Nebraska Housing Market Analysis - July 2024
The Nebraska housing market in July 2024 presents a nuanced landscape with varying trends across key metrics. Below is an in-depth analysis of the current state of the market.
Median Sales and List Prices
The median sales price for homes in Nebraska stands at $299,600, reflecting a year-over-year (YoY) decrease of 2.5%. Conversely, the median list price has seen a slight increase of 0.5%, now at $301,100. This divergence suggests a potential softening in buyer demand or increased negotiation power among buyers.
Price Per Square Foot
The median price per square foot has risen to $153, marking a 2.8% increase YoY. Similarly, the median list price per square foot has also increased by 4.5%, reaching $153. These upward trends indicate a steady appreciation in property values on a per-square-foot basis.
Sales and Inventory
Homes sold in July 2024 totaled 2,015, which is a 5.3% increase YoY, indicating robust buyer activity. However, pending sales have decreased by 6.5%, totaling 1,750. New listings have also seen a decline of 2.9%, with 2,107 new properties entering the market. Inventory levels have risen by 3.2%, now at 3,121 homes, suggesting a slight easing in market tightness.
Market Dynamics
The months of supply, a critical indicator of market balance, has decreased by 10.0% to 1.5 months. This reduction points to a seller's market, albeit with some cooling compared to previous periods. The median days on market have increased by 4.0%, now at 18 days, indicating that homes are taking slightly longer to sell.
Sale to List Ratios and Price Adjustments
The average sale to list ratio is 99.1%, down by 0.9% YoY, suggesting that homes are selling very close to their list prices. The percentage of homes sold above list price has dropped significantly by 12.1%, now at 28.4%. This decline may indicate reduced competition among buyers. Additionally, price drops have increased by 7.8%, with 34.3% of listings experiencing reductions, further highlighting a potential shift towards a more balanced market.
Off-Market Trends
The percentage of homes going off-market within two weeks has decreased by 2.5%, now at 47.0%. This metric suggests a slight slowdown in the urgency of transactions, possibly due to the increased inventory and longer median days on market.
In summary, the Nebraska housing market in July 2024 exhibits a mix of rising property values per square foot and increased inventory, coupled with a slight cooling in buyer urgency and sales above list prices. These trends suggest a market in transition, with potential opportunities for both buyers and sellers.
