Nebraska Real Estate

Even though Nebraska has more miles of river than any other state, there was a time when it was thought to be an unfertile desert area. But, because of one of the most extensive systems of underground lakes and irrigation in the nation, Nebraska has become a state covered in farmland. Of its 49 million total acres, 45.9 million are used for agriculture. The state economy thrives on its agriculture, so much so, that 70% of its population live in either Omaha or its capital city Lincoln, or the surrounding areas just outside of these two cities. The rest of the state’s land is solely used to produce crops and serve as Nebraska’s primary economic driver.

Nebraska has many types of properties to choose from. The state does have many sections of newly constructed homes and then it also has many ranch style farm houses available. In 2000, there were 722,000 housing units in the state, of which 493,000 were in urban areas. The homeownership rate is at 67.4% and the vacancy rate is at 7.8%. Housing is very affordable in Nebraska. The median price of a home is $88,000. The population is very low too. In 2005, the state had 1.75 million residents and of that, 1 million lived in urban areas.

In West Omaha, there are currently more buyers than sellers. Houses are staying on the market for 90 to 120 days. There is a good supply of homes available in all price ranges and sellers are still receiving 93-100% of their asking price. This is a hot time for buying in the area because interest rates are low, sellers are negotiating their prices, and prices are down 5-10% from last year. The average selling price of a home is at $275,000.