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Home Business

Biz Bits: Home Prices Hit Historic Highs In Nebraska – Lincoln Journal Star

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Biz bits: Home prices hit historic highs in Nebraska

Real estate and new home construction

A new home is constructed near South Folsom Street and West Denton Road in April. Lincoln builders filed the most permits for single-family homes last year since 2005.

GWYNETH ROBERTS, Journal Star file photo

2021 was a year of great upheaval for the housing market, according to new figures from the National Association of Realtors. The median home sale price for the year was $346,900, which is a growth of 16.9 percent from 2020. Home sales were also up, with 6.12 million being sold, an 8.5 percent increase from the previous year. By the end of the year, the unsold inventory of homes fell to a record low of 910,000. Chief economist of the National Association of Realtors Lawrence Yun anticipates a decline in annual home sales for 2022. This is in part due to a rise in mortgage rates. Yun also says that more homes will go on sale during the spring home-selling season, which is a relief to would-be buyers. This new supply is clearly needed, as upgraders buying new homes will free up existing inventory for first-time buyers, Mike Fratantoni, SVP and chief economist at the Mortgage Bankers Association

I’ve written extensively about home prices in Lincoln, which have hit records several years running. As of Nov. 30, the median home price in the Capital City was $236,000, up 14% over last year.

Home prices, of course, are going up just about everywhere, including throughout Nebraska. A recent report from the Omaha branch of the Federal Reserve Bank of Kansas City shows just how much.

According to the report, median home prices in the state passed the $200,000 mark for the first time in March of last year and have continued to surge.

From the beginning of 2020 to the end of October 2021, prices statewide rose 26%. That followed a more than 30% gain from 2015-2019, which was the largest five-year gain this century. Since the beginning of 2015, the median home value in Nebraska has risen by $67,000.

As the report points out, the rise in prices is largely driven by an increase in demand and a decrease in supply. The pandemic actually increased housing demand, as government stimulus payments helped keep household income high during the early months and a booming economy in the later stages led to wage gains for many.

Continued low interest rates have also driven demand, although those attractive interest rates have been offset by the surging prices. According to the report, the average monthly payment for a new mortgage in October 2021 was $924, which is an all-time high, despite financing costs being near all-time lows. 

The report, which you can find at www.kansascityfed.org/omaha/nebraska-economist, says that demand for homes in Nebraska is expected to remain stable this year, which means the pace and cost of home construction could play a key role in housing prices and affordability going forward.

Housing construction picking up

One of the things the Federal Reserve points out is that housing construction is picking up, especially in the state’s metro areas. In Douglas, Lancaster and Sarpy counties, single-family home building is at its highest level in more than 15 years, and construction of apartments is at an all-time high.

Those numbers are borne out locally in building permits filed in 2021.

Builders filed 845 permits for single-family homes last year, the highest one-year total in Lincoln since 2005. The number of town home permits filed, 371, also was the most since 2005.

Apartment developers filed nearly 1,300 permits, which appears to be an all-time record. It’s definitely the most in a year since at least 2004.

The housing permits came in a record year for building permit value. Lincoln passed $1 billion in permits for the first time ever, finishing the year with just over $1.2 billion in permits.

One of the drivers of the demand for housing in Lincoln, and the state as a whole, is that people continue to move here.

According to the U.S. Census, Lincoln added nearly 33,000 people from 2011-2020 and Lancaster County as a whole added about 37,000. While some of that growth is due to new births outpacing deaths, a lot of it comes from people moving to Lincoln, either from elsewhere in Nebraska or from outside the state. Nebraska as a whole added about 135,000 people over the past decade.

The Census is probably the best source of who’s moving here, but it’s fun to see what kind of data moving companies release this time of year.

For example, according to United Van Lines, Nebraska ranked 10th highest for most people moving out, with 56% of the company’s Nebraska moves involving people leaving the state.

On the other hand, U-Haul said Nebraska ranked 20th for most inbound moves. People moving into the state using U-Haul grew 7% in 2021, and just slightly over half of the company’s Nebraska moves were people moving into the state.

The top city in the state to which people moved using a U-Haul truck or trailer was Bellevue. Other net-gain cities included Beatrice, Elkhorn, Columbus, North Platte and Papillion.

