Nebraska Housing Market Analysis - August 2024

The Nebraska housing market in August 2024 presents a complex landscape with various indicators showing both positive and negative trends. This analysis delves into the key metrics to provide a comprehensive overview of the current state of the market.

Price Metrics

The Median Sales Price for homes in Nebraska stands at $297,200, reflecting a slight decrease of 0.9% year-over-year (YoY). Similarly, the Median List Price is $293,600, down by 0.7% YoY. Despite these declines, the median Price Per Square Foot has increased by 4.1% YoY to $153, while the Median List Price per square foot has risen by 5.3% YoY to $154. These figures suggest that while overall home prices have slightly decreased, the value per square foot has appreciated, indicating a potential shift in buyer preferences towards smaller, more affordable homes.

Sales and Inventory

The number of Homes Sold in August 2024 is 1,956, marking a 5.5% decline YoY. Pending Sales have seen a more significant drop of 15.8% YoY, totaling 1,615. New Listings have also decreased by 7.8% YoY to 1,928. Conversely, inventory levels have increased by 4.9% YoY to 3,156 homes, and the Months of Supply have risen by 10.0% YoY to 1.60 months. This increase in inventory and supply suggests that the market is becoming more balanced, potentially easing the competitive pressure on buyers.

Market Dynamics

The Median Days on Market for homes in Nebraska is 20 days, up by 5.0% YoY. The average sale to list ratio has slightly decreased by 1.1% YoY to 98.6%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 10.0% YoY to 25.9%, reflecting a cooling in the market's competitive nature. Additionally, Price Drops have increased by 4.2% YoY to 36.4%, suggesting that sellers are adjusting their expectations in response to market conditions. The percentage of homes going off-market within two weeks has decreased by 2.7% YoY to 42.0%, further indicating a slowdown in the market's pace.

Conclusion

Overall, the Nebraska housing market in August 2024 shows signs of stabilization with a mix of declining sales and prices, alongside increasing inventory and supply. While the market remains competitive, the trends suggest a shift towards a more balanced environment, offering potential opportunities for both buyers and sellers.