data in the area, most experts predict the market to continue to climb by about 3 percent over the next year. We look at many various aspects when it comes to market health and vitality, and one of them is the days on the market statistic, which is currently sitting at 75 days. Over the past five years alone, the home values in Nebraska have grown 23 percent, which absolutely reflects seller's market conditions.
After a peek at industry leader Redfin.com, it does not take much to deem Omaha a “hot market” just as they have. Many homes sell for list price is as little as 7 days, with the average price over the last month sitting at $192,000. Currently, the average listing in Omaha receive 2 offers, and the average sale price per square foot in Omaha is $106, up 5% since last year. Fortunebuilders.com avidly claimed that 2019 will be the year during which the first-time home buyer would see an even larger resurgence in Omaha than during 2018.
One of the statistics with the most inspiration we have looked at is regarding purchases vs. evaluation. Homes purchased in the Omaha housing market nine years ago have appreciated on average by $26,778, when the national average actually dropped $2,822 over the same time frame. What is one of the driving factors at play here? Affordability. Homeowners in Omaha are accustomed to spending about 6.6 percent of their income on monthly mortgage payments, when the national average is 15.1 percent.
A new analysis completed by real estate site Trulia shows Omaha among the top 15 “fastest-moving” markets: we're excited to meet you and talk about the motivation and inspiration for your next purchase, while offering up our expertise and tech-savvy skills at your disposal!