There are a number of factors affecting today's real estate market including the seasonal nature of home sales, but some of the biggest news is that mortgage rates have decreased 5 weeks in a row. Let's take a look at how those factors have affected some of the monthly and year-to-date numbers in Douglas and Sarpy Counties.

Douglas County Existing Homes

There were more closed residential sales in November 2023 compared to November of 2022 and the median sale price in November was $275,000, up almost 6 percent compared to the same time last year.

According to FreddieMac, interest rates in November 2022 were almost an entire point lower than they were in November 2023, but sale prices in Douglas County continued to rise.

Douglas County New Construction

New construction sales remain steady compared to last year with median sale prices hovering around $435,000. The availability of new construction homes continues to rise since the pandemic with about 450 homes under construction or completed in November.

Sarpy County Existing Homes

The number of sold properties in Sarpy County were down a little bit in November but similar to Douglas County, prices were up compared to last year. In this case, the median sale price for an existing home in Sarpy County was $305,000 in November, up almost 11 percent compared to last year.

Sarpy County New Construction

New construction in Sarpy County looks very similar to the new construction numbers in Douglas County with about 500 available homes under construction or completed and a median sale price of $430,000.

Bottom Line

Mortgage rates are forecasted to decrease over the course of the next year. In my opinion, there's no doubt in my mind, we will see another competitive spring market. For those interested in finding a great deal on an existing home, this winter might be the perfect time. Prices are often lower in the winter than in the spring, and interest rates seem to be declining. Let's connect and talk through your selling or buying options.