What do these two studies tell us? Probably nothing. Or they may show that wealthier people who can afford a full-service move are moving out of the state, while people who can only afford to do it themselves are moving in.

Listing the lists

Regular readers of this column know I like to end it with a rundown of recent rankings of Lincoln and/or Nebraska in national reports. The latest:

* Fifth-best state capital for safety and more (WalletHub)

* Fifth-worst city for cheese lovers (LawnStarter)

Check out new construction in Lincoln

Lincoln Airport

Lincoln Airport

Expansion construction project continues at Lincoln Airport on Wednesday, Nov. 3, 2021. 

JUSTIN WAN, Journal Star

Bryan East renovation

Bryan East renovation

Three new cardiovascular surgical suites were completed as part of the third phase of the Bryan East Campus renovation in October.

COURTESY PHOTO

Scarlet Hotel

Scarlet Hotel

Construction work continues on the exterior of the Scarlet Hotel on Oct. 19 at Nebraska Innovation Campus. The 154-room hotel will have a roughly 2,600-square-foot first floor that will include education space, a student lounge, conference room and faculty offices. Among the other features of the $31 million project are a full-service restaurant, rooftop bar, coffee shop and a fitness center. The Marriott Tribute property was originally scheduled to open in July, but the hotel’s website says it’s now set to open in February 2022.

JUSTIN WAN, Journal Star

Tabitha’s intergenerational housing community

Tabitha's intergenerational housing community

Tabitha is planning an intergenerational housing community on the southwest corner of 48th and L streets. The 128-unit apartment complex would be home to 100-plus independent older adults and about 20 students enrolled at the nearby Bryan College of Health Sciences.

DAVIS DESIGN, COURTESY IMAGE

Stand Bear High School

Stand Bear High School

Construction continues on Standing Bear High School at South 70th Street and Saltillo Road on Thursday, Oct. 7, 2021. 

GWYNETH ROBERTS, Journal Star

Sower

Sower

Scaffolding surrounds The Sower, a 19-foot tall bronze statue which represents Nebraska’s agricultural heritage, on Sept. 23, 2021, at the Nebraska State Capitol, as part of restoration and repair work which is expected to take 20 weeks. The scaffolding will enclose the entire dome allowing the workers to remove and store any loose gold glazed tile while they replace the water-damaged bed beneath. 

FRANCIS GARDLER, JOURNAL STAR

Car wash construction

Car wash construction

Jet Splash is building a new car wash at 40th and South streets.

FRANCIS GARDLER, JOURNAL STAR

Car Wash

Car Wash

Rocket Car Wash next to the Hy-Vee in Williamsburg, which is just southwest of 40th and Old Cheney, is one of two full-service car washes under construction on Sept. 22, 2021.

FRANCIS GARDLER, JOURNAL STAR

48th and Leighton

48th and Leighton

The proposed Comprehensive Plan calls for 25% of the new growth to be inside existing neighborhoods and corridors of the city, like the new apartments being built near 48th and Leighton Avenue.

EAKIN HOWARD, Journal Star

South Canopy

South Canopy

Apartments under construction at South Canopy and N streets on Sept. 3, 2021.

GWYNETH ROBERTS, Journal Star

Mabel Lee Hall

Mabel Lee Hall

Construction of Mabel Lee Hall at North 14th and Vine streets continues on Sept. 3, 2021.

GWYNETH ROBERTS, Journal Star

Walmart garden center

Walmart garden center

Walmart is demolishing part of the garden center at its store at 8700 Andermatt Drive to install automated order fulfillment towers.

EAKIN HOWARD, Journal Star file photo

Holiday Inn Express

Holiday Inn Express

Exterior of the newly opened Holiday Inn Express & Suites on Thursday, August 13, 2021. 

FRANCIS GARDLER, Journal Star

Mourning Hope Grief Center

Mourning Hope Grief Center

The new Mourning Hope Grief Center includes space for other nonprofits.

EAKIN HOWARD, Journal Star

Kiewit Hall

Kiewit Hall

The future site of Kiewit Hall, the University of Nebraska-Lincoln’s new engineering building set to open in 2023, is seen under construction in late June. Abel and Sandoz residence halls stand in the background.

JUSTIN WAN, Journal Star

Lincoln Northwest construction

Lincoln Northwest construction

Construction work continues on Lincoln Northwest High School on Tuesday, May 25, 2021. 

