As a real estate expert, I am often asked about the current state of housing in Douglas County, Nebraska. With its growing population and strong economy, it's no surprise that many are curious about the housing market in this area. In this article, I will provide an overview of the new housing developments being built in Douglas County and discuss the factors driving this growth.
The Current State of Housing in Douglas County
Douglas County is located in eastern Nebraska and is home to the city of Omaha, the state's largest city. According to the U.S. Census Bureau, the county's population has been steadily increasing over the past decade, with a current estimated population of over 571,000 people. This growth has led to a high demand for housing in the area. Currently, the median home value in Douglas County is $182,500, which is slightly higher than the national average. However, this is still considered affordable compared to other major cities in the United States.
The county also has a relatively low unemployment rate of 3.1%, which is below the national average of 3.7%. These factors make Douglas County an attractive place for both homebuyers and developers.
The Impact of COVID-19 on Housing in Douglas County
Like many other areas in the United States, Douglas County has been affected by the COVID-19 pandemic. However, the impact on the housing market has been relatively minimal. While there was a slight decrease in home sales during the initial months of the pandemic, the market quickly rebounded and has remained strong. In fact, according to data from Zillow, home values in Douglas County have increased by 6.5% over the past year and are expected to continue to rise in the coming months.This is due to a combination of low inventory and high demand, making it a seller's market.
New Housing Developments in Douglas County
With the growing population and strong housing market, it's no surprise that there are several new housing developments being built in Douglas County. These developments range from single-family homes to multi-family apartment complexes, providing a variety of options for potential homebuyers. One of the most notable developments is the Sterling Ridge development, located in west Omaha. This 153-acre mixed-use development will include residential, commercial, and retail spaces. It is expected to bring over 1,000 new homes to the area, including single-family homes, townhomes, and apartments. Another major development is the Riverfront Place development, located along the Missouri River in downtown Omaha.This project will include over 300 luxury apartments and townhomes, as well as retail and office space. It is expected to be completed by 2022. In addition to these larger developments, there are also smaller projects scattered throughout the county. These include new subdivisions and apartment complexes in various neighborhoods, providing more options for those looking to buy or rent in Douglas County.
The Driving Factors Behind the Growth
So what is driving this growth in housing developments in Douglas County? There are several factors at play, including the strong economy and population growth mentioned earlier. But there are also other factors that make this area attractive for developers. Firstly, Douglas County has a diverse economy with a variety of industries, including healthcare, finance, and technology.This provides stability and job opportunities for residents, making it an ideal place to live and work. Secondly, the county has a strong sense of community and offers a high quality of life. It has a thriving arts and culture scene, as well as numerous parks and recreational areas. This makes it an attractive place for families and individuals looking to settle down. Lastly, the cost of living in Douglas County is relatively low compared to other major cities, making it an affordable option for those looking to buy or rent a home. This, combined with the strong economy and quality of life, makes it a desirable location for both developers and homebuyers.
In Conclusion
The housing market in Douglas County, Nebraska is currently experiencing a period of growth, with several new housing developments being built throughout the county.This growth is driven by a combination of factors, including a strong economy, population growth, and a high quality of life. As an expert in the real estate industry, I am confident that this trend will continue in the coming years, making Douglas County an attractive place for both residents and developers.
