Alex Shares His Thoughts on Omaha Home Prices Remaining Steady with RealEstateNews.com

The National Association of Realtors has shared in their Existing Homes Sales Statistics report for February 2023 that the median home price for homes in America took a slight decrease as compared to prices from February 2022. The decrease was 0.2%. Though the decrease is very small it ended a 131 consecutive month streak of home price increases across America.

That consecutive amount of time for home price increases across the country was the longest one on record as reported by the National Association of Realtors. Another real estate giant, Redfin also reported a median price drop of 1.2% year over year, and that the drop is the first one since the year 2012.

These reports upon hearing them from large real estate entities may have Omaha homeowners and homebuyers concerned that there may be negative issues ahead in the real estate world. But the truth with any real estate market is that it is always best to take a look at the current local real estate numbers in your area.

Recently Flatwater Realty's own Alex Heyen was asked to discuss insights about the current real estate market in Omaha Nebraska with real estate news.com as it is one of the areas across the country where prices have not dropped.

Here is what Alex had to share with realestatenews.com

According to the article, Omaha home prices saw an increase of 11.8% year over year in February 2023. Alex shared with realestatenews.com that part of the reason for this is the Omaha area never saw a massive skyrocket increase in home prices during the pandemic that other areas of the country saw.

He shared that while Omaha did see large increases in home values over the last few years they did not reach the levels that other areas such as Austin, California, or Florida did. He stated that "Nebraska is just a really stable place."

Alex also noted that homeowners in Omaha that would have considered selling are staying out of the current real estate market because of higher interest rates. He made a note that current homeowners with lesser interest rates especially those that were able to benefit from the 2.5% and 3% mortgage rates of the not-so-distant past stand to benefit better from continuing on with their current home mortgage as compared to trading it for a 6.5% or 7% mortgage rate on the purchase of a new home.

As for Omaha buyers, Alex shared that many buyers that had the thought of waiting until interest rates come back down to 3% have realized that that will not happen anytime soon and people are beginning to accept the new normal of where mortgage rates are settling.

Alex was featured in the Market Moods series on the Real Estate News website. Market Moods is an article series that looks at data from the perspective of real estate agents across the United States. It has a focus on getting insights from professionals that really know what's going on in their local area. If you would like to read the full article you can find it in "Market Moods: Prices dropping, but not all markets got the memo."

If you are interested in buying or selling a home in Omaha and surrounding areas we are very knowledgeable in the latest market conditions and can help you find a home that you will love.