Norada Real Estate Investments

Knoxville Housing Market: Prices, Trends, Forecast 2023

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Knoxville Housing Market

Knoxville, Tennessee, is a vibrant city with a thriving housing market. These housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Knoxville, TN, offers a dynamic and competitive housing market.

With rising home prices, limited inventory, and homes selling close to their listing prices, sellers can take advantage of the current conditions. Buyers and renters can also find a wealth of options to suit their needs and budgets. Whether you're looking to invest, settle down, or explore the rental market, Knoxville presents an exciting opportunity in the real estate landscape.

Knoxville, TN Housing Market: A Look at the Numbers in June 2023

Knoxville, Tennessee, boasts a housing market that has been making waves in recent times. Let's dive into the key statistics and trends shaping the real estate landscape in this charming city as of July 2023.

Median Home Prices on the Rise

In July 2023, the median listing home price in Knoxville, TN, stood at an impressive $426.3K, marking a significant year-over-year increase of 11%. This uptrend reflects the city's growing appeal to homebuyers and investors alike.

When considering the price per square foot, the median listing home price comes in at $215. Additionally, the median home sold price, at $365.8K, highlights the actual transaction values in the Knoxville market.

Balance in Sale-to-List Price Ratio

One notable aspect of the Knoxville housing market in July 2023 is the balanced sale-to-list price ratio of 100%. This indicates that, on average, homes in Knoxville were selling for approximately the asking price. Such equilibrium can provide both buyers and sellers with a fair and transparent environment for transactions.

Seller's Market Dominance

Knoxville, TN, emerges as a seller's market in July 2023, signaling high demand and limited housing inventory. In this scenario, there are more prospective buyers actively seeking properties than there are homes available on the market. This competitive environment can lead to quicker sales and potentially favorable terms for sellers.

Median Days on Market

On average, homes in Knoxville, TN, spend approximately 30 days on the market before finding their new owners. While this figure represents a relatively swift turnover, it's essential to note that the trend for median days on market has increased slightly since the previous month and year. This shift may indicate evolving buyer preferences or market dynamics.

Diverse Neighborhoods in Knoxville

Knoxville offers a rich tapestry of neighborhoods, each with its own unique character and housing market dynamics. With a total of 65 neighborhoods to explore, there's something for everyone.

For those seeking luxury and higher-end properties, Sequoyah Hills stands out with a median listing home price of $772.5K, making it the most expensive neighborhood in Knoxville. On the other end of the spectrum, Burlington offers affordability, boasting a median listing home price of $214.9K, making it the most budget-friendly neighborhood.

As the Knoxville housing market continues to evolve, it presents opportunities and challenges for both buyers and sellers. Staying informed about the latest trends and seeking guidance from local real estate experts can help individuals make informed decisions in this dynamic and competitive market.

Q2 2023 Knoxville Housing Market Pulse Survey

The real estate landscape in Knoxville, Tennessee, is subject to the ebbs and flows of market dynamics, and staying informed about these changes is crucial for industry professionals and potential buyers and sellers. The Q2 2023 Market Pulse Survey, conducted by the Knoxville Area Association of REALTORS®, sheds light on key findings and trends that are shaping the local real estate market.

Key Findings

The survey offers a comprehensive look at the current state of the Knoxville real estate market, and here are some of the key findings:

  • Buyer Traffic: Buyer traffic saw a slight decline in the second quarter, with only 12% of respondents reporting more buyer traffic compared to the previous year. This figure was down from 17% in the previous quarter. On the other hand, seller traffic decreased further, with only 11% of respondents noting an increase compared to the previous year.
  • Expectations: REALTORS® anticipate relatively stable buyer traffic in the coming three months, with 40% expecting lower-than-usual buyer activity. Expectations regarding seller traffic were more varied, with 39% anticipating it to remain the same and 42% expecting it to decrease.
  • Offer Activity: Respondents reported an average of 3.0 offers on homes sold in Q2 2023, showing an increase from the previous quarter's 2.2 offers.
  • Home Sales Outlook: A positive sentiment regarding home sales emerged, with 33% of REALTORS® expecting an increase in home sales over the next year, up from 28% in the previous quarter. Additionally, 42% anticipate sales to remain steady, while 26% expect a decrease.
  • Home Prices: Expectations surrounding home prices remained robust, as 83% of respondents anticipate either stable or rising home prices over the next year, with 64% expecting an increase.
  • All-Cash Sales: In Q1 2023, all-cash sales constituted 30% of all home sales, showing a decrease from 37% in the previous quarter but an increase from 29% a year ago.
  • Appraisal Concerns: REALTORS® reported fewer issues with appraisals, with only 9% of homes sold in the past three months having an appraised value lower than the purchase price, down from 20% a year ago.
  • Contingency Waivers: Buyers displayed more confidence, with 48% waiving at least one contingency in their purchase contract over the past three months, down from 62% a year ago.

The survey's findings highlight the evolving nature of the Knoxville housing market. Economic uncertainties and mortgage rate fluctuations have impacted both buyers and sellers, but the overall outlook is cautiously optimistic. Notably, a majority of local REALTORS® expect home prices to rise in the coming year, indicating a significant shift in sentiment from the previous year.

As the Knoxville real estate market continues to evolve, staying informed about these trends and insights can help individuals make informed decisions in this dynamic industry.

“The housing market is still facing headwinds as economic uncertainty and higher mortgage rates have slowed buyer and seller activity alike,” said Hancen Sale, Government Affairs and Policy Director at East Tennessee REALTORS®. “However, our latest survey suggests Realtors® remain cautiously optimistic, and their outlook on the housing market is improving, especially as it relates to prices.”

Knoxville Housing Market Forecast 2023-2024

According to the forecast by Knoxville Area Association of REALTORS®, in 2023, the Knoxville housing market is expected to undergo a period of receding growth following the exceptional boom experienced over the past two years. The market's impressive performance was primarily driven by a significant supply-demand imbalance and fundamental market forces, including favorable demographic trends, migration patterns, and shifting household compositions.

