Grow Omaha Residential

An ordinance approved by the Omaha City Council last month changes the Omaha zoning regulations to allow accessory dwelling units (ADUs) throughout the city. An accessory dwelling unit is an additional small house or apartment on a single-family residential property.

ADUs are nothing new for Omaha. Carriage houses and apartments above garages are scattered throughout Omaha. The new zoning changes make it easier for homeowners in dense areas of the city to gain approval without consent from their neighbors.

In addition to providing an option for a growing, or aging, family, ADUs will address a critical need for more affordable housing. The code will only allow one ADU per residential lot. They can be rented, but not sold separately from the primary residence. They will have to conform to city regulations, including setback and height, and can't be larger...

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According to a Realtor.com study, the best week to list a house for sale is April 14-20. The study was based on high buyer demand, lower competition from other sellers and fewer price reductions than the typical week of the year. The study also suggests that listing during April 14-20 could increase the sale price by 5-10 percent compared to the beginning of the year.

In Omaha, we often see prices increase between March and July. Let's take a look at the numbers for Douglas and Sarpy counties for the month of March.

Douglas County Existing Homes

The median sale price for existing homes in Douglas County was $$276,500, representing a 4% increase over last March. We saw a 30% increase in the number of available homes in March of this year compared to last year, with 534 homes for sale.

According to FreddieMac, interest rate...

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The National Association of Realtors (NAR) reported that they have reached a settlement in multiple copycat lawsuits around the country involving home sellers claiming the association's policies surrounding Realtor compensation artificially increased their costs. This settlement must first be approved by the federal court before it goes into effect. The highlights of this settlement include:

• Offers of compensation must be removed from the MLS beginning July 2024
• Buyer representation agreements will be mandatory starting July 2024
• The payment of $418 million in damages over 4 years to the plaintiffs

Key Rule Changes (Not Finalized)

• Offers of compensation to buyers' agents will not be allowed in the MLS
• Buyer agreement must be signed before showing properties and that the buyer ag...

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Ahead of the Omaha spring real estate market, buyer and sellers are more aware than ever of their switching costs. Sellers are becoming more impatient with the rise in mortgage rates that have kept them from moving on with their lives. Lifestyle changes for these sellers will drive the spring market, increasing the number of available homes and giving options to buyers.

Lifestyle changes and seller impatience are 2 of the important factors that keep the Omaha housing market stable. Nationally, the average person makes a real estate move every 8 years. Here's a look at the past 8 years of residential real estate growth in Douglas County showing the stability of our market.

Average Sales Price

2016 - $204,500
2023 - $346,450

Average Days on Market

2016 – 30 days
2023 – 14 days

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When people ask me about the real estate market, there are many variables within each market – price and location are the first that come to mind. For purposes of this article, we're going to take a look at the market differences when it comes to home prices in Douglas and Sarpy Counties. 

Average Days on Market by Price Range 

According to the data provided in the Great Plains Multiple Listing Service the average days on market for existing homes in all price ranges in January was 18. However, if you were trying to sell a house under $250,000, the average days on market was 16. The higher price the price range, the longer the time on market. For example, the average days on market for a house in the $250k - $500k range was 18 days. For the $500k - $750k range the average days on market was 19. And for the $750k - $1 million price ra...

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