Lincoln's housing market is on an upward swing and not slowing down
If you’ve noticed a few more “For Sale” signs popping up around town, you’re not alone. The housing market in Lincoln is on an upward swing and the latest statistics show that trend isn’t slowing down.
“I think August home sales will certainly continue the trend we’ve been on,” said Kyle Fisher the Executive Vice President of the Realtors Association of Lincoln. “I don’t think we’ll see a letdown in August.”
Fisher said that since January 1st of this year there has been a 10 percent increase or about 3,200 new listings of existing homes in Lincoln.
“What we’re seeing is a very, very steady trend,” said Fisher. “Today’s home market at about 25 days on market, median home sale price of about $200,000, we think we can keep that up for Lincoln.”
As for new construction sales in Lincoln, Fisher said they are actually down from last year. Factors like a bitter winter and rainy spring don’t factor into existing home sales as much as it would for those newly constructed homes.
In July, closed home sales were up five percent from 2018.
“That means more homes have come on the market in this past year,” said Fisher. “More homes have closed in July this year as compared to July of last year.”
Fisher said homes in what he deems the “sweet spot” for pricing are going up more often and selling faster.
“Any home that comes on the market that’s between about $150,000 and $250,000 it generally sells pretty quickly,” said Fisher. “Our days on the market is sitting at about 24 right now.”