Additional factors such as pandemic-induced migration, fiscal stimulus, and historically low borrowing costs also played a role, although their influence is diminishing as the pandemic subsides.

As mortgage rates have reached their highest levels in over a decade, coupled with concerns surrounding inflation, the housing frenzy induced by the pandemic has naturally come to an end. However, the market is anticipated to retain most of the gains accrued during the previous two years.

While the pace of home price growth is decelerating, it remains above the historical average. According to the Federal Housing Finance Agency House Price Index (FHFA HPI), home prices in the Knoxville, Tennessee, metropolitan area rose by 18.3% in Q3 of 2022 compared to the previous year.

Rent growth in the Knoxville area remains high, although the rate of increase has moderated in recent weeks. In Q3 of 2022, rents in the Knoxville metropolitan area were up by 19.6% compared to the previous year, surpassing the national rent growth rate of 10.5%.

Home sales are expected to decline between 10% and 12% in 2023 compared to the previous year. Despite the anticipated decline in home sales due to worsening affordability conditions, the persistent lack of inventory will continue to exert upward pressure on prices. Consequently, home prices are forecasted to increase by approximately 3% to 5% in 2023.

In the rental market, Knoxville is expected to experience moderate growth in 2023, with rents forecasted to rise by approximately 4% compared to the previous year.

However, the rental occupancy rate, which reached an all-time high of 98.86% in Q4 of 2021, is forecasted to decline to an average of 96.5% in 2023. This decline suggests a slight easing in rental demand, providing some relief for tenants seeking housing options.

Overall, the Knoxville housing market in 2023 is projected to enter a period of stabilization following the previous years' robust growth. While home sales are expected to decline, home prices and rents are still anticipated to see modest increases. The market will continue to be influenced by factors such as affordability, inventory levels, and broader economic conditions.

Should You Invest In Knoxville Real Estate Market?

There are several reasons why investing in Knoxville's real estate market could be a good choice:

  • Strong appreciation rates: Knoxville has experienced significant home appreciation rates in the last ten years, with an average annual appreciation rate of 8.26%, putting Knoxville in the top 20% nationally for real estate appreciation.
  • Diversified economy: Knoxville's economy is diverse, with several industries such as healthcare, education, and technology contributing to its growth. This diversity helps to stabilize the housing market and makes it less vulnerable to economic downturns. The region is also home to the Oak Ridge National Laboratory, which is a major research facility and employer in the area. This mix of industries helps to create a stable economic environment, which can provide opportunities for real estate investors.
  • Affordable housing market: Compared to other metropolitan areas, Knoxville's housing market is relatively affordable. This makes it an attractive option for investors looking for affordable entry points.
  • Strong rental market: Knoxville has a strong rental market, with a vacancy rate that is consistently lower than the national average. This means that investors have a good chance of finding tenants quickly and maintaining a steady rental income.  The Knoxville military and retiree market can be another potential factor to consider for real estate investment, especially for rental properties. Knoxville is home to several military bases and has a large retiree population, which can create a steady demand for rental properties. This can provide investors with a reliable and stable tenant pool, which can help reduce vacancy rates and ensure consistent rental income.
  • Landlord-friendly environment: Knoxville is known to have a landlord-friendly environment, with laws that are generally favorable to landlords. For example, landlords have the right to evict tenants for non-payment of rent, and the eviction process is generally considered to be quick and efficient. In addition, Tennessee has no state income tax, which can be beneficial for real estate investors looking to maximize their profits.

However, there are also some potential drawbacks to investing in Knoxville's real estate market:

  • Slow population growth: While Knoxville has a diversified economy, its population growth has been slow in recent years. Slower population growth could limit the potential for housing demand, which could impact the appreciation rates in the long term.
  • Limited job growth: Although Knoxville's economy is diverse, job growth has been slower than the national average in recent years. This could limit the demand for housing in the long term, which could impact appreciation rates.
  • Climate risks: Knoxville is located in an area prone to natural disasters such as tornadoes and floods. These climate risks could impact the value of the real estate in the area and lead to higher insurance costs for investors.

Overall, investing in Knoxville's real estate market could be a good option for investors looking for affordable entry points and strong appreciation rates. However, investors should also consider the potential drawbacks, such as slow population and job growth, and climate risks, before making a decision.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.kaarmls.com/2023/04/05/market-pulse-survey-q1-2023/
  • https://www.realtor.com/realestateandhomes-search/Knoxville_TN/overview
  • https://www.neighborhoodscout.com/tn/knoxville/real-estate
  • https://www.kaarmls.com/market-outlook/
  • https://www.zillow.com/home-values/25428/knoxville-tn/

Tulsa Housing Market: Prices, Trends, Forecast 2023

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How is the Tulsa housing market doing? In this article, we will delve into the current prices, trends, and forecasts for 2023. Tulsa, Oklahoma, is a city brimming with opportunities and a vibrant real estate scene. Whether you're a prospective buyer, seller, or simply interested in understanding the dynamics of the market, this comprehensive overview will provide valuable insights into the housing landscape of Tulsa.

From rising prices and market trends to predictions for the future, join us as we uncover the fascinating world of Tulsa's housing market in 2023. Tulsa, OK's housing market is experiencing significant growth with rising median listing home prices. The seller's market conditions indicate strong demand and limited supply, making it an opportune time for sellers.

Tulsa Housing Market Update: A Seller's Market

The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Tulsa, OK is a vibrant city with a thriving housing market. July 2023 brings with it a mix of trends and dynamics, shaping the real estate landscape in Tulsa, OK. Let's dive into the latest data and insights to get a comprehensive view of what's happening in the Tulsa housing market.

Tulsa, OK Housing Market Overview

Before we delve into the details, here's a quick snapshot of the Tulsa, OK housing market as of July 2023:

  • Median Listing Home Price: In July 2023, the median listing home price in Tulsa was $267.5K, reflecting a notable 7% year-over-year increase.
  • Median Price Per Square Foot: The median listing home price per square foot stood at $146.
  • Median Sold Price: Homes in Tulsa had a median sold price of $242.5K.

