Where Real Estate Market Numbers Landed in Omaha for March 2023
Despite many national real estate headlines of real estate declining and warning people of prepping for losing money on a home purchase, Omaha real estate is one of the strongest markets in the country currently. Omaha real estate continues to increase in value as a few real estate markets around the country may be seeing slight decreases.
How much are homes in Omaha selling for?
According to numbers gathered from the website rocket homes.com the median sold price of real estate in Omaha Nebraska based on all homes sold in March 2023 was $262,500 which works out to be $157 per livable square foot. Homes are selling for less money in March as compared to February. The median sold price is down $7500 as compared to February 2023 which is a 2.8% decrease in the median sold price.
Though some homes saw a decrease in the median sell price taking a look into specific home sizes in Omaha you will see that some homes increased in their median sold price. Homes in Omaha with two and three bedrooms saw increases in their median sold price from February to March. Two-bedroom homes saw the largest increase with a median sold price of $149,000 in February 2023 increasing to $193.6 thousand in March 2023. This is a fairly large increase of 29.9%.
The largest median sold price decrease was found in homes that had five or more bedrooms. The median sold price for February 2023 for this size of home in Omaha was $465,000. This number decreased to $360,000 which is a decrease of 22.6%.
Homes available for sale
The number of homes listed for sale increased significantly in March 2023 from February 2023. The total number of homes listed for sale in February was 361. The total number of homes listed for sale in March 2023 was 710. This is an increase of 96.7%. This is most likely due to a decrease in mortgage interest rates coupled with the official start of this spring season which is peak real estate time.
Number of homes sold
The number of homes listed for sale on the market increased very significantly. So did the number of homes sold. In February 2023 49 homes sold in Omaha. In March 2023 182 homes were sold. This is a promising increase of 271.4% in the sale of homes in just one month.
Of the homes sold in March 2023 43 were sold under the official listing price at 25%. 52 homes were sold for the listing price which is 30% of the total homes sold. 76 homes were sold above the list price for a total of 44% of homes selling above the list price. The majority of homes in Omaha in March 2023 sold above their list price.
How long did homes take to sell?
The average time to sell a home went down from 23 days in February to nine days in March. Homes sold much more quickly. The average time to sell a home dropped 59.2% last month. In March 164 homes were sold in under 30 days this is a majority of the homes that were sold at 90%. Homes sold very quickly in the month of March 2023.
Looking over the current real estate market numbers for March 2023 in the Omaha real estate market it looks to be a very promising time to sell a home. Homebuyers may want to be prepared for increasing competition in peak real estate season. No matter if you are buying or selling a home in Omaha having the right local real estate agent on your side is a key to success.
For more information on real estate in Omaha please contact us anytime.
