Heartland Slowdown?

The Nebraska real estate market has slowed, and is now controlled by the buyers.

The balance between supply and demand is taking shape as the king Corn Belt state takes it in stride. It’s a buyers market in Nebraska. Low interest rates produced a sellers market that brought record prices and the biggest boom that Nebraska had seen in more than a decade.

In Omaha housing sales have slowed as the inventory of homes has grown by 20%. Omaha is forecast by Housing Predictor to depreciate 4.1% in 2007 on a median price of $141,000. The good times of high flying Nebraska real estate prices have caught up with the Corn Belt state.

Omaha, however, is still growing. New developments of homes are being constructed, but just not as many as there were during the markets hay day. Some planned developments have been put on hold. Nonetheless, mostly affordable mid-west real estate is still on the rise in Nebraska, but to a more limited degree.

In Lincoln the market boomed. Homes increased in price greatly, but the market slowed and will record an average loss of 3.8% in 2007. The median price is $139,000.

In Norfolk the market is making adjustments to a slower pace. The Norfolk median price hit $130,000 before prices started moving downward. Norfolk will see prices adjust downward a forecasted 2.9% in 2007.

There’s a sense in Nebraska above many other places that the housing market will do just fine over the long haul, and that the people are just fine with that since they didn’t experience massive appreciation that many other areas of the nation have.

In Valentine, which has a name that you have to love, the appreciation has slowed with the heart beat of Nebraska. Little old Valentine, which has some of the most affordable housing in the state, will see depreciation of just 3.2% in 2007 on a median price of $94,000.

 

Article Source http://www.housingpredictor.com/nebraska.html