Seller's Market in Tulsa

One of the key takeaways from the July 2023 housing market in Tulsa is that it's a seller's market. This means that the demand for homes is outpacing the available inventory. The sale-to-list price ratio stands at an impressive 100%, indicating that, on average, homes in Tulsa sold for the asking price. This competitive environment highlights the need for buyers to act swiftly and decisively when pursuing properties in Tulsa.

The Pace of Home Sales

On average, homes in Tulsa are spending approximately 34 days on the market. This is a valuable metric to monitor, as it can provide insights into the level of demand and competition within the market. It's worth noting that the trend for median days on the market in Tulsa has decreased since the previous month, indicating a potentially faster pace of sales. However, compared to the previous year, the median days on the market have seen a slight uptick, suggesting a nuanced market dynamic.

Tulsa's Diverse Neighborhoods

Tulsa boasts a rich tapestry of neighborhoods, each with its unique character and appeal. Here are some notable highlights:

  • Maple Ridge Historic District: This neighborhood stands out as one of the most prestigious in Tulsa, with a median listing home price of $930K. It offers a blend of historical charm and modern amenities, making it an attractive choice for discerning buyers.
  • Downtown Tulsa: For those seeking affordability, Downtown Tulsa presents an appealing option, with a median listing home price of $117.5K. It's a vibrant and evolving area with potential for growth and investment.

With 121 neighborhoods in Tulsa, there's a diverse range of options to explore, catering to various preferences and lifestyles.

July 2023 paints a compelling picture of the Tulsa housing market. With rising home prices and a seller's market, buyers need to be well-prepared and proactive in their approach. The pace of sales is showing signs of change, and Tulsa's neighborhoods offer a wide array of choices for those seeking their ideal home. Whether you're a buyer or seller, staying informed about these trends and dynamics is essential for making sound real estate decisions in Tulsa, Oklahoma.

Tulsa Housing Market Forecast 2023-2024

Anticipating the future trends of the Tulsa housing market is crucial for both prospective buyers and sellers. Let's explore the latest data and forecasts to gain insights into the housing market's trajectory in Tulsa, Oklahoma.

Current Market Data

As of July 31, 2023, Zillow provides the following key data points for the Tulsa housing market:

  • Average Home Value: The average home value in Tulsa stands at $195,024, reflecting a significant 5.2% year-over-year increase. This signals healthy growth in home values.
  • Days to Pending: Homes in Tulsa typically go pending within a swift timeframe, averaging around 7 days. This indicates a market with high demand and quick property turnover.
  • Median Sale to List Ratio (June 30, 2023): The median sale price compared to the list price shows a competitive market with a ratio of 1.000.
  • Percent of Sales Over List Price (June 30, 2023): A significant portion of sales (36.3%) is happening above the list price, underlining robust demand.
  • Percent of Sales Under List Price (June 30, 2023): Approximately 39.8% of sales are occurring under the list price, indicating opportunities for buyers.

Tulsa MSA Housing Market Forecast

Looking beyond the immediate future, let's examine the housing market forecast for the Tulsa Metropolitan Statistical Area (MSA), which encompasses the broader Tulsa region. Here's the forecast data:

  • Base Date: July 31, 2023
  • August 31, 2023: 0.4% growth
  • October 31, 2023: 1.3% growth
  • July 31, 2024: 6.8% growth

This forecast provides valuable insights into the expected growth in the Tulsa MSA housing market. While there may be short-term fluctuations, the forecast indicates overall positive growth over the specified time frames.

Are Home Prices Dropping in Tulsa?

Based on the available data and the forecast, home prices in Tulsa are not dropping. The average home value has experienced a significant 5.2% year-over-year increase, indicating a healthy upward trend. Additionally, a substantial portion of sales is happening above the list price, emphasizing strong demand in the market.

While real estate market conditions can vary, the data and forecast for Tulsa suggest that the housing market is currently experiencing growth rather than a decline in home prices.

It's important for individuals interested in buying or selling homes in Tulsa to stay informed about market trends and forecasts, as these insights can guide decision-making and help seize opportunities in the dynamic Tulsa housing market.

Factors contributing to this positive forecast may include a robust local economy, population growth, and a relatively affordable cost of living compared to other regions. However, it's essential to keep in mind that real estate markets are subject to various factors and can be influenced by national and global economic conditions, interest rates, and other unforeseen events.

Tulsa Housing Market Forecast 2023-2024
Source: Zillow

Should You Invest In Tulsa Real Estate Market?

If you're considering investing in real estate, Tulsa could be a good option to explore. Here are some of the top reasons why investing in Tulsa real estate could be a wise choice, as well as potential drawbacks to keep in mind.

Top Reasons to Invest in Tulsa Real Estate:

  • Strong Market Growth: Over the past year, the Tulsa housing market has shown impressive growth, with the average home value increasing by 5.2% to reach $195,024. The current median sale to list ratio indicates a strong seller's market, and the median days to pending is relatively fast, indicating a high demand for homes.
  • Affordable Prices: Compared to other major cities, Tulsa offers affordable real estate prices, making it an attractive option for investors seeking high rental yield and positive cash flow.
  • Diverse Economy: Tulsa's economy is diverse, with a mix of industries that includes energy, healthcare, and aerospace. This diversity helps to create a stable job market, which can lead to increased demand for housing and potential appreciation in property values.
  • Favorable Rental Market: Tulsa's rental market is strong, with a high demand for rental properties and relatively low vacancy rates. This creates an opportunity for investors to generate passive income through rental properties. The massive student market in Tulsa can be a good investment opportunity due to the presence of multiple colleges and universities in the area, including the University of Tulsa, Oral Roberts University, Oklahoma State University, and Spartan School of Aeronautics. With a diverse student population, investing in real estate aimed at students can create a stable portfolio, as returns and overall property values are not tied to the popularity of just one school.
  • Tax Benefits: Oklahoma offers several tax incentives for real estate investors, including low property taxes and exemptions for certain types of properties.

