Redfin Says Elkhorn Prices Are Up. Homes.com Says They're Down 9%. Both Can Be Right.
Pull up three real estate sites for Elkhorn this week and you'll get three different stories about which direction prices are moving. Redfin's most recent read, for December 2025, puts the median sale price at $521,000, up 5.2% from a year earlier. Homes.com's tracker, checked this September, shows a median sale price of $492,500, down 9% over the same twelve months. Movoto's July 2026 snapshot has the median list price at $584,000, flat compared to both June 2025 and July 2025.
Three sources, three different trend lines, same zip code. If you're comparing Elkhorn against other Omaha-area suburbs before you make an offer, that's not a rounding error you can shrug off. It's a signal that the number everyone quotes, "the Elkhorn median," doesn't describe one market. It describes several markets that happen to share a school district, and the mix of which one is trading in any given month moves the average more than actual price appreciation does.
The simplest explanation isn't that Elkhorn home values reversed direction twice in nine months. It's that the composition of what closed changed.
Redfin's new-construction page for Elkhorn, as tracked this September, lists 198 new homes at a median asking price of $600,000, moving in about 61 days with roughly one offer each. Compare that to Redfin's resale-inclusive median of $521,000 and a 71-day market time. New construction is trading nearly $80,000 above the blended resale figure and selling ten days faster. If a heavier share of new-build closings lands in one reporting window, the median for that window rises even if no individual home's value changed. If resale volume dominates the next window, the median drops back down. Homes.com's lower, declining figure and Redfin's higher, rising one are consistent with two different slices of the same pipeline, not two different markets moving in opposite directions.
Zillow's Home Value Index adds a third layer. It tracks estimated value across the entire existing stock, not closed sales, and as of June 2026 showed a typical Elkhorn home worth $477,366, up 2.9% year over year, with homes going to pending in about ten days. That's a slower, steadier number by design, because it isn't reacting to which specific homes happened to sell last month.
None of these sources is wrong. They're measuring different things and calling the result the same word: median.
Ask what a given budget buys in Elkhorn and the honest answer depends on which of these you're shopping.
| Segment | Typical Price Range | Where You'll Find It | What You're Actually Buying |
|---|---|---|---|
| Entry and established | $300K–$400K | Areas like Banyan Hills | Smaller, older lots, quieter streets, a shorter commute to daily errands |
| Historic core resale | $300K–$550K | Around Olde Towne Elkhorn's brick Main Street | Mature trees, walkability to the district's shops and restaurants, character over newness |
| New construction and production | $400K–$700K+ | Neighborhoods like Vistancia, Chapel Hill, and the newly platted Blondo Point | Brand-new mechanicals and layouts, HOA-governed streetscapes, amenities still filling in |
| Golf, river, and estate | $600K–$2M+ | Pockets along Indian Creek Golf Course and the Elkhorn River | Larger lots, course or water frontage, custom-home inventory |
Elkhorn only reads as one market because it's administered as one place. It was an independent town until Omaha began annexation proceedings in 2005, a fight that went to the Nebraska Supreme Court before Elkhorn officially became part of the city on March 1, 2007. The zip code, 68022, still covers all four of the segments above under a single number, which is exactly why a "median" pulled from that zip code tells you less than a median pulled from a single subdivision.
Buyers sometimes assume the gap between a $521,000 resale median and a $600,000 new-construction median is just square footage. It mostly isn't. New construction in Elkhorn commonly lists at or above the resale median for comparable square footage because of lot premiums, brand-new systems, and builder margin, not primarily because the homes are bigger.
That premium buys something real: fewer near-term repair bills, a builder warranty, and a layout you didn't inherit from someone else's decisions. But it's worth naming the premium as a premium rather than mistaking it for market appreciation. A buyer comparing a resale in the historic core against new construction in Blondo Point isn't comparing two prices for the same product. They're comparing two different products that happen to sit five minutes apart.
