Home Values Rising in Nebraska Amid Coronavirus Crisis
See how the housing market is doing in the Cornhusker State during COVID-19.
Current home values in Nebraska
Home values have been rising throughout Nebraska and are up 7.1% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $307,137, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Nebraska: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $307,137 home at 3.33% would give a typical Nebraska homebuyer a monthly payment of $1,080, assuming a 20% down payment.
How the Nebraska housing market stacks up
Families can enjoy country life after a busy work day
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Nebraska, they're predicted to rise 4.4%.
Homes right now are going on the market in Nebraska at a median price of $118 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Nebraska home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $178,146 |
| 2019 | $166,288 |
| 2018 | $158,133 |
| 2017 | $147,375 |
| 2016 | $138,433 |
| 2015 | $131,733 |
| 2014 | $125,425 |
| 2013 | $121,892 |
| 2012 | $117,958 |
| 2011 | $117,150 |
| 2010 | $119,033 |
| 2009 | $118,408 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Nebraska is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $294,249 |
| 2019 | $315,000 |
| 2018 | $300,000 |
| 2017 | $282,500 |
| 2016 | $262,500 |
| 2015 | $252,500 |
| 2014 | $237,500 |
| 2013 | $230,000 |
| 2012 | $220,000 |
| 2011 | $215,000 |
| 2010 | $225,000 |
| 2009 | $220,000 |
*2020 price average through March 31, 2020.
