Starting the journey of selling or finding the best home in the Lincoln housing market can be difficult. The housing market is ever-changing, and the values of homes fluctuate constantly. Not to mention, things have changed drastically in light of the pandemic.
Lincoln is ranked as the best city to live in Nebraska, according to Niche. Not only does it appeal to families, but it also appeals to people in their 20s because of the nearby college.
On average, market reports show that homes in Lincoln, NE, sell for around $270,000 as a median home price. However, you should note that since June 2022, house values and mortgage rates have increased by 10.7 percent over the asking price and usually sell within six days.
Luckily, that means this is a seller’s market, and you’ll be able to sell a house fast in Lincoln. If you’re a buyer, you might have a bit of competition for your dream home.
Moving is already a hassle, but finding the best home buying company and a real estate agent you trust can be downright frustrating; Element Home Buyers has you covered.
Average Home Price in Lincoln, NE
When comparing the most expensive home sales in NE, homes in Lincoln are on the higher end of the spectrum.
The houses in Lincoln, NE, usually sell for around $270,000. That is in comparison to the average of any other city in Nebraska, with a range of $175,000 to $250,000. But this is an estimate, and these houses may sell quickly and at a more competitive value due to the climate of the real estate market trends.
When looking at the higher end of average prices, it’s typical for luxury homes to be around one to three million dollars. However, this isn’t the most that mansions have sold for, as in other places where huge houses are the norm, they sell for much more.
High and Low Home Prices in Lincoln, NE
When you’re looking at the high and low spectrum of houses in Lincoln, there are many factors to consider. It’s very easy for the housing market to look different from previous years due to the pandemic.
On the lowest spectrum, a house that needs a lot of TLC could be as low as $5,000. A more reasonable value for the lower spectrum is around $190,000, a little below the average of $270,000. The highest price seen in Lincoln has been around $5.75 million.
Some of the features that distinguish the higher-end prices of houses from the lower are the following:
- Location
- Square feet per room
- Floor plan and design
- Number of bedrooms and bathrooms
- Master with walk-in closets and his/her’s dressing rooms
- Timeless, high-quality finishes
- Gourmet kitchen with high-end appliances and custom cabinets
- Curb appeal
- Craftsmanship in architectural design
- Pool
- Tennis courts
- Media room
- Private gym
- In and outdoor entertaining facilities
- Wine cellar and/or bar
- Landscaping
- Ceiling height
- Window and light quality
- Flooring
- Multiple garages
Best Areas To Live in Lincoln, NE
Surrounding areas of Lincoln are still very close to the big city where the college and city feel are. If you want to be near a big city but not all the hustle and bustle that comes with living in the center of it, there are a ton of nearby cities to Lincoln you can check out.
Here are the best ones to consider.
Seward
The overall grade of this small town is an A, which is the highest grade achievable. It’s in a safe area with a lot of restaurants, and the feeling of the town is very friendly — great for families. There’s little crime in the area, and the housing also received an A for quality. Some of the best public schools are in this city as well.
Waverly
This city is perfect for families but has a lower grade for its public schools at a B+. When it comes to crime, the results were inconclusive. Most of the demographic that lives here are families and young professionals. This area is considered to be more rural, and there are a lot of parks to hang out in and take your kids to.
Crete
This area is considered suburban and well-known for its diversity. The crime in the area is minimal, but the city has a score of B+. The same grade applies to suitability for families. This area is mainly tailored toward families than any other demographic.
Rock Creek Township
This rural area is most known for the residents of single-family homes in the area. There’s a lack of diversity here, but the elementary schools are ranked above average.
Hickman
This suburban area has a decent amount to do. It has bars and parks, which provide adults and children alike with a place to have fun and hang out. The public schools are considered highly rated and some of the best in the Lincoln area.
Sale-to-List Price Ratio in Lincoln, NE
The sale-to-list price ratio can vary, but when looking at the median average of $274,900, many homes have sold well above the average median price. When considering other homes in the area of Lincoln, NE, you can see most homes sold for around $365,000.
This is a little less than $100,000 more than what the median average selling price is in Lincoln. There have also been homes sold on the highest end of that range, close to the $2.8 million area.
Average Days on Housing Market
If you look at different sites and resources for the average days that houses spent on the market in Lincoln, NE, most average around nine days or less. Again, this is just an estimate of days that can vary, depending on how well and competitively priced the house is. The selling percentage in this period has also increased by 15.4 percent in June 2022.
Overall, on average in that same month and year, there were 383 homes sold in under 30 days, 15 homes sold in 30 to 90 days, and 6 homes sold in over 90 days.
Conclusion
When you consider the Lincoln, NE housing market as a whole, the houses continue to sell within the list price or well above, depending on how updated they are and what special features the home includes.
The city of Lincoln and surrounding cities are well-known for safety as their number one priority, and they cater more to families than any other demographic. Many young adults still reside in the area, taking advantage of the professional opportunities and proximity to the University of Nebraska.
Besides having a lot to do in the area, Lincoln has some of the best public schools for your children, so in any area in or surrounding Lincoln, NE, you are guaranteed to give your children the best education possible.
As part of raising your kids in Lincoln, NE one should consider how safe the neighborhood is as well as the surrounding neighborhoods of Lincoln. There’s a lack of crime, and it’s one of the safest areas in Nebraska.
In the real estate market, you need to move quickly with your offer and know that buyers will try to outbid you by offering way above the list price; so find homes for sale that are a little below your price range and figure out a higher amount you can afford within your price range.
When you’re ready to sell your house and move to the Lincoln area, we buy houses Nebraska sellers want to part with.
If you’re already familiar with NE and live near Lincoln, we’ll have Omaha cash home buyers at your service.