The Omaha housing market in 2024 is fluctuating in prices, trends, remodels, and more.
- The median sale price for homes in Omaha was $255,000 as of February 2024, which is up 3.2% since last year.
- The median sale price per square foot in Omaha is around $148, also up by 3.5% since 2023.
This blog is designed to provide an overview of the current home prices, emerging trends, and forecasted patterns in 2024, so you know what are the best projects to invest in, or whether or not you should sell your home this upcoming year.
Key Takeaways
- Omaha home prices are growing. The middle price is around $255,000 now.
- Home costs may rise more by end of 2024. Houses sell fast too!
- Many people move to Omaha for work. They look for houses here.
- Weather and easy travel make Omaha a good place to live.
- Homes in Omaha also sell over the list price most of the time!
Omaha Housing Market Overview
Omaha’s housing market shows dynamic trends. Major financial firms, and a diverse local economy add unique stability to this Nebraska housing market.
The presence of Offutt Air Force Base further fuels job growth in Omaha. With an average home value of $277,069 and rising rental rates, it is evident that Omaha’s property values are on an upward trajectory.
A stable employment scene and impressive infrastructural investments signal promising developments for home buyers and sellers alike in this bustling midwestern city.
These all make the Omaha housing market seem promising for real estate investors and home buyers too.
- Current median home price
Omaha homes are now selling for a median price of $280,000. This is 7.7% higher than last year’s prices.
Most homeowners are getting slightly more money than the list price when they sell their houses, about 102.1% on average to be exact!
Besides, homes sell much faster than ever before, in about 7 adys. Despite all these statistics, people bought less homes this year, compared to last year – only 534 instead of 721.
- Short-term housing market forecast
Home prices in Omaha are set to grow. The rise will be slow but sure, with a 0.6% uptick by July 31 next year. This growth will pick up speed into the following year as well, hitting an increased level of 5.3% by June 30, 2024.
This short-term forecast tells us that now is a good time to buy or sell homes in Omaha due to this expected growth.
- Long-term predictions for 2024-2029
The home prices in Omaha may go up and experts see a strong trend for that to happen, at least until 2029. The stable economy of Omaha and the jobs market are two main reasons why that happens – more and more people want to live in Omaha.
Another reason for high property values is industry diversity. Many kinds of businesses work out of Omaha city limits. It draws skilled workers to move here from all-over the country and abroad too, sometimes getting multiple offers on one house.
Trends and Factors Impacting the Omaha Housing Market
Supply and demand dynamics
- The market in Omaha is hot right now. Many people want to buy homes.
- Homes sell fast in Omaha. They even get many offers.
- Houses sell for more than the list price. The list price is what a seller wants for their home.
- In Omaha, there are always new homes on the market. They get bought quickly though.
- More people are moving to Omaha and they all need places to live.
- There will be more homes needed with more people coming.
- Home prices may go up because of this high demand.
- The average age of people living in Omaha is 35. Many young families want a house.
- As more houses get built, supply might catch up with demand.
- We can't know the future of home prices yet. But experts think they will keep going up in the short term.
Migration and relocation trends
- Homeowners see Omaha houses as good deals.
- People seek houses that cost less money.
- Folks from near cities come to live in Omaha.
- The city's strong housing market pulls in new residents.
Climate factors
Weather plays a key role in the Omaha housing market. The city sits next to the huge Missouri River and feels all four seasons – hot summers, snowy winters, light springs, and crisp autumns.
These changing climates attract different buyers which mean home sales are high year-round. Some people love houses with big windows for summer suns while some want cozy spaces that keep them warm during snows.
Sellers then need to think about this too as their house features can push up or pull down their selling prices.
Transportation accessibility
Getting around Omaha is easy. The city has made big changes to its transportation system. This makes it a good place to buy a house. There are many ways to travel in Omaha. You can take the metro transit or use the bike trails if you like outdoors.
A lot of people want houses close to these routes just for ease of transport in all seasons.
Omaha’s economy is very strong and varied, pushing up housing sales. Big companies from different fields operate here like insurance firms, financial corporations, railroads and even design firms help make more jobs available!
Offutt Air Force Base is also important for housing demand in Omaha because many workers rent homes nearby.
Forecast for 2024
In 2024, the Omaha housing market is expected to see continued growth led by several factors like lower mortgage rates and high migration rates, although uncertainties remain.
If you’re planning to buy a home in Omaha, you better do it now while prices are still manageable. The quicker you are, the best deal you’ll get on your next home.
Will the market crash or continue to grow?
Omaha’s housing market is doing good. The average home value there is $277,069 right now. This marks an upswing of 2.6% from last year! It’s even better news for sellers, as homes are sold in Omaha for around 102.1% of their list price on the whole.
What can we expect in the future? Experts see real estate prices going up again by next year. The forecast says that home values will grow about 0.6%. This increase will happen by July 31, 2024.
Another prediction tells us to expect a big jump after that too —a full growth rate of up to a whopping 5.3% by June next year! In simple terms – this city’s market won’t crash if it keeps going like this.
Factors influencing market stability
- Job state: Omaha boasts a low unemployment rate of about 3%. This means many people can afford to buy homes.
- Home price: The average home value in Omaha is $277,069. That is up 2.6% from last year.
- Market heat: Omaha's housing market is very competitive. Most homes get several offers before selling. Some homes even sell for more than the list price.
- Speed of sales: In Omaha, homes sell fast. This means buyers need to move quickly when they find a house they like.
- Nearby cities: When compared with other towns nearby, Omaha has tough competition.
Tips for buyers and sellers in the Omaha housing market
- Act quick: Homes move fast in Omaha, often staying on market for only 7 days.
- Be ready to bid: Multiple offers per home means you may face competition.
- Remember the price hike: Keep in mind, home prices rose by 7.7% in June 2023 to $280,000.
- Keep an eye on sales numbers: Only 534 homes sold in June 2023, which is less than before.
- Aim high when selling: Homes usually sell for about 2% over list price.
- Study the market: The average home value is now $277,069, up by 2.6% from last year.
Want To Sell Your Home For More?
Undertaking remodeling projects in key areas like the bathroom, kitchen, and basement can significantly enhance your home’s value.
For example, a minor kitchen remodel can bring up to 82.9% ROI, a midrange bathroom 70%, and finishing a basement can recoup over 80% of your cost as well! All these projects will help you sell your property for more, but also much faster.
Even if you’re not planning to sell and move, upgrading the bathroom, kitchen, or basement will enhance the quality of your life and make your day-to-day tasks much easier.
Conclusion
And if you want to sell you home for more, or you want to move in and remodel right after, Home Matters Construction is here to offer you the best help you’ll get with your new home.
We’re experts in bathroom remodeling, kitchen remodeling, and basement remodeling in The Omaha Metro Area and surrounding areas!
Give us a call at (402) 661-0910 or request a free pricing quote by filling out our form.
FAQs
The Omaha housing market in 2024 is showing steady growth with rising home prices due to strong demand.
Trends for the Omaha Housing Market in 2024 include increased property values and a high demand for suburban homes.
Based on trends, home prices are expected to continue going up as we move further into 2024 and beyond.