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Nebraska has had the second-most competitive housing market according to Insurify data
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Nebraska has had the second-most competitive housing market according to Insurify data

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Competitive real estate markets

A study of homebuying trends shows Nebraska had the second hottest housing market during the early days and midpoint of the pandemic. High demand and low interest rates drove a rush to buy and sell single-family homes, condos and townhomes in the Kearney market. Many properties were sold less than one week after they were listed.

KEARNEY — To achieve its top-10 most competitive housing markets, Insurify, a home insurance comparison site, used housing market data from Redfin to evaluate states across three metrics:

- Months of supply (inventory divided by home sales, which indicates how long it would take supply to be bought up if no new homes came on the market);

- Share of homes sold above list price (percent of homes sales with a sale price greater than their latest list price covering all homes with a sale date during a given period); and,

- Number of homes that went under sales contracts within two weeks of their listing date.

To calculate how competitive a state’s real estate market has been during the COVID-19 pandemic, the data scientists at Insurify took the average of each of the three metrics from March to September 2020. These scaled values then were used to create a standardized composite score out of 15 for each state — 15 being the most competitive, while 1 being the least. North Dakota, South Dakota, Montana and Wyoming did not receive scores because data was unavailable.

According to the study, Nebraska has seen an unprecedented number of buyers entering its real estate market. Nebraska has had the second-most competitive housing market in the United States since the onset of the pandemic.

Real estate in Nebraska is 35% more competitive than the national average. One particularly pressing aspect contributing to the state’s ultra-competitive real estate market is its low supply of available properties, which dips below the already low national average by 54%.

Here is the state-by-state breakdown:

1. Washington

Competitive Market Score: 13.57 out of 15

Percent of home sold above list price: 44.74%

Average number of homes per month sold within two weeks of listing date: 68 homes

Average months of supply in 2020: 1.27

2. Nebraska

Competitive Market Score: 12.86 out of 15

Percent of homes sold above list price: 38.80%

Average number of homes per month sold within two weeks of listing date: 68 homes

Average months of supply in 2020: 1.13

3. Kansas

Competitive Market Score: 11.37 out of 15

Percent of homes sold above list price: 27.16%

Average number of homes per month sold within two weeks of listing date: 55 homes

Average months of supply in 2020: 0 (Months of supply in Kansas in 2020 was listed as 0 across all months analyzed.)

4. Oregon

Competitive Market Score: 11.23 out of 15

Percent of homes sold above list price: 38.87%

Average number of homes per month sold within two weeks of listing date: 56 homes

Average months of supply in 2020: 1.71

5. Utah

Competitive Market Score: 11.21 out of 15

Percent of homes sold above list price: 40.67%

Average number of homes per month sold within two weeks of listing date: 50 homes

Average months of supply in 2020: 1.50

6. Minnesota

Competitive Market Score: 10.95 out of 15

Percent of homes sold above list price: 41.87%

Average number of homes per month sold within two weeks of listing date: 48 homes

Average months of supply in 2020: 1.73

7. Indiana

Competitive Market Score: 10.73 out of 15

Percent of homes sold above list price: 25.24%

Average number of homes per month sold within two weeks of listing date: 65 homes

Average months of supply in 2020: 1.23

8. Idaho

Competitive Market Score: 10.66 out of 15

Percent of homes sold above list price: 29.51%

Average number of homes per month sold within two weeks of listing date: 59 homes

Average months of supply in 2020: 1.30

9. Colorado

Competitive Market Score: 10.31 out of 15

Percent of homes sold above list price: 34.46%

Average number of homes per month sold within two weeks of listing date: 55 homes

Average months of supply in 2020: 1.94

10. Virginia

Competitive Market Score: 10.26 out of 15

Percent of homes sold above list price: 37.34%

Average number of homes per month sold within two weeks of listing date: 45 homes

Average months of supply in 2020: 1.57

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