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For Buyers | For Sellers | Home Prices

If you’ve been following real estate news lately, you’ve probably seen headlines saying home prices are flat. And at first glance, that sounds simple enough. But here’s the thing — the reality in the Omaha metro area (and across eastern Nebraska and western Iowa) isn’t quite that straightforward.

What the Data Really Shows

While home prices have definitely cooled off from the rapid climb we saw from 2020–2022, how much they’ve changed depends heavily on where you live.

When you look at national data, you’ll see a mixed picture: about half of the major markets are still seeing prices inch higher, while the other half are softening a bit. But “flat” doesn’t mean stable everywhere — and it certainly doesn’t describe what’s happening right here in Omaha, Papillion, Elkhorn, Bennington, Council Bluffs, or Lincoln.

Here in our local market, inventory continues to play a big role. The Joint Center for Housing Studies of Harvard University explains that prices tend to dip in areas where inventory has surged — and rise where homes for sale remain tight.

And that’s exactly what we’re seeing locally. Many neighborhoods around Elkhorn, Papillion, and Bennington still have limited supply, keeping prices firm or even ticking up slightly. Meanwhile, in a few parts of Lincoln or Council Bluffs where inventory has opened up a bit, prices are leveling off or adjusting modestly.

Keeping Perspective

Even in markets where prices are softening, it’s important to remember how much equity homeowners have gained in the past few years. Home prices across the country rose about 50% over the last five years — and many Omaha-area homeowners saw even stronger appreciation during that time.

So, while we may see a small pullback in some neighborhoods, most homeowners are still well ahead on value, and experts aren’t forecasting a national downturn.

If You’re Buying…

Knowing what’s happening locally is key.

  • In areas where prices are still inching up — like much of West Omaha, Elkhorn, and Papillion — waiting too long could mean paying more later.
  • In parts of Council Bluffs or Lincoln where prices are easing, buyers may have more room to negotiate or ask for seller concessions.

The bottom line: understanding your local market gives you leverage and confidence in your next move.

If You’re Selling…

Pricing your home right depends on knowing what’s happening in your neighborhood.

  • In high-demand areas like Bennington, Elkhorn, or Papillion, homes priced correctly are still moving fast and often receiving multiple offers.
  • In markets where prices have softened a bit, being strategic with pricing and open to negotiation can make all the difference in getting your home sold quickly.

Working with a local real estate expert ensures your pricing strategy reflects what buyers are actually doing right now — not just what the headlines are saying.

The Real Story Is Local

National averages are helpful for context, but what’s happening in Omaha and surrounding communities can look very different. As Realtor.com’s Senior Economist Anthony Smith puts it:

“While national prices continued to climb, local market conditions have become increasingly fragmented.”

That’s exactly why having a local agent on your side matters. A true local expert knows the trends by neighborhood — from midtown Omaha to Papillion-La Vista and south Lincoln — and can help you understand how today’s conditions affect your buying or selling plans.

Bottom Line

Headlines might call home prices flat, but here in the Omaha area, the story is much more dynamic.

Has anyone walked you through what’s really happening in your neighborhood?

If you’d like to understand how local home prices are trending and what that means for your next move, let’s connect. I’ll give you the real story — not the headline version.

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