Potential Drawbacks to Keep in Mind:

  • Weather Conditions: Tulsa is located in “Tornado Alley,” which means it is prone to severe weather conditions, including tornadoes and hail storms. This can lead to damage to properties and increased insurance costs.
  • Dependent on Oil Industry: While Tulsa's economy is diverse, it is still heavily dependent on the oil industry, which can be volatile and subject to fluctuations in global oil prices.
  • Limited Appreciation Potential: While Tulsa's real estate market is growing, it may not appreciate as quickly as markets in larger cities with stronger job growth and population growth.
  • Limited Investment Options: While there are opportunities to invest in residential properties, the options for commercial real estate investment may be more limited in Tulsa.

Overall, investing in Tulsa real estate could be a good option for investors seeking affordable prices, strong rental demand, and a stable job market. However, investors should carefully consider the potential drawbacks and risks associated with investing in the region, including severe weather conditions and dependence on the oil industry.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Tulsa, OK is your ability to find great real estate investments in that area.

According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Contact Us

The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.zillow.com/home-values/20859/tulsa-ok/
  • https://www.redfin.com/city/35765/OK/Tulsa/housing-market
  • https://www.realtor.com/realestateandhomes-search/Tulsa_OK/overview

Indianapolis Housing Market: Prices, Trends, Forecast 2023

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The Indianapolis housing market is a dynamic and thriving real estate landscape, attracting both homebuyers and investors alike. As the capital city of Indiana and the 16th-most populous city in the U.S. (2020 Census), Indianapolis offers a diverse range of neighborhoods, excellent amenities, and a strong job market, making it a sought-after destination for those looking to settle down or invest in real estate.

In this post, we will delve into the current state of the Indianapolis housing market, examining key factors such as home prices, trends, and the forecast for 2023. We'll explore the market conditions that are driving housing prices, analyze the latest trends shaping buyer and seller behavior, and provide insights into what the future holds for real estate in Indianapolis.

Whether you're a prospective homebuyer eager to find the perfect property or a savvy investor seeking profitable opportunities, this guide will equip you with the essential knowledge to navigate the Indianapolis housing market with confidence. Let's dive into the data and uncover the fascinating world of Indianapolis real estate.

Indiana Housing Market Trends

The Indiana housing market experienced a slowdown in July 2023 as increased mortgage rates and ongoing inventory challenges led to decreased real estate activity. The latest data from the Indiana Association of REALTORS® (IAR) provides insights into the current state of the housing market in the state.

Key Findings

  • Decline in Home Sales and Listings: In July 2023, existing home sales in Indiana totaled 6,941, marking a 19% decrease compared to July 2022. New listings also dropped by 17% year-over-year, with a total of 8,560 new properties listed for sale.
  • Impact of Mortgage Rates: The housing market was influenced by congressional concerns over the U.S. debt limit, worries about banking resilience, and a quarter-percent rate hike by the Federal Reserve. These factors pushed mortgage rates close to 7%, slowing down the market's growth, which had seen a 30% increase in statewide sales from April through June.
  • Inventory Challenges: Higher mortgage rates prompted potential sellers to hesitate, resulting in fewer new listings. This limited supply, bringing the average daily inventory of homes for sale across Indiana's eight MLS marketplaces to 10,118, down from 11,320 in July 2022. Despite this, the state's median sale price remained relatively stable at $256,250.
  • Comparative Market Performance: While Indiana's housing market experienced a 14% drop in sales through the first six months of the year, it fared better than the national average, with the National Association of REALTORS® (NAR) reporting a 23% decline in sales from 2022 to 2023 year-to-date.

Insights from IAR President Lynn Wheeler

Lynn Wheeler, the President of IAR, highlighted that Indiana's housing market has demonstrated resilience compared to many other regions. Despite the drop in sales, the median sale price reached an all-time high, and buyers remained active, with homes quickly going pending.

Wheeler also pointed out that the current market, although impacted by higher rates and prices, offers less competition than previous summers. Additionally, sellers have become more flexible, with an increasing number of properties reducing their prices. This shift may indicate buyers gaining some bargaining power in the market.

July Highlights

  • July's closed sales of 6,941 brought the year-to-date total for 2023 to 44,406, a 15% decrease from the same period in 2022.
  • Year-to-date listings reached 54,207 with the addition of 8,560 in July, trailing 17% behind the first seven months of the previous year.
  • July's median sale price of $256,250 was the second-highest monthly median price in Indiana's history.
  • Sales were divided by price range, with sales under $250,000 down 25% year-over-year, sales between $250,000 and $749,000 falling 16%, and sales of $750,000+ increasing by 27%.
  • Inventory in July averaged 10,118 daily listings, representing a middle ground between the year's highest and lowest levels.
  • Rural counties in Indiana experienced a more modest 15% year-over-year drop in sales compared to the state as a whole.

The Indiana housing market faced challenges in July 2023, primarily driven by rising mortgage rates and inventory constraints. However, it remains resilient, with potential opportunities for homebuyers as competition eases, and sellers adjust their expectations.

Indianapolis Housing Market Trends

Marion County, located in the heart of Indiana, is home to the state capital, Indianapolis. According to the data released by the Indiana Association of REALTORS®, the Marion County housing market in July 2023 exhibited several notable trends and changes, providing insights into the local real estate landscape. Here's a detailed look at the key metrics and statistics for Marion County:

New Listings

In July 2023, Marion County recorded 1,425 new property listings, reflecting an 18.4% decrease compared to July 2022. Year-to-date data through July 2023 shows a total of 8,931 new listings, indicating a 19.1% reduction compared to the same period last year. This decline in new listings suggests a potential shortage of available properties in the market.