GWYNETH ROBERTS, Journal Star

South Beltway

South Beltway

The flyover bridge that will connect U.S. 77 to the South Beltway stretches to the southwest as construction work continues on Wednesday, May 12, 2021.

GWYNETH ROBERTS, Journal Star file photo

Cooper Park and Park Middle School

Cooper Park and Park Middle School

Orange construction fencing encloses part of Park Middle School in April 2021 adjacent to South Sixth Street, near where a new entry to the parking lot will be built.

GWYNETH ROBERTS, Journal Star

Lied Place Residences

Lied Place Residences

Developers of Lied Place Residences are still working to finalize a tenant for a first-floor restaurant with state-of-the-art air filtration and outdoor café-style seating on Q Street.

Courtesy image

VA Clinic

VA Clinic

Stairs lead from the lobby to the second floor of the new Lincoln Veterans Affairs community-based outpatient clinic.

GWYNETH ROBERTS, Journal Star

Pershing proposals/White Lotus Group/HDR

Pershing proposals/White Lotus Group/HDR

White Lotus Group and HDR propose a mixed-use community hub for the site it calls Mural, which would combine affordable housing, retail, a wellness center and central library with murals throughout the block.

COURTESY IMAGE

State office building

State office building

A nighttime rendering of the planned State of Nebraska office building at 17th and K streets. The four-story building would have two levels of parking and two floors of office space.

Courtesy image

Daq Shaq

Daq Shaq

This rendering shows what the interior of Daq Shaq at Leighton District will look like. The island-themed restaurant is scheduled to open before the end of the year in the development at 48th Street and Leighton Avenue.

Courtesy image

Child Advocacy Center

Child Advocacy Center

This rendering shows a plan for a 17,000-square-foot expansion of the Child Advocacy Center in northeast Lincoln that would also become home to the Lincoln Police Department’s Special Victims Unit.

Courtesy rendering

Unity Commons

Unity Commons

An architect’s rendering shows Unity Commons, a planned mixed-use development, from the intersection of 22nd and Vine streets. The redevelopment of the former Cushman site would include housing for retirees and members of the city’s international community, as well as retail and research space.

Clark & Enersen, COURTESY PHOTO

NE Realty building

NE Realty building

A rendering of the Nebraska Realty building in Lincoln. The company’s workforce in the Capital City has grown from two agents to more than 200 in the past five years.

DLR GROUP

Scheels Center

Scheels Center

A rendering shows the Scheels Center, a planned 40,000-square-foot addition to Lincoln Christian School.

CLARK & ENERSEN, Courtesy image

Tabitha

Tabitha

Tabitha is planning an intergenerational housing community on the southwest corner of 48th and L streets. The 138-unit apartment complex would be home to 100-plus independent older adults and about 20 students enrolled at the nearby Bryan College of Health Sciences.

DAVIS DESIGN, COURTESY IMAGE

Union College AdventHealth Complex

Union College AdventHealth Complex

A rendering shows the exterior of the planned Union College AdventHealth Complex.

Courtesy image

WarHorse casino

WarHorse casino

Developers of the proposed WarHorse Casino in Lincoln say they are ready to break ground the minute they get a gaming license. 

Courtesy image

NU training facility

NU training facility

A rendering shows the athlete entry to Nebraska’s new training facility, which will open before the 2023 football season.

Nebraska Communications

NorthStar Crossing

NorthStar Crossing

An artist’s rendering shows plans for NorthStar Crossing, northeast of 27th Street and Folkways Boulevard, which The Lerner Co. says will have its first businesses open in early 2022.

The Lerner Co., Courtesy image

CEDARS expansion

CEDARS expansion

Cedars broke ground in November 2020 and is raising funds for the $3.5 million, 3,800-square-foot expansion of its emergency youth shelter in southeast Lincoln.

COURTESY IMAGE

North Concourse

North Concourse

A rendering shows plans for a modern terminal concourse at the Lincoln Airport, with food and beverage services and access to restrooms and the Flyers Club available to passengers after clearing security.

Alliiance, Courtesy image

Go to Journalstar.com/bizbuzz to read more Biz Buzz posts.

Have a business news tip? Send it to businessnews@journalstar.com.

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