Omaha housing market remains tight as summer approaches

With higher interest rates and low inventory, is Omaha's housing market still red-hot?
Published: May. 26, 2023 at 4:41 PM CDT
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OMAHA, Neb. (WOWT) – The National Association of Realtors is reporting that existing home sales dropped from April of last year to April of this year by 23%. Here in Omaha, that number was more like 35%.

So what does that mean? It means that if you are buying, know that inventory is low and you have to act fast if you see something you like.

We took a drive around the Omaha area and spotted houses for sale here and there, from Ralston to La Vista, to Applewood Heights in Southwest Omaha.

Figures from Great Plains Regional MLS show houses spent an average of nine days on the market in April and that buyers paid full price or slightly more.

“It’s definitely a seller’s market,” Crystal Archer, the President of the Omaha Area Board of Realtors. “A little less so than last year. We still don’t have enough homes on the market. There’s a lot of competition for the ones that are there.”

May began with 613 existing houses listed as “for sale” in Omaha. That’s up about 4% from last year at this time when 587 were on the market. The average price that houses sold for in April was about $310,000 compared to $302,000 a year ago.

Archer says if you are in the market to buy do not be discouraged by mortgage rates approaching 7%.

“The best advice is to talk to a reliable mortgage lender. Figure out what works for your budget, not necessarily what you can get pre-approval for. Don’t worry about the interest rate. If you can afford it now, building wealth through home ownership is definitely the way to go.”

The bottom line is the market is tight in Omaha and there is not a lot to choose from when it comes to existing homes.

However, one sector is bustling: new construction. It is up in Omaha by almost 80% from last year with more than 800 new homes for sale.