Our Northeast Nebraska market is red-hot as we close out the summer.
If you pay attention to our Northeast Nebraska real estate market, you’re aware that things are moving quickly. Houses are selling in a matter of hours, and we’re fortunate because not every state can say that.
Here in Columbus, sale prices have increased 6% to 8% in the 30 days leading up to the recording of this video, and the National Association of Realtors reported a 25% increase in total sales in June and July—the largest jump we’ve seen since 2006. Obviously, consumers are more confident in the market. Builders are more confident, too: New construction prices have increased by almost $15,000 per contract. This includes custom and spec houses.
This increase is primarily due to interest rates being advertised as the lowest in history. We’ve had a lot of homeowner clients who wanted to refinance and, upon discovering how much their home is worth, decided to sell or remodel instead. All the builders I talk to are crazy busy, and it’s hard to get on their schedule.
Though it’s only September, we’ve already outpaced the number of units closed that we saw during 2019 as a whole (419). At the end of last year, we sold $74 million in volume. As of now, we’ve sold $100 million in volume.
With prices this high and homes selling in record time, it’s great to be a seller. Since interest rates are so low, buyers can take advantage of this market as well. In our area, we should be grateful the market is as good as it is. Overall, the housing market is holding together most of the economy, especially locally.
If you have questions about our Northeast Nebraska market or are thinking of buying or selling soon, don’t hesitate to call or email me. I’m here to help.