New construction carries a second cost that doesn't show up on the price tag. When a builder develops raw land into a subdivision, the streets, sewers, and power infrastructure get built first, and those costs get passed through to homeowners as higher property taxes. On a $500,000 Elkhorn home, that typically runs $2,500 to $3,000 more per year than a comparable home in an already-established part of Omaha.
It's a real number worth running before you compare a new-construction listing against a resale one on price alone. The gap between segments in the table above isn't just about what you pay to close. It's about what you carry every year after.
If mix shift is what moves Elkhorn's blended median, the next twelve to twenty-four months give a preview of where that mix is headed.
Regency Homes is building out Blondo Point, its newest of four Elkhorn communities, on 173 acres that were farm field until the City of Omaha approved the rezoning in 2024. The plat is expected to hold roughly 380 homes when finished, sitting about half a mile from Olde Towne Elkhorn's Main Street. Regency's other three communities, Anchor View, Calarosa, and Daybreak Springs, are oriented toward different edges of Elkhorn, toward Flanagan Lake and Fort Street respectively, which means the new supply isn't concentrated in one price band. It's spreading across several.
A few miles east, growth is compounding from a different direction. Avenue One, the $1.2 billion mixed-use development going up at 192nd and Dodge, landed a lease with outdoor retailer L.L.Bean for 15,000 square feet of retail space, announced in May 2026, adding to a project that already includes office space, retail, and residential units. Omaha voters approved the district's Good Life designation back in November 2024, which cut the state sales tax rate inside the district and gave the project the funding structure it needed to keep signing tenants like this one. That commercial pull is a second draw on Elkhorn's eastern edge, separate from the subdivision activity happening closer to Olde Towne.
And at 180th and West Maple, the growth is showing up at street level. A Smoothie King franchise opened a few months ago, joined by Kros Strain Brewing, a restaurant called Hibana, and a Baker's grocery store expected to open in early 2027. The commercial cluster arrived fast enough that Douglas County is now studying whether to widen West Maple Street to three lanes in each direction between Elkhorn and I-680 to handle the added traffic.
None of that is proof that Elkhorn's overall price level is about to jump. It's evidence that new-construction volume, and the higher price band that comes with it, is set to make up a bigger share of what closes in Elkhorn over the next few reporting cycles. Watch for the same pattern the mix-shift argument predicts: medians that swing upward as more of that new supply closes, without any single home's value actually changing.
The useful question isn't "what happened to Elkhorn's median this quarter." It's "which of Elkhorn's four markets am I actually pricing against." A buyer comparing a $420,000 budget across Omaha suburbs should be looking at the historic core or the lower end of the production tracts, not benchmarking against a $600,000 new-construction median that describes a different shopping trip entirely. A buyer with $650,000 to spend is closer to the golf and estate segment than to anything the blended median suggests.
Elkhorn Public Schools' academic record, which put all three of the district's high schools in Nebraska's top three according to US News' 2026 rankings, is one of the reasons families keep pricing themselves into this zip code regardless of segment. That draw is real and it isn't going away. But it's also worth confirming your specific address's school assignment before you write an offer, since boundaries in a fast-growing district can shift as new subdivisions like Blondo Point fill in.
Is the number I'm looking at a sale price or a list price? Movoto's $584,000 figure and Redfin's $521,000 figure aren't measuring the same event. One is what sellers asked. One is what buyers paid.
Does this figure include new construction, or just resale? A blended median moves every time the new-to-resale ratio shifts, independent of whether either segment's underlying value changed.
What will this cost me after closing, not just at closing? A new-construction home's higher property tax load can offset part of what looks like a resale discount elsewhere in Omaha.
Comparing neighborhoods off a single median is how buyers end up shopping the wrong Elkhorn. If you want help figuring out which segment actually fits your number, and what that segment is likely to look like a year from now given what's under construction, the team at The Agency Real Estate Group works this market street by street, not zip code by zip code. Request a Free Staging Consultation if you're on the selling side of this same market, and we'll walk you through exactly which Elkhorn buyers are comparing your home against.
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