Lincoln’s Real Estate Market Shows Strong Growth Trend from March 2023 to February 2024

Overview of Lincoln’s Real Estate Market

The real estate landscape in Lincoln, Nebraska, has grown over the last 12 months. One of the most salient trends in the data is the steady climb of average property values in the city, beginning at around $328,000 in March 2023 and stepping up marginally to approximately $330,000 by February 2024, with a significant peak hitting $353,000 in June 2023. This showcases a vibrant market with growing demand and a strong year-over-year increase in home values.

Simultaneously, accompanying this increase in property values is the upward movement in the sale price per square foot, which escalated from $206 to nearly $215 over the same time frame. This metric underscores that properties in Lincoln are becoming more expensive to acquire on a per-area basis, indicating a seller’s market where demand outstrips supply, and prices are pushed higher.

However, it’s worth noting that the sale prices experienced fluctuations month to month, with the highest average sale price at about $275,000 in September 2023 and the lowest figure near $258,000 in January 2024. This volatility may be seen as a natural market adjustment or could owe to seasonal trends in buying patterns.

The volume of sales tells its own story, with a pinnacle of 2,886 property sales in November 2023, demonstrating a robust appetite for real estate in the city. This figure dips to 2,446 sales by February 2024, potentially indicative of seasonal slowdowns. The property count, reflective of inventory levels in the market, also showed variability with the highest availability of 215 properties in October 2023, followed by the lowest at 61 in May 2023, which can be a critical factor in pricing dynamics due to supply and demand pressures.

Comparative Analysis with Nearby Cities

When placed in juxtaposition with neighboring cities like Denton, Waverly, Eagle, Hickman, and Garland, Lincoln’s real estate market holds both contrasts and similarities. The nearby cities offer a diverse value proposition with examples like Denton, where the average property value of $350,000 in February 2024 runs a competitive race with Lincoln’s value. However, Waverly and Eagle push ahead with higher average values peaking at $372,000 and $455,000, respectively. The sale prices in these cities also vary, with Waverly achieving around $286,000 and Eagle fetching close to $307,000.

Interestingly, the price per square foot in these neighboring towns can surpass Lincoln’s values, highlighting the unique appeal and potential higher quality or the desirability of locations in those areas. Waverly’s and Eagle’s prices per square foot stand tall at $228 and $237, respectively. It’s intriguing to observe how these different markets have their distinct characteristics, despite their geographic proximity.

Current Market Data and Predictions for Lincoln

As of February 2024, Lincoln’s property value were approximately $330,000, with the sale price per square foot estimated at $159. These figures depict a sustaining upward trend in property valuation. However, comparing January and February 2024 data, one can note a sharp increase in the average value —from $300,000 to $330,000— and a decrease in the price per square foot —from $162 to $159— which implies varying market dynamics such as changes in the types of homes sold or market corrections.

The median price of homes sold in Lincoln over six months, is $245,000, seeing a slight increase to around $256,000 over a 12-month period. The transaction counts of 1,945 over six months and 4,668 over 12 months exhibit a bustling market. Currently, the median value in Lincoln stands at nearly $310,000, and the median price per square foot is at $141, which seems to align nicely with the growing trajectory seen in the larger datasets.

A glance at the foreclosure scene as a proxy for market health in Lincoln shows a foreclosure count of 74, with a median value of approximately $218,000. Moreover, pre-foreclosures and auctions also tell a story of a city that, while experiencing growth, is not without its challenges.

In conclusion, the varying price per square foot indicates that despite the general trend showing increasing average values, buyers might experience opportunities to find value in the market. The trend over the last year suggests that the Lincoln real estate market is not cooling but rather continuing to ascend in valuation, offering both opportunities and warnings to prospective buyers and sellers. To navigate this market successfully, one would need to be mindful of both the data trends and the underlying economic factors driving these changes.