Are you one of the many homeowners trying to sell your property in the Nebraska housing market? Or are you one of the typical homebuyers looking to buy a place in the Nebraska real estate market? Regardless of whether you’re looking to buy or sell, you will need to learn everything possible about the real estate market in Nebraska.
Luckily, the guide below will provide you with all the information you need about home values, mortgage rates, interest rates, and the affordability of the Nebraska real estate market. Keep reading to find out more.
Nebraska Housing Market
Whether you’re in Omaha or Lincoln, Nebraska, home prices grew 12.8 percent year-over-year as of June 2022, according to Redfin. However, the number of homes for sale dropped by 4.9 percent, while the number of homes sold decreased by 6 percent.
These statistics show that housing demand is high in the state of Nebraska. The median home sales price in Nebraska is $287,200, while the number of homes sold reached 2,114 in total last year.
According to housing market trends, the towns with the fastest increase in sale prices include:
- La Vista
The number of newly listed homes dropped 8.3 percent year-over-year to 2,188 houses. Homes stay on the market for only about seven days on average. As such, the seller’s market has led to a lack of home availability to meet buyer demand. New construction projects may help give buyers more options and reduce the typical asking price.
Real Estate in Nebraska
The housing market is still relatively competitive and strong in Nebraska. Currently, 58.5 percent of homes are sold above the asking price. Furthermore, only 26.9 percent of homes on the market have seen price drops in the last year.
When you check Zillow, you will find that Nebraska homes’ costs vary greatly. You can discover a two-bedroom home for as little as $145,000. At the same time, you’ll see a large four-bedroom and four-bathroom house for as much as $582,500. Most Nebraska properties on Zillow are around $200,000 to $330,000.
The state of Nebraska has become a great place to buy and sell real estate, with more job seekers looking to start their lives in the region. The industries here with the most draw for homebuyers include:
- Food processing
- Renewable energy
Currently, the real estate properties in Nebraska are selling seven days faster than the national average. Houses are also selling for $34,492 above the yearly average.
Average House Prices in Nebraska
On average, the home sale price in Nebraska is $287,200. However, the price will significantly depend on the type of home you’re looking to buy. For instance, do you want two or three bedrooms? Do you want a two-car garage? Are you looking for one or two bathrooms? All of these factors make a difference in the price of your future home.
In addition, home prices depend on the Nebraska neighborhood you choose and the size of the house you’ve picked. For example, in Omaha, you can buy a 1,796 square foot home for $300,000, while in Kearney, you can purchase a 2,500 square foot house for the same price.
If you’re looking to move to an affordable neighborhood, you should pick one of the following Nebraska cities.
- Omaha-Council Bluffs
On the other side, the most expensive home sales in NE cities are in Lincoln, Kearney, and Grand Island. The housing market in Nebraska is a seller’s market right now, but it may not last long. As such, you should consider selling your home sooner rather than later.
Average House Sizes in Nebraska
The average home size in Nebraska for properties built in 2002 is 1,870 square feet. However, newly constructed homes are about 2,200 square feet on average. Furthermore, average house sizes have continually increased over the years, which is why the typical home is now 2,100 or 2,200 square feet in size.
Generally, real estate investors build larger homes in larger communities. Research shows that 92 percent of homes in Nebraska have basements. Furthermore, 26 percent of these homes have finished basements.
Out of all new homes, 67 percent of properties have central air conditioning and gas-fired forced air furnaces. In addition, 24 percent of new houses have electric heat and air conditioning in Nebraska.
When considering buying a Nebraska home, how many rooms will you need? On average, a five-room house is 1,453 square feet in size, while a nine-room home is 2,932 square feet in size.
Average Costs to Sell a House in NE
You can expect to spend at least 11.6 percent of your final home sales price on selling costs. Let’s say you sell your home for around $240,000. You will likely spend around $27,000 or $28,000 on selling your real estate property. Nonetheless, your profit will end up at about $212,000.
If you sell a home for $500,000 in total, you will end up spending $57,900 on the sale. However, if your home sale price is only $150,000, you will only have to pay about $17,400 for marketing and selling your home.
So, what are the items that you’ll need to pay for when selling your home? First, you’ll need to cover the commission fees of your real estate agent. These fees are between 5 and 6 percent of the final home sale price.
You will also need to cover closing costs when selling a house in Nebraska, such as HOA fees, title insurance, transfer taxes, and property taxes. You may need to cover the costs of home repairs if your house needs work. In addition, if you move out ahead of time, you will have to continue paying for the utilities.
Upon sale, you may need to pay capital gains taxes if you sold the house for more than you originally paid. Lastly, home sellers often have to pay off their mortgages.
Realtor Fees in Nebraska
In Nebraska, most real estate agents you will work with have commission fees at around 5 or 6 percent of your final home sale price. Real estate commission fees are often shared between several different agents and real estate professionals.
The commission is usually divided between a listing agent, a listing broker, the buyer’s agent, and the buyer’s agent’s broker. Usually, the real estate agents obtain 60 percent of the commission fees, while the brokers make 40 percent of these fees.
The median yearly salary of real estate agents was $48,770 in 2021. For brokers, however, the average annual salary reached $86,490. Nonetheless, the highest-earning real estate agents made above $102,170 in 2021. The top 10 percent of the highest-earning brokers made $176,080 in 2021.
The Nebraska housing market has various costs associated with selling a home, including commission fees, closing costs, capital gains taxes, property taxes, and transfer taxes. If you move out before the sale is final, you’ll need to cover utility costs along with your moving costs.
Lastly, you will have to pay for home repairs. However, if you want to sell a house fast in Nebraska, you can forego the renovations and sell your house as-is to Lincoln cash home buyers or real estate investors. We buy houses Omaha sellers want to get off their hands fast, so make sure to contact us as soon as possible.