The Lincoln real estate market was strong entering 2020, following two years of stable prices and an uptick in demand. As the country plunged into lockdown, our practices changed, but the market barely skipped a beat. In review, 2020 was a banner year for Lincoln sellers, and more homes sold than in the 5 previous years. And, while sale price per square foot increased in some bands, price gains won’t firm up until we look back at 2021.
COVID-Inspired Demand
We weren’t sure how it was going to shake out, but as you can see from the graph below, more single-family homes sold than any year since 2014. There was particularly strong absorption in the $1.5M+ range. That translated to more sales in those price bands (pink, purple, and blue). But still, some homes sold for under $750,000. The market was active and inventory was low through the summer and fall. And the trends continue into 2021 across the region.
Price Impact
Demand was high, but there was uncertainty in the market. Many homes had multiple offers, even after having been on the market for some time. The graph below shows that some bands, particularly the smaller homes that fetched $750,000 – $999,999 meant price-per-square-foot shot up in that band. (One of these was Jess’s).
