Omaha Real Estate Market Correction Coming
Some areas of the Omaha real estate market are still thriving but we are seeing things slow down. Right now, homes under the $200,000 price point are still going strong but in west Omaha and Elkhorn houses at that price point are almost non-existent. In that are more homes are closer to $400,000 and up and a majority of that is new construction and they’ve been sitting on the market longer as houses in that price range come with a hefty property tax load as well.
Both coasts are already seeing some pricing corrections which are starting to show up in the Omaha area. Over the last 2 years we’ve seen houses flying off the market with multiple offers and bidding wars. Now, with interest rates hovering around 5% we’ve got more than a year’s supply of homes in the $400,000 according to the Great Plains Multiple Listing Service’s TrendGraphix.
The Federal Reserve Bank says the state's real estate market has grown at the sixth highest rate in the country. While this has been great for sellers, they also end up paying that back on the buy-side.
Don’t worry, we’re not looking at another market crash, it’s just going to be a correction that balances everything out.