Closed Sales

Marion County reported 1,121 closed sales in July 2023, marking a significant decrease of 21.5% compared to July 2022. Year-to-date figures through July 2023 reveal a total of 7,291 closed sales, representing a 16.9% decline compared to the previous year. This decline in closed sales indicates a slowdown in real estate transactions within the county.

Median Sales Price

The median sales price for properties in Marion County saw a modest increase in July 2023, rising by 0.5% to reach $249,000. Year-to-date data through July 2023 shows a median sales price of $237,500, reflecting a 1.1% increase compared to the same period last year. This suggests that property values have remained relatively stable in Marion County.

Percent of Original List Price Received

The percentage of the original list price received for properties in Marion County in July 2023 was 97.7%, which represents a 2.3% decrease compared to July 2022. Year-to-date figures through July 2023 show that the percentage of the original list price received was 96.8%, indicating a 3.8% decrease compared to the previous year. This may suggest that buyers have slightly more negotiating power in the market.

Months Supply of Inventory

The months supply of inventory in Marion County increased from 1.3 to 1.6, reflecting a 23.1% uptick compared to the previous year. This metric measures the balance between supply and demand in the housing market. An increase in months supply suggests a potential shift towards a more balanced market.

Inventory of Homes for Sale

Marion County had an inventory of 1,732 homes for sale in July 2023, which represents a 0.9% increase compared to the same period in the previous year. This increase in inventory could provide more options for prospective buyers in the county.

Overall, the Marion County housing market in July 2023 displayed a slowdown in new listings and closed sales, along with a slight increase in the median sales price. Buyers may have a bit more negotiating power, as indicated by the percentage of the original list price received. The increase in inventory and months supply of inventory suggests a shift toward a more balanced market. These trends provide valuable insights for those navigating the Marion County real estate market.

Indianapolis Housing Market Forecast 2023-2024

What are the Indianapolis real estate market predictions?  The Indianapolis real estate market has been experiencing steady growth in recent years, and the forecast for 2023-2024 suggests that the trend will continue. Here's a comprehensive overview of the market and a look at its forecast:

Current Market Snapshot

According to Zillow, as of July 31, 2023, the average home value in the Indianapolis-Carmel-Anderson area stands at $271,482, reflecting a 2.1% increase over the past year. Properties in this region tend to move quickly, with an average of just 6 days on the market before going pending, indicating high demand and a competitive market.

Additional key statistics as of June 30, 2023, include:

  • 1-year Market Forecast: A promising 7.6% market forecast for the Indianapolis area, indicating expected growth in the real estate market.
  • Median Sale to List Ratio: A strong ratio of 1.000, suggesting that properties are typically selling at their list prices.
  • Percent of Sales Over List Price: A significant 39.2%, signifying a substantial portion of properties selling for prices above their list prices.
  • Percent of Sales Under List Price: Another 39.2%, indicating a competitive market with a balance of properties selling both above and below their list prices.
  • Median Days to Pending: Just 6 days on average for a property to go pending, reflecting a rapid pace of transactions.

Is the Indianapolis Housing Market Slowing Down?

Given the robust statistics and forecasts, it's essential to address the question: Is the Indianapolis housing market slowing down?

While the Indianapolis market has been exceptionally competitive and fast-paced, with properties often selling quickly and even above their list prices, the 7.6% one-year market forecast for July 31, 2023, suggests continued growth and demand in the foreseeable future. This forecast indicates that the market is not necessarily slowing down but rather maintaining its strength.

However, real estate markets can be influenced by various factors, including economic conditions, interest rates, and supply and demand dynamics. It's crucial for both buyers and sellers to stay informed about the latest market trends and conditions, as they can change over time.

Ultimately, the Indianapolis housing market remains highly competitive and promising, making it an attractive destination for those looking to buy or sell property. As with any market, staying updated and seeking professional advice can help individuals make informed decisions in this dynamic real estate environment.

Implications for Buyers and Sellers:

For Buyers: Buyers in the Indianapolis area should be prepared for a competitive market. With homes going pending in just five days on average, it's crucial for buyers to act quickly and be prepared to make competitive offers. Additionally, since a significant percentage of sales are happening above the list price, buyers should carefully assess their budgets and be prepared for potential bidding wars.

For Sellers: Sellers in the Indianapolis housing market are currently enjoying strong demand and rising property values. The limited supply of homes creates a seller's market, presenting an opportunity for sellers to receive competitive offers. However, it's essential for sellers to price their homes appropriately and work with experienced real estate professionals to maximize their return on investment.

Indianapolis Housing Market Forecast 2023-2024
Source: Zillow

Indianapolis Real Estate Investment Overview

Now that you know where Indianapolis is, you probably want to know why we’re recommending it to real estate investors. When it comes down to the Indianapolis real estate market, it is considered to be an excellent destination for cash flow rental properties. There is a strong and steady year-over-year appreciation of Indianapolis investment properties. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers.

Let’s talk a bit about Indianapolis before we discuss what lies ahead for investors and homebuyers. Indianapolis is also known as the crossroads of America with six interstate highways crossing through the town. However, the transport sector isn't the only thing the city is good for. Construction in Indianapolis seems to be a trend ever since 1849 with America's first Union Station. The construction companies have been stretching their profit margins from the ever-growing Indianapolis housing market.

Why should one invest in this hot market in the state of Indiana? Well, to begin with, Indianapolis has a record of being one of the best long-term real estate investments in the U.S. over the past 10 years. Over the last decade, the cumulative appreciation rate has been 92.94 percent, placing it in the top 30% nationally. This equates to an annual average house appreciation rate of 6.79 percent in Indianapolis, according to NeighborhoodScout data.

Why Is Indianapolis A Good Place For Real Estate Investment?
  • Highest Job Growth in the Midwest
  • Ranked the #1 most affordable place to own real estate. (Forbes Magazine)
  • Unemployment is below the national average.
  • Highest job growth in the Midwest.
  • Properties up to 10% below the market.
  • 1-year appreciation forecast is positive.

