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Omaha home prices up 8 percent over last year

Posted at 5:31 PM, Apr 26, 2018

The Omaha housing market is continuing to drive home prices higher, especially for homes in the $100,000 to $300,000 price range.

According to MLS statistics, overall home prices are up 8 percent year-to-date. The number of homes listed is down from this time last year.

Nebraska Realty owner Andy Alloway says agents are busier than last year, even with less homes available.

"It has just been what last year was and now it's made it even more challenging because we don't have enough property to meet the demand," Alloway said. "It's busier than its ever been."

NP Dodge President of Residential Sales Mike Riedmann says, like last year, buyers are frequently offering prices higher than listing for well-maintained homes under $250,000.

"Year-to-date, we've seen fewer listings come in than the previous year and last year was a very tight inventory year," Riedmann said. "Particularly from $100,000 to $300,000, we're seeing many competing offers. And so buyers get into a bidding war with each other to try to purchase those homes."

Both Alloway and Riedmann say the higher home prices are pushed, the less potential buyers can afford to buy a home.

"Baby boomers are downsizing, millennials are getting into the market in full force, there's a lot of investors out there given the dynamics of the economy, and so that pushes a lot of demands on it," Alloway said. "But, the supply keeps reducing because as the costs continue to go up, we can't put enough affordable new construction back on the markets."