Building Costs Per Square Foot in the City of Omaha (NE), USA

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Residential Construction Market Analysis in the City of Omaha (NE), USA

Newly Built House in Omaha 10816 S-176th ST NE68136 - 5 Bedrooms and 5 Baths with 3 Attached Garages on Gross Floor Area 4,835 sqft - Built in 2021 - Price $825,900 (5)

Newly Built House in Omaha 10816 S-176th ST NE68136 – 5 Bedrooms and 5 Baths with 3 Attached Garages on Gross Floor Area 4,835 sqft – Built in 2021 – Price $825,900 (5)

Building costs are equivalent to the national average in the City of Omaha in Nebraska. The economy in general seems to be somewhat unstable, especially after the pandemic, but the real estate market was one of the areas hardest hit. Nothing is predictable anymore, and in some cases, it is difficult to make a complete analysis of the situation.

Fortunately, if a particular analysis of the different cities or states is made, it is easier to identify how the real estate market is. That is why we bring you an article dedicated exclusively to the real estate market in the city of Omaha, Nebraska so that you can leave fully informed.

Omaha (NE) Construction Outlook

Omaha is the most populated city in Nebraska, even though the state’s capital is Lincoln. It has a total population of more than 500,000 inhabitants, but they are spread over a wide territory, so Omaha is not a typical city full of buildings.

It has some tall and large buildings, but they are not the highlight of its construction outlook. In Omaha, you will find many townhouses and condos or buildings with less than 15 floors in the center of the city and the surrounding area.

On the outskirts of the city, there are beautiful houses designed for families of 4 to 8 people. There are not many luxury houses but there are some neighborhoods that are more exclusive than others.

Omaha (NE) Housing Market Analysis and Forecast

The real estate market in the city of Omaha in Nebraska represents quite stable numbers, which have not had very abrupt changes in recent years. This means that in the last decade it has not presented extreme growth peaks or falls in property values.

Throughout 2022 the general value of properties increased by 10%, although even with these values ​​it continues to be one of the most affordable cities in the country. It has similar values ​​to other parts of the Midwest, although the quality of life in Omaha is better than in other cities in the region.

Houses are usually listed for 10-15 days, although this can vary greatly depending on the type of property and the area of ​​the city in which it is located. Even taking those variables into account, it’s still one of the best average times listed in the country, so this is a positive indicator for investors or people looking to sell their properties.

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The Omaha, Nebraska real estate market is often largely influenced by the weather. As you read, the seasons of the year determine how many properties are sold and at what price. People often look to buy a property and move during the summer and spring in Omaha, as the cold winter makes all that much more difficult.

Our recommendation is that if you already live in the city of Omaha, or in the State of Nebraska, then look to buy in the winter or fall months since you will find cheaper prices on properties and it will not cost you as much to move. Now if you are moving from another state, summer and spring is the ideal time of the year, even though it may cost a little more, you will save money in the moving process.

Omaha (NE) Average House Price (Median Home Price)

The value of the median home in Ohama is $260,000, up 13% from what it was in November of last year. In July of this year, it reached a high peak of $270,000, as this usually happens in the summer. It is expected that in the winter this value may drop a bit, close to $250,000.

Do not forget that the median home price is obtained from all the properties listed, so it can vary greatly depending on the region, the state of the property, and the type of property it is. Next, we will give you some more exact data so that you have a clearer idea.

The single-family home has an average value of $260,000, although it reached higher peaks during the summer, being $280,000, which is expected to be repeated during the summer of 2023. They are the most expensive properties but this is a common trend nationwide.

In the case of condo/co-op properties, the average value is $235,000, and although it is a low number, keep in mind that it increased by 35% compared to the same period during 2021, so they are numbers that are always on the rise.

Townhouses have an average value of $277,000 and are Omaha’s real hot properties, with an annual increase in value of 19%. Contrary to the trend in the city, these properties saw an all-time spike in value during January when they reached $400,000. The drop was immediate from February of this year, so it is a particular case that occurred and probably will not be repeated in January 2023.

Proposed Residential Building Projects in Omaha (NE)

If you are curious about the real estate projects that are coming up in the city of Omaha then you are in the right place, here we will tell you a little more about them. All in all, residential construction projects in Omaha, Nebraska are not super innovative or varied, but they are made with the needs of the people in mind.

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All the projects that are done in Omaha are mostly intended to be residential houses for families or couples since it is the type of people that seeks to buy properties in this Nebraska city.

On the outskirts of Omaha, there are some luxury housing projects, or they are looking to transform a block into something like a private neighborhood with houses that are a little more luxurious than the others in the city. These homes are valued at well over $600,000 but are a good size and modern, especially when compared to others in the area.

There are also townhouses and condo projects on the outskirts of the city, but not that far from downtown Omaha. Above all, townhouse projects had a surprising rise in 2022, since it is not something so common in other cities in the United States.

Newly Built House in Omaha 21056 Howe Street NE68144 - 5 Bedrooms and 5 Baths with 4 Attached Garages on Gross Floor Area 4,616 sqft - Built in 2022 - Price $849,900

Under Construction To Be Finished in January 2023. Newly Built House in Omaha 21056 Howe Street NE68144 – 5 Bedrooms and 5 Baths with 4 Attached Garages on Gross Floor Area 4,616 sqft – Built in 2022 – Price $849,900

Building Costs Per Square Foot for Single Family Homes in the City of Omaha (NE), USA

Building costs are equivalent to the national average in the City of Omaha in Nebraska.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in The City of Omaha ranges from $344.89 per sqft to $528.70 per sqft, with the average being $407.02 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in The City of Omaha ranges from $209.61 per sqft to $321.30 per sqft, with the average being $247.36 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in The City of Omaha ranges from $135.50 per sqft to $205.81 per sqft, with the average being $158.64 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in The City of Omaha ranges from $98.89 per sqft to $151.65 per sqft, with the average being $116.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in The City of Omaha ranges from $80.27 per sqft to $122.93 per sqft, with the average being $94.65 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in The City of Omaha ranges from $63.31 per sqft to $97.04 per sqft, with the average being $74.68 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.


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