The housing market can be fickle.
Nebraska isn’t exempt from this. Like any other state, Nebraska housing market has experienced a fluctuating property market. The housing market in any economic climate is always changing which means it can be hard to predict.
However, every year experts attempt to forecast what’s to come.
Let’s take a look at the Nebraska housing market and what you can expect based on what the experts are saying.
Nebraska Real Estate Market
Omaha, Nebraska has had a whirlwind romance with the housing market. For six consecutive years now the housing market has been slowly climbing. Based on this statistic, what’s in store for the next year or two?
Matt Miller of Omaha World-Herald believes that home-buyer interest is great enough in Omaha to warrant another record-breaking year.
This prediction would be even more optimistic if the metro area of Omaha weren’t suffering from a serious housing shortage. It’s so bad, in fact, that it’s at a twenty year low.
However, this hasn’t deterred housing experts from looking forward to the coming year when it comes to property. If you want to check Nebraska housing market last year prediction, just click the button below.
They explain that millennials are tired of paying too much for rent. This means they’re looking to buy instead, which in turn is pushing hesitant sellers into the market, confident that their house can sell for more than they expect.
Another factor in the continued demand for a thriving housing market is a good economy. Because there’s been an influx of people coming into Omaha looking to work and settle down, the demand for good property isn’t abating.
Agents are working busy to drum up potential sales, as the housing market in Omaha is only set to increase.
What to Expect in the Nebraska Housing Market
Having a low inventory is not necessarily a bad thing, Matt continues. It could potentially be an indicator of a quick turnover. Essentially, market fundamentals are currently healthy and are poised to continue in this direction, as long as buyer demand continues to increase.
Looking at Zillow, you can see that the current Nebraska housing market is healthy. Nebraska housing values have risen by 7 percent over the past year alone – a huge increase.
The current prediction based on this and other past percentages is that the housing market will continue to climb by 3 percent over the next year.
Zillow has an average of 75 days for displaying a home for sale. This is an optimistically quick turnover, reflective of the current market’s health.
Homes in Nebraska have been steadily rising. In fact, they have grown a staggering 23 percent over the past five years alone. The Nebraska housing market is a seller’s market.
However, demographics including millennials are cashing in due to rising rent rates and seeing the merit in owning their own home while the going’s good. If prices are set to rise continually, now could be a good time to buy.
What You Should Know About Nebraska Real Estate
In Lincoln, Nebraska, conditions in the housing market remain tight for the time being. As they predicted in 2010, there has been a slowly increasing demand for new homes. It is similar to the situation in Omaha.
The U.S. Department of Housing and Urban Development explain that while demand for affordable housing continues to be high, it is set to taper off in the future at some point
They estimate that there are 3000 vacant units that are set to re-enter the market. This is to provide an answer to this problem.
Stable job growth in Lincoln will put a bit of pressure on the housing market as more people migrate to the city. Because the levels of home construction have been relatively low since 2000, housing affordability remains a current issue.
Because home prices steadily increase over the previous four-year period, they predicted that it will continue this trend. Once inventory to the housing market increases and time allows for the construction of more homes, you could see these prices plateauing.
While housing prices could buck the trend, they estimate that there won’t be any relief in levels for the time being.
Buying Nebraska Real Estate
However, nothing is guaranteed. While house prices in both Lincoln and Omaha have been rising steadily for the last few years, this could all change shortly.
The best thing to do is keep a look out for any updates regarding these predictions. This will give you a good idea of what you can expect, even if it does change.