Lincoln ne real estate
Lincoln is the capital city of the state of Nebraska and the county seat of Lancaster County. It has a population of nearly 250,000. The city is quite popular with people looking to relocate because of the attractive employment opportunities and the efficient civic administration. Education and health care are given due consideration. The University of Nebraska is located here. The community has vibrant social and cultural activities. Lincoln follows the pattern of the standard medium sized American cities.
The economy is in good health and is centered on the thriving service industries. The University of Nebraska plays a prominent role in stimulating the economy of the city. The state government also contributes significantly. The major industries in Lincoln are information technology, insurance, banking, rail transport and road transport.
Lincoln Real Estate Trends
Taking into consideration the overall slump in national real estate conditions, the situation looks reasonably good in Lincoln. Approximate figures are about 30 units listed at an average of $135,000 registering a decrease of nearly 1%. There were 3 new homes listed at around $175,000 and about 375 real estate advertisements at an average of nearly $145,000. The number of foreclosures stood over 250 at an average rate of $100,000.
Mortgage rates are up marginally, not enough to give any indication of real estate trends in Lincoln. Current mortgage rates are as follows: 1) 5.784% for 15 year fixed category, up 0.182% 2) 6.143% for 30 year fixed category, up 0.130% 3) 5.399% for 1 year adjustable rate mortgage, up 0.642% 4) 5.413% for 3/1 year adjustable rate mortgage, up 0.562% and 5) 5.561% for 5/1 year adjustable rate mortgage, up 0.428%.
Listing prices for homes in Lincoln are up for 2 and 3 bed but down for 4 bed, at an average rate of about $60,000 to $225,000. Average rates and weekly variations for different units are approximately $60,000 for one bedroom unchanged, $120,000 for two bedrooms up 6%, $160,000 for three bedrooms up 3.5%, and $225,000 for four bedrooms down nearly 7%. Average for all categories is about $170,000 up 2.5%.
The rise in sales prices is a cause for hopes that real estate might be looking up in Lincoln. But it still remains to be seen whether the upward movement can be sustained. The number of units sold has dropped from about 850 this time last year now stands around 525.
Average sales prices and change over the year were approximately $120,000 for 2 bed up over11 %, $160,000 for 3 beds up nearly 15%, $220,000 for 4 bed up nearly 9%. The average for all units was about $165,000 up nearly 13%. The average rate per square foot and weekly variations are about $90 for 1 bed down 20%, $105 for 2 bed up 2%, $110 for 3 bed up 3%, and $96 for 4 bed up nearly 10%. Average square foot rate for all types is $105 up 2%.
Conclusion
Prospective buyers should definitely start looking around.
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