Let’s look at the state of the Indianapolis real estate market and the factors driving the market in the short and long term.

Indianapolis's Business-Friendly Economy

The circle city may be the 13th largest city in the nation but that doesn't stop it from carefully drawing out its budget to accommodate its locals. It's one of the few cities running on a surplus balanced budget making it favorable for most business investments. This is due to the low tax levied on business premises making it a viable option for the rental real estate business.

Indianapolis has the highest job growth in the midwest. It has seen a surge in the technology sector ushering in a new business climate for the city. In 2016, over 49 companies chose to expand their firms and relocate opening up branches in the area. This led to over 4,500 unemployment cases being eradicated contributing to the overall growth in the local economy. Low cases of unemployment are a great way of attracting new families moving into the area and another reason for real estate investment.

The state capital has been directed towards funding several diversified sectors including tourism. The city hosts major sporting events like the NCAA basketball championships, and the famous Indy Car Race which attracts huge crowds each year. The Indianapolis real estate market can thrive from this especially in the home rental business during such occasions. Other areas of diversification include pharmaceutical as well as retail and healthcare investments.

Indianapolis Has Affordable Cost of Living

Due to the nature of commerce heavily practiced in the area, it's the most affordable place to be. According to CNN Money, it boasts of an affordability score of approximately 96% with low mortgage rates surpassing Dayton Ohio following it closely. The Indianapolis real estate market has been considered to be among the most stable markets out there. This is due to the city's location. The mid-western city's distance from the coast makes its market much more reliable unlike cities like other cities based off the coast. Their markets change just as the seasons come and go.

Increasing Home Prices in Indianapolis

Probably one of the best news to an Indianapolis real estate market investor is to learn of the rise in home prices. Over the recent past, home values have shot up by over 18% percent with the median home value reaching about $217K, according to local real estate agents. Not only will an investor get his money's worth but also stretch out profit margins as time goes by. A wise investment usually quickly returns the capital pumped into it. Indianapolis realtors have confessed to closing the fastest deals of their lifetime. Properties sell quite fast as they are listed on the market. This is advantageous to an investor as worrying about marketing and advertising is completely done away with.

Rise in Population

The population density in Indianapolis is on the rise with a growth rate of 0.33% according to the latest census conducted. Demographics show that the rise saw up to a 3.9% growth rate of African Americans, replacing the non-Hispanic which accounted for a greater percentage of the population. This diversification is a culmination of the accepting nature of the locals towards people of all backgrounds living side by side and in need of new homes.

Indianapolis is One of The Best Downtowns

According to Forbes, Indianapolis is one of the USA's best downtowns. The Circle city is known for its urban design with several construction projects underway with more contracts generated than they are completed. Improved public spaces and conservation-minded avenues are the things for most parts of the town. For those with a keen eye for real estate investment, this could be a major influence over the Indianapolis real estate market. The average rent for a 1-bedroom apartment in Downtown Indianapolis, Indianapolis, IN is currently $1,455. This is a 1% increase compared to the previous year.

Indianapolis Rental Market Has High Demand

Indianapolis is a College Town with university students choosing to reside off-campus. Moreover, graduates tend to move to the immediate area while starting out creating a huge rental market. For Entrepreneurs, opening up shop also adds to the demand. The average rent for a 1-bedroom apartment in Indianapolis, IN is currently $1,150.

This is a 7% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Indianapolis increased by 2% to $1,176. The average rent for a 1-bedroom apartment increased by 2% to $1,150, and the average rent for a 2-bedroom apartment remained flat.

  • The average rent for a 2-bedroom apartment in Indianapolis, IN is currently $1,300. This is a 4% increase compared to the previous year.
  • The average rent for a 3-bedroom apartment in Indianapolis, IN is currently $1,585. This is a 1% increase compared to the previous year.
  • The average rent for a 4-bedroom apartment in Indianapolis, IN is currently $1,845. This is a 1% decrease compared to the previous year.

Best Indianapolis Neighborhoods To Buy Investment Properties

Are you considering Indianapolis real estate investment? Maybe you have done a bit of real estate investing in Indianapolis but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. Indianapolis offers great opportunities for turnkey real estate investments.

This is especially true for investors who want to invest in the market which is ranked the #1 most affordable place to own real estate (Forbes Magazine). In the Indianapolis real estate market, it is still possible to purchase cash flow turnkey properties that are up to 10% below market value – which means you get the best returns on your investment.

Good cash flow from Indianapolis investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding the best investment property in Indianapolis in a growing neighborhood would be key to your success. If you invest wisely in Indianapolis’s real estate, you could secure your future.

The less expensive the Indianapolis investment property is, the lower your ongoing expenses will be. As with any real estate purchase, act wisely. Evaluate the specifics of the Indianapolis housing market at the time you intend to purchase. When looking for the best real estate investments in Indianapolis, you should focus on neighborhoods with relatively high population density and employment growth. Both of them translate into high demand for housing.

Some of the best neighborhoods in or around Indianapolis, Indiana are Near Eastside, Far East Side, and South Broad Ripple. Home prices in Indianapolis are well below the national average for all cities and towns in the United States.

Highest Appreciating Indianapolis Neighborhoods Since 2000 (List by Neighborhoodscout)

  • Near Northside
  • Old Northside / Herron Morton
  • Arsenal Heights West
  • Ransom Place
  • N Beville Ave / E St Clair St
  • N Rural St / E 9th St
  • Woodruff Place / Arsenal Heights
  • Fletcher Place
  • Fountain Square
  • Fall Creek Place East

There are some great neighborhoods in Indianapolis where you can consider buying investment properties. Here is a list of some of the best neighborhoods in Indianapolis for real estate investment (Data by Niche.com).

1. Glendale, Indianapolis

According to Niche.com, Glendale is one of the best neighborhoods to live in in the Indianapolis area. The area is suburban with a total population of 4,419. Glendale is a neighborhood located on the north side of Indianapolis, located immediately east of Broad Ripple. Glendale is one of the oldest suburban neighborhoods in Indianapolis and is fairly residential, despite being a heavy commercial district. It is best known as the home of Glendale Town Center.

