August 2021 - Omaha Area Real Estate Market Statistics
by Ryan Renner
on Monday, September 20th, 2021 at 9:38am.
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
The Bottom line:
The disparity between demand and inventory in the US housing market is so bad that many prospective buyers are turning into renters. And landlords are taking notice of this soaring competition for rental units, resulting in the national median rent increase of 11.4% in 2021 so far.
Average Sold Price: $295,530 (Up 7.4% from August 2020) Homes Sold: 1,430 (Down 0.6% from August 2020) New Listings: 1,621 (Down 3.3% from August 2020) Pending Listings: 1,320 (Down 14.7% from August 2020) Days on the Market: 10 Days (Down 47.4% from August 2020)
This report covers residential real estate activity in the Omaha area, which includes the counties of Dodge, Douglas, Sarpy, Saunders and Washington in Nebraska; the counties of Harrison, Mills and Pottawattamie in Iowa. Sources: Freddie Mac, Great Plains Regional MLS, and ShowingTime