Real-estate booms in Omaha-metro during pandemic

Published: Feb. 19, 2021 at 2:51 PM CST
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OMAHA, Neb. (WOWT) - If you’re looking to buy a home, experts say you may not want to wait.

Right now, there are about 620 homes on the market in the greater Omaha area including Council Bluffs.

“270 of those are currently under construction,” said Callie Yrkoski.

That leaves about 350 homes that are move-in ready. Callie Yrkoski, a real estate agent at Better Homes and Gardens, says that’s lower than normal.

If you’re looking to buy, homes are only staying on the market for an average of one to three days.

“Inventory is low, the demand goes up...price goes up,” said Callie.

Prior to the pandemic, the average home in the area sold for about $250,000. But that price is rising, it’s good news for those looking to sell.

“But what we’re seeing right now as our median price is about $278,000 which is pretty high. It’s about a nine percent increase just from six months ago,” said Callie.

However, if you’re looking to buy within the next year, Yrkoski says be ready to pull out your wallet.

“A home that might have sold last year for $150,000 might sell for $175,000 this year. Maybe even $200,000,” said Callie.

The pandemic affected the market’s inventory, prices, even the location of where most homes are being sold.

“We’ve seen houses with bigger backyards, lake homes, homes near parks. That has become increased in value more than the cityscape we’ve seen in the past,” said Callie.

Yrkoski believes that’s because people have more free time to be outside, especially families working from home.

If you’re looking to sell, Yrkoski says do not wait too much longer. She says to try and get in front of everyone else.

“Because by the time June rolls around you do see that prime number of how many houses are going to be on the market,” said Callie.

Experts also say because of the pandemic, interest rates are historically low and are not projected to increase anytime soon.

Correction: A source was misquoted in an earlier version of this story. 6 News regrets the error.

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