As an expert in the real estate industry, I have closely monitored the market trends in Douglas County, NE and its neighboring counties. Located in the eastern part of Nebraska, Douglas County is home to the city of Omaha, which is the largest city in the state. With a population of over 500,000, it is no surprise that the real estate market in this county is thriving.
The Current State of Real Estate in Douglas County
According to recent data from the Nebraska REALTORS® Association, the median home price in Douglas County has steadily increased over the past few years. In 2018, the median home price was $180,000 and by 2020, it had risen to $200,000.This shows a healthy growth rate of 11% in just two years. Additionally, the average number of days a property stays on the market has decreased from 45 days in 2018 to just 30 days in 2020. This indicates a high demand for homes in Douglas County and a competitive market for buyers. One of the main factors contributing to this growth is the strong economy in Omaha. The city is home to several Fortune 500 companies such as Berkshire Hathaway and Union Pacific, providing a stable job market and attracting new residents.
Comparison to Neighboring Counties
When comparing Douglas County to its neighboring counties, we can see that it stands out as a top performer in terms of real estate market growth. Let's take a closer look at some key statistics.Sarpy County
Sarpy County is located just south of Douglas County and is home to the city of Bellevue.It has a population of around 180,000 and is known for its strong military presence due to the nearby Offutt Air Force Base. In 2018, the median home price in Sarpy County was $225,000, which was higher than Douglas County's median price at the time. However, by 2020, the median home price in Sarpy County had only increased by 4%, reaching $235,000. This is significantly lower than Douglas County's growth rate of 11% during the same period. Furthermore, the average number of days a property stays on the market in Sarpy County has increased from 30 days in 2018 to 45 days in 2020. This suggests a slower market and less demand compared to Douglas County.
Cass County
Cass County is located just south of Sarpy County and has a population of around 26,000.It is a more rural area with a slower pace of life compared to Douglas County and Sarpy County. In 2018, the median home price in Cass County was $190,000, which was slightly lower than Douglas County's median price at the time. However, by 2020, the median home price in Cass County had only increased by 3%, reaching $195,000. This is significantly lower than both Douglas and Sarpy counties' growth rates during the same period. Additionally, the average number of days a property stays on the market in Cass County has increased from 60 days in 2018 to 75 days in 2020. This indicates a slower market and less demand compared to both Douglas and Sarpy counties.
Factors Affecting Real Estate Market Growth
So, why is the real estate market in Douglas County outperforming its neighboring counties? There are several factors that contribute to this growth.Location and Amenities
Douglas County's location in the heart of Omaha makes it an attractive place to live for those who want to be close to the city's amenities.With a thriving downtown area, a variety of restaurants and entertainment options, and easy access to major highways, it is no surprise that people are willing to pay a premium to live in this county.
Strong Job Market
As mentioned earlier, Omaha is home to several major companies, providing a stable job market and attracting new residents. This has a direct impact on the real estate market as people move to the area for job opportunities and need a place to live.Low Cost of Living
Compared to other major cities in the United States, Omaha has a relatively low cost of living. This makes it an attractive option for those looking to buy a home and settle down without breaking the bank.The Future of Real Estate in Douglas County
Based on current trends, it is safe to say that the real estate market in Douglas County will continue to thrive in the coming years. With a strong economy, desirable location, and affordable cost of living, it will remain an attractive place for both buyers and sellers. However, it is important to note that the COVID-19 pandemic has had an impact on the real estate market in Douglas County, as it has in many other areas.While there was a slight dip in home sales during the initial months of the pandemic, the market has since bounced back and is showing signs of continued growth.
