Omaha real estate prices increased by 12.3% in comparison to last year. Most homes in the area sell for a median price of $265,000. Many potential home buyers and sellers have questions about the entry they can make in the market considering there hasn't been any sign of decline in supply and demand throughout the year.

With buyer demand increasing due to more interest in buying rather than renting, the market is at a great point where it makes the perfect time to either buy or sell within the Omaha marketplace. Before jumping into Omaha's real estate market, keep reading to learn the top three things that you should know about it.

1. Omaha Is Still More of a Sellers Market

Asking prices are rising in Omaha real estate and oftentimes, they don't have to be raised by the seller. With the current increase in buyer demand, if you want to buy a house, houses in this area are almost always being sold for more than the initial listing price.

While Nebraska presents with a housing shortage, the actual supply of homes does not show signs of decline, and the real estate market as a whole is featured for its affordability.

While there are plenty of signs that the market's headed towards a balanced state, the fact remains that right now, sellers are in the driver’s seat for real estate in Nebraska. All this means is that prices tend to be of a higher value while also selling faster.

2. It’s a Race: Multiple Homes Are Selling in Under 30 Days

As of June, the average sell time for homes in the Omaha real estate market is around 5 days. Overall, 97% of homes in the market are selling in under 30 days. Currently, it's not likely that it takes longer for Omaha homes to take any longer than a month before being taken off of the market.

The amount of time it takes to sell a home can be a good indicator of how hot a real estate market is. When supply is low and demand is high, that’s when the market gets competitive. This is also another indicator that sellers have the upper hand making home buying a true race for those looking to close on their next home.

3. If You’re a Buyer, Prepare to Pay More Than Asking Price

If you’re a buyer looking to purchase Nebraska real estate, be ready to pay more than the asking price. In a seller's market, many buyers will be ready to make an offer that would be above the asking price to make their offers immediately more competitive.

With 288 homes sold in June over the initial asking price, that accounts for about 60.6% of homes sold over asking in the past month. The best way to protect yourself as a buyer is to prepare to make a competitive offer as soon as you're interested in a property.

Enter the Market With the Help of Experts

The Omaha real estate market is hot in terms of affordability. The Omaha metro area includes the following suburbs:

If you’re a seller, you’re likely to get a higher price for your home. However, if you’re a buyer, you’ll likely face stiff competition but if you're a fast mover set with intention, you could experience fast closing opportunities.

If you’re thinking about buying or selling within the Omaha real estate market, keep these top three trends in mind. With this knowledge, you’ll be better prepared for the challenges you could face in the Omaha market.

To make the process simpler and to find the best properties for your budget consult Nebraska Realty experts.