Nebraska Housing Market Overview: November 2024
The Nebraska housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Nebraska has increased by 1.1% year-over-year (YoY), reaching $293,100. This indicates a modest appreciation in home values despite broader market fluctuations.
Conversely, the Median List Price has decreased by 2.6% YoY, now standing at $277,100. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers in a competitive environment.
The median Price Per Square Foot has risen by 4.3% YoY to $149, reflecting a continued demand for housing space. Meanwhile, the Median List Price per square foot has also seen an increase of 1.9% YoY, now at $153, indicating that while list prices have generally decreased, the value per square foot remains strong.
In terms of sales activity, the number of Homes Sold has increased by 7.2% YoY, totaling 1,615 units. This uptick in sales suggests a robust demand for housing, even as the number of Pending Sales has decreased by 9.2% YoY to 1,286. The decline in Pending Sales may indicate a slowdown in future transactions or a lag in closing deals.
New Listings have dropped significantly by 10.9% YoY, with only 1,431 homes entering the market. This reduction in New Listings, coupled with a 3.0% YoY decrease in inventory to 3,191, points to a tightening supply. The Months of Supply metric, which has fallen by 20.0% YoY to just 2.0 months, further underscores the limited availability of homes, potentially driving competition among buyers.
The Median Days on Market have increased by 6.0% YoY to 27 days, suggesting that homes are taking slightly longer to sell compared to the previous year. This could be a reflection of the changing dynamics between supply and demand.
The average sale to list ratio has seen a marginal decrease of 0.1% YoY, now at 98.1%, indicating that homes are selling very close to their list prices. However, the percentage of Homes Sold above list price has dropped by 3.9% YoY to 20.1%, suggesting a shift in buyer leverage.
Price Drops have increased by 3.2% YoY, affecting 29.1% of listings, which may be a strategy by sellers to stimulate interest in a competitive market. Additionally, the percentage of homes going off the market within two weeks has slightly decreased by 0.3% YoY to 32.9%, indicating a stable pace of quick sales.
Overall, the Nebraska housing market in November 2024 is characterized by rising sales prices and a strong demand for housing, despite a decrease in New Listings and inventory. The market dynamics suggest a competitive environment for buyers, with sellers adjusting strategies to align with current conditions.