Median Home Value in Glendale $235,303
Public Schools A- Grade
Median Rent in Glendale $874
Housing B Grade

2. North Central, Indianapolis

North Central is one of the best neighborhoods to live in in the Indianapolis area. It is a suburban area with a population of 5,572. About 26% of the population are renters.

Median Home Value in North Central $309,728
Public Schools B+ Grade
Median Rent in North Central $1,439
Housing A- Grade

3. Broad Ripple Village, Indianapolis

Broad Ripple Village is currently #1 in the best neighborhoods to live in the Indianapolis area. It is one of seven areas designated as cultural districts in Indianapolis, Indiana. Located about six miles (11 km) north of Downtown Indianapolis, Broad Ripple was established in 1837 as an independent municipality and annexed by the city of Indianapolis in 1922. Broad Ripple High School, one of the earliest Indianapolis Public Schools, is located within the Village. The area is suburban with a population of 6,884.

Median Home Value in Broad Ripple Village $233,821
Public Schools B- Grade
Median Rent in Broad Ripple Village $1,374
Housing A Grade

4. Delaware Trails, Indianapolis

Delaware Trails is another best neighborhood to live in in the Indianapolis area. It is a suburban area with a population of 8,174. About 26% of the population are renters.

Median Home Value in Delaware Trails $218,641
Public Schools A- Grade
Median Rent in Delaware Trails $864
Housing A- Grade

5. Allisonville, Indianapolis

Allisonville is another best neighborhood to live in in the Indianapolis area. The area is suburban with a population of 10,175. Allisonville residents enjoy a dense suburban feel, with the majority of residents owning their homes. There are numerous bars, restaurants, coffee shops, and parks in Allisonville. Allisonville is home to a large number of families and young professionals, and residents generally hold moderate political views. Allisonville's public schools are highly regarded.

Median Home Value in Allisonville $284,807
Public Schools A- Grade
Median Rent in Allisonville $1,242
Housing A- Grade

6. Millersville, Indianapolis

Millersville is an Indianapolis neighborhood with a population of 8,800. Millersville is located in Marion County and is considered to be one of the best places to live in the state of Indiana. Millersville provides residents with a dense suburban feel, and the majority of residents own their homes. There are numerous bars, restaurants, coffee shops, and parks in Millersville. Millersville is home to a large number of young professionals and residents who lean liberal. Millersville's public schools are highly regarded.

Median Home Value in Butler-Tarkington $176,736
Public Schools A- Grade
Median Rent in Butler-Tarkington $1,006
Housing A- Grade

Indianapolis Turnkey Properties For Sale

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Indianapolis.

Consult with one of the investment counselors who can help build you a custom portfolio of Indianapolis turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Indianapolis, and have a 3-year appreciation forecast of 10.3%.

All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Indianapolis turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

On the west of Indiana lies the state of Illinois. In Illinois, Chicago is a hot and sizzling real estate market. Chicago’s real estate market has been one of the slowest to recover since the housing bubble burst at the start of the Great Recession. Home prices were 19% below their pre-crash levels in 2017, and they aren’t expected to hit peak values until 2021.  Chicago is not only home to several corporate headquarters; there has been a recent trend of companies moving their headquarters to Chicago as well.

The steady increase in jobs has contributed to a slow but steady increase in rents. Many businesses are attracted by Chicago’s labor pool, the largest in the nation. As these businesses move into the area and attract relocating professionals, many are forced to rent because they can’t find houses fast enough in the areas they want to live in or simply choose to rent upon relocation in one of the luxury apartments downtown.

On the east of Indiana lies the state of Ohio. In Ohio, we recommend Cleveland for real estate investment. Cleveland’s population is stable at around 400,000 residents. It is doing a decent job of retaining its young people. Why is that something to bring up when discussing the Cleveland housing market? Because it is right next to Detroit, a city that has been shedding people for decades. The Cleveland real estate market is thus bolstered by steady to slow growth, though specific neighborhoods are seeing spikes in their valuations as new employers and attractions move in.

Let us know which real estate markets you consider best for real estate investing!

Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Latest Market Data, Trends, and Statistics
https://www.indianarealtors.com/consumers/housing-data/
https://www.zillow.com/Indianapolis-In/home-values
https://www.neighborhoodscout.com/in/indianapolis/real-estate
https://www.realtor.com/realestateandhomes-search/Indianapolis_IN/overview
https://www.zumper.com/rent-research/indianapolis-in

Why Invest in Indianapolis Rental Market
http://www.cashflowdiaries.com/why-is-indianapolis-such-a-great-city-to-invest-in
https://www.threaltyinc.com/blog/2017/01 /04/why-invest-in-rental-properties-in-indianapolis-in

Best Neighborhoods in Indianapolis
https://www.niche.com/places-to-live/n/allisonville-indianapolis-in

Oklahoma City Housing Market: Prices, Trends, Forecast 2023

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As the summer season unfolds, the Oklahoma City housing market has been marked by interesting dynamics. In this report, we analyze the real estate statistics collected by MLSOK, Inc. for the month of July 2023. We'll delve into key indicators, changes in closed sales, median sales price, and inventory to provide a comprehensive understanding of the current state of the market. Additionally, we'll compare the figures from June 2023 and July 2022 to gain insights into the market's growth and trajectory.

Oklahoma City Housing Market Trends

These insights are invaluable for both buyers and sellers, offering a clear picture of market trends and how they compare to the previous month and year.

Key Housing Metrics for Oklahoma City Metropolitan Area for July 2023

Let's begin by examining the essential housing statistics for July 2023 in contrast to June 2023 and July 2022:

Total Closed Transactions: In July 2023, there were 2,042 closed real estate transactions in Oklahoma City. This figure, while slightly lower than June 2023's 2,400 and July 2022's 2,502, demonstrates a stable and active market.

