Are Home Values Rising or Falling in Omaha? Here’s the Real Story.

by Chris Jamison

If you’ve been following national housing headlines lately, you’ve probably noticed the mixed signals.

A new Zillow report found that in half of the country’s largest metros, home values rose over the past year — and in the other half, they fell.

So what’s really happening? And how does Omaha compare? Let’s break it down.

📊 National Market Trends

Across the U.S., home values have barely moved, rising just 0.2% year-over-year.

Here’s where things stand nationally:

Prices are rising in 25 major metros, especially in the Midwest and Northeast (Cleveland +4.7%, Hartford +4.5%).
Prices are falling in 25 others, mainly in the South and West (Tampa -6.2%, Austin -6.0%, Miami -4.6%).
27.4% of sellers cut prices — the highest rate since Zillow began tracking in 2018.
Median days on market: 60, the slowest July in over a decade.
Affordability: Still a major challenge, with payments about $1,000 higher per month than pre-pandemic levels.

Nationally, it’s a market of contrasts — and one where local data matters more than ever.

🏠 What’s Happening in Omaha

Here in the Omaha metro, the story looks very different.

Median Sold Price: $317,000 — flat year-over-year.
Days on Market: Just 9 median days, compared to 60 nationally.
Months of Supply: 2.7 months, up 8% from last year — showing a gradual shift toward balance but still leaning seller-friendly.
Resale Inventory: Up 31% year-over-year for previously owned homes.

That mix tells an interesting story: inventory is building, but buyers are cautious. Homes that are priced right and presented well are still moving quickly, while overpriced listings are seeing fewer showings and longer days on the market.

💬 What It Means for Buyers

Nationally, buyers are seeing more homes linger and more price cuts. In Omaha, the dynamic is different — there’s more selection, less frenzy, and still real opportunity for buyers who are ready to move.

If you’re shopping right now:

Watch for homes sitting 2–3 weeks — those sellers may be open to negotiating.
Get pre-approved before you start looking. Many sellers here still want proof of funds or preapprovals before showings.
Don’t wait for interest rates to drop — that’s the mistake many made in 2023 and 2024. When rates do ease, competition will return fast.

💡 In short: Buyers who act strategically right now could end up with a better price and less competition than we’ve seen in years.

🏡 What It Means for Sellers

The national data is clear — homes that are overpriced are sitting. Homes that are priced right from the start are still selling.

In Omaha, well-prepared homes under $400K are moving in under 10 days, while listings that stretch above fair market value are lingering past 30.

If you’re thinking about selling:

Price competitively. You don’t need to underprice, but you do need to be realistic.
Upgrade your presentation. Professional photos, 3D tours, and clean staging still make a huge difference.
Stay flexible. If showings are slow after week one, respond quickly — don’t wait weeks to adjust pricing or marketing.

🧭 The Bottom Line

As Zillow’s senior economist Kara Ng put it:

“Perhaps more than ever, whether it’s a good time to buy depends on where you live.”

And in Omaha, the numbers show opportunity — not panic. Prices are steady, inventory is growing, and motivated buyers have more room to negotiate than they’ve had in years.

This isn’t 2021’s feeding frenzy, but it’s not a downturn either. It’s a market that rewards strategy, patience, and preparation.

📈 Want to see how your neighborhood stacks up?
Take my Neighborhood Quiz to discover which part of Omaha fits your goals — or grab my free Omaha Relocation Guide for an inside look at current market trends.