Everyone knows by now that we are in a buyers market which means that there are fewer buyers than sellers. As a result of this prices are pushed lower. It's simple supply and demand.

So how much have prices dropped? A picture is worth a thousand words so let's take a look at the average sale price of Omaha homes over the last ten years.

Average home values in Omaha peaked in 2005 at $177,526 and have dropped steadily since. As of October, 2008 the average sales price is down to $169,051. A drop of 4.77%.

Nationally the last time home values peaked was in 1988. After that peak it wasn't until the year 2000 that home values recovered to where they were in 1988. If history is any indication, we may have to wait until 2017 for home values to return to where they were in 2005.

Information was gathered from the Omaha Area Board of Realtors.

Trumm Team - Omaha, NE

Omaha Real Estate & Omaha Homes for Sale