Total Dollar Volume: The total dollar volume for July 2023 reached $629,973,480. Although it saw a decrease from June 2023's $722,569,746 and July 2022's $729,684,007, it still represents a significant economic activity in the real estate sector.

Average Price: The average price of homes in Oklahoma City for July 2023 was $308,508. This marks an increase compared to both June 2023's $301,071 and July 2022's $291,640, indicating a positive trend in home values.

Median Price: The median price for homes in July 2023 stood at $260,000. It shows a slight increase from June 2023's $259,900 and July 2022's $250,000, indicating a healthy range of housing options.

% Selling Price to List Price: The percentage of selling price to list price in July 2023 was 98%, consistent with June 2023's 98% and slightly lower than July 2022's 99%. This demonstrates that homes are selling close to their listed prices.

Days on Market: The average number of days a property spent on the market in July 2023 was 32 days, which remained consistent with both June 2023 and July 2022. This indicates a market with a balanced pace.

Active Listings and Pending Sales: As of July 2023, there were 5,185 active listings in Oklahoma City. Additionally, 1,735 properties were under contract (pending), with an average value of $297,018. These numbers reflect ongoing activity and demand in the market.

Residential Property Types: The Oklahoma City housing market encompasses a diverse range of residential property types, including condos, half duplexes, manufactured homes, patio homes, single-family homes, and townhouses. This variety provides options for buyers with different preferences and needs.

Monthly Trends

Let's take a broader look at the trends over the past several months:

  • In January 2023, there were 1,225 closed transactions, totaling $345,597,992 in dollar volume.
  • In February 2023, 1,511 transactions were closed, with a total dollar volume of $415,439,937.
  • March 2023 saw 2,047 closed transactions and a total dollar volume of $590,664,460.
  • In April 2023, 1,834 transactions were closed, amounting to $531,446,944.
  • May 2023 experienced 2,294 closed transactions and $687,586,162 in total dollar volume.
  • June 2023 witnessed 2,400 closed transactions and a total dollar volume of $722,569,746.
  • July 2023 recorded 2,042 closed transactions, totaling $629,973,480 in dollar volume.

These monthly trends illustrate the ebb and flow of the Oklahoma City housing market, showcasing its resilience and adaptability to changing economic conditions and consumer preferences.

Final Thoughts

The Oklahoma City housing market remains an attractive and dynamic sector for buyers and sellers alike. The data for July 2023 suggests a stable market with potential for growth in home values. As we move forward, staying informed about market trends and consulting with local real estate experts will be essential for making informed decisions in this thriving real estate landscape.

Oklahoma City Housing Market Forecast 2023-2024

What are the Oklahoma City real estate market predictions for 2023 to 2024? As prospective homebuyers and sellers in Oklahoma City, having access to reliable market forecasts is essential for making informed decisions. Zillow, a leading real estate data provider, offers valuable insights into the Oklahoma City housing market based on the data available through July 31, 2023. Let's explore the forecast and what it means for the city's real estate landscape.

Oklahoma City Home Value Overview

According to Zillow's data, the average home value in Oklahoma City stands at $199,133 as of July 31, 2023. Over the past year, this figure has experienced a 4.1% increase, indicating a healthy upward trend in home values. Additionally, homes in Oklahoma City are moving quickly, going pending in just 7 days.

Key Market Indicators

Understanding the key market indicators can provide valuable insights into the dynamics of the Oklahoma City housing market:

  • Median Sale-to-List Ratio (June 30, 2023): 1.000
  • Percent of Sales Over List Price (June 30, 2023): 37.7%
  • Percent of Sales Under List Price (June 30, 2023): 39.3%
  • Median Days to Pending (July 31, 2023): 7

The median sale-to-list ratio of 1.000 suggests that, on average, properties are selling for their listed price. The notable percentages of sales both over and under list price indicate a competitive market where buyers and sellers may need to be flexible in negotiations. The median days to pending, a mere 7 days, underscores the speed at which homes are being snapped up in Oklahoma City.

Oklahoma City Metro Housing Market Forecast

Looking ahead, let's delve into the housing market forecast for the broader Oklahoma City metro area:

Oklahoma City, OK Metro Housing Market Forecast

  • Base Date: 31-07-2023
  • 31-08-2023: 0.4% growth
  • 31-10-2023: 1.2% growth
  • 31-07-2024: 5.8% growth

This forecast suggests a positive outlook for the Oklahoma City metro housing market, with expected growth in home values over the coming months. It's important to note that real estate markets can be influenced by various factors, including economic conditions, interest rates, and local developments.

The Oklahoma City housing market is displaying favorable signs of growth and stability, with increasing home values and a brisk pace of sales. As you consider your real estate options, staying informed about evolving market conditions and consulting with local experts can be invaluable for making well-informed decisions.

Oklahoma City Housing Market Forecast 2023-2024
Source: Zillow

Oklahoma City Real Estate Investment Overview

Should you consider Oklahoma City real estate investment? Many real estate investors have asked themselves if buying an Oklahoma investment property is a sound investment decision. Oklahoma City has seen steady growth in both its population and its economy over the years. With a low cost of living and a diverse range of industries, it's a great place to invest in real estate.

Here are some reasons why:

Steady Growth in Oklahoma City & Its Property Values

The city's population has grown by nearly 10% over the past decade, and it's projected to continue growing. This means that demand for housing is likely to remain strong, which should keep property values on the rise. In fact, the average home value in Oklahoma City has increased by 7.7% over the past year, which is a strong indication of the city's economic growth and stability.

Good Rental Market

Oklahoma City's rental market is also very strong, with low vacancy rates and rising rents. This makes it a great place to invest in rental properties, as you're likely to have a steady stream of tenants. The city also has a diverse range of industries, including aerospace, healthcare, and energy, which means there are plenty of job opportunities for renters.

As of August 2023, the average rent for a 1-bedroom apartment in Oklