The 2019 Lincoln market had fewer sales than 2018, down to 49 from 59. Otherwise, it showed little movement from 2018. We conclude that prices over 2018 and 2019 didn’t change appreciably in any price band. The market stayed consistent in gains made over 2017 in how few days it took to get offers. The price per square foot, within each market price band, also showed consistency.
Here you can see how many houses sold in Lincoln per year by price band, broken into segments ($750,000, $750,000-$999,999, $1,000,000-$1,249,999, and so on). Fewer houses are selling under $750,000, but a good chunk of the market continues to be under $1M. You’ll also notice that there are more houses sold over $2M in 2019 than in previous years. Many more luxury homes than typically absorbed by buyers saturated the market by late spring. We had a whopping peek 17 houses listed over $2M mid-summer, yet this year-review data shows more was absorbed than we’d have predicted. We also know that more of those $2M listings from 2019 sold for less than $2M in early 2020. That oversaturation has been mostly absorbed.
2020 was off to a banner start, but the coronavirus dramatically changed the landscape. More on that in our Spring 2020 Covid Update.
Below you can see how days on market ticked up only a bit for some price bands and down a bit in others, but taken together held steady.
And, while it may seem counterintuitive, we think about the price per square foot as a measure of demand within price brackets. One interesting note is the convergence of the average between $300 and $400 per square foot. The strongest trend we feel is the increasing demand for houses between $1M and $1.25M where you see consistent growth over the past four years. Similarly, the decrease over the past four years in sale price per square foot for houses listed over $2M shows a trend away from large houses.