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Midtown Omaha, the area between Saddle Creek and 24th Street and Cumming Street and Center Street is best known for it's old world character and central location within Omaha. Most recently Midtown Omaha has become a region defined by economic growth and development creating growth in what was once a stagnant real estate market.

Project Midtown is an effort to research and track the local neighborhood real estate market's within Midtown Omaha.

 

Midtown Omaha

With a steady population influx from large area employers, close proximity to downtown and strong revitalization efforts Midtown is an ideal location for economic growth. The national economy is also changing with gas prices continuing to rise. Cities like Omaha were built upon the old model of inexpensive gas and individual transportation, spreading out and creating a vast suburban sprawl without limits or boundaries. Already in some large cities a push to move back towards work has already started. With gas prices continuing to rise and no end in sight it is safe to assume in time Omaha will experience a similar type of change making Midtown a very desirable location for a population of employees looking to save on transportation costs.


 

Midtown Omaha

Date6/077/078/079/0710/0711/0712/071/082/083/084/085/086/087/088/08
For Sale13012611913013613010010399110127125134220231
Sold34302211151912101514719201910
Pended26231310211912141511182312168
Months of Inventory based on Closed Sales3.84.25.411.89.16.88.310.36.67.918.16.66.711.623.1
Months of Inventory based on Pended Sales5.05.59.213.06.56.88.37.46.610.07.15.411.213.828.9
Avg. Active Price131128123121124127137131135132124123123253243
Avg. Sld Price121121115136110112941081111129010511710393
Avg. Sq. Ft. Price737576935871615960735571887369
Sold/List Diff. %979897979694949496979797999696
Days on Market435250525480556650553734414270
Median Price118114116127114108881189810890112104100100

Key Characteristics

Neighborhood Committee:

Midtown Neighborhood Alliance

Public School System:

Omaha Public Schools

Private Schools:

Property Valuation and Taxes:

Douglas County Assessor

Utilities / Zoning / Planning:

City of Omaha MUD Deffenbaugh

Future and Present Development Projects:

  • Midtown Crossing at Turner Park
    • Scheduled to be completed in fall 2009, the area next to Mutual of Omaha on 30th St. and Farnam St. is being redeveloped into an urban mixed use space fit for restaurants, retailers, condominiums and apartments. There will also be a seven acre green space ideal for outdoor markets.
  • Saddle Creek
    • The first phase of a study was recently completed proposing Saddle Creek be moved from it's current position as it now is susceptible to flooding. The proposed plan calls for redevelopment along the newly moved Saddle Creek to include mixed use space and space for UNMC to expand.
  • Park Avenue Redevelopment Plan
    • Recently completed study proposed for redevelopment of the area between Harney St. and Woolworth St. and I 480 and 33rd St. The proposed redevelopment seeks to rehabilitate current residential buildings, improve transportation within the area, develop new infill housing and commercial space.
  • UNMC
    • UNMC is scheduled to complete their new research buildings along 42nd St and Emilie St in late 2008.
  • Creighton University
    • Has invested roughly $190 million in campus improvements and construction.

 

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