68022, Elkhorn, NE

Home Equity and Home Prices in the 68022 Zip Code of Elkhorn, NE

The 68022 zip code of Elkhorn, NE has a median home value of $137,000. This is higher than the Nebraska median home value of $119,500. The 68022 zip code also has a lower than average percentage of homes that are worth less than $50,000. This indicates that there is more equity in homes in this zip code compared to other areas in Nebraska.

There are also a number of factors that can affect home prices including interest rates, local market conditions and the availability of mortgage financing. While no one factor can be considered definitive, it is interesting to note that over the past five years (2012-2017), the average annualized rate for 30-year fixed mortgages was 4.27% in Elkhorn while it was 4.84% statewide. This suggests that while mortgage rates may vary from area to area within Nebraska, they are generally lower here than elsewhere in the state.

In addition to interest rates and market conditions, another important factor affecting home prices is inventory levels. Over the past year (January 2018-January 2019), there were an average of 2 homes available for sale per day in Elkhorn which corresponds with an inventory level of 12%. This compares favorably with an inventory level of 17% statewide and indicates that there is ample supply available to meet demand within this particular zip code.

Overall then, it appears that there are many factors contributing to higher home values and greater equity within homes located within the 68022 zip code of Elkhorn, NE relative to other areas within Nebraska.