January 2022 - Omaha Area Real Estate Market Statistics
by Ryan Renner
on Friday, February 18th, 2022 at 8:19am.
The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
The Bottom line:
2022 just might be the opportunity that many Buyers have been waiting for to make their home purchase dreams a reality. But the challenge of low inventory and fierce competition still very much exists. Also, inflation, soaring sales prices, and surging interest rates causes affordability to continuously decline.
Average Sold Price: $299,017 (Up 12.1% from January 2021) Homes Sold: 771 (Down 8.6% from January 2021) New Listings: 992 (Down 8.7% from January 2021) Pending Listings: 894 (Down 13.7% from January 2021) Days on the Market: 16 Days (Down 11.1% from January 2021)
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