Metropolitan Statistical Area (MSA):
There is no doubt that the Grand Island, NE metropolitan statistical area (MSA) has seen some changes in the housing market over the past few years. Some of these changes have been good for those looking to buy or sell a home, while others have made it more difficult. However, one thing that seems to be consistent is that the market is always changing and evolving. Here are some of the latest trends in the Grand Island, NE housing market:
1. The average price of a home in Grand Island, NE has increased significantly over the past few years. In fact, according to Zillow, the median home value in Grand Island was $128,000 in September 2018, which is up nearly 8% from just one year ago. This trend is likely due to a combination of factors including population growth, low interest rates, and limited inventory of homes for sale.
2. The number of homes sold in Grand Island has also increased significantly in recent years. In 2017, a total of 1,064 homes were sold in Grand Island which was up nearly 9% from 2016 (according to Realtor). This trend is likely due to the same factors mentioned above (population growth, low interest rates) as well as an increase in buyers who are relocating from other parts of Nebraska or even other states.
3. The average days on market (the number of days it takes for a home to sell) has decreased significantly over the past few years as well which indicates that homes are selling much faster than they used to. In fact, according to Realtor data cited by KSNB Local 4 News , the average days on market for all homes sold in Grand Island was just 45 days in 2017! This trend could be attributed again to population growth and low interest rates but could also be due to an increase in buyers who are willing/able to pay more for a home that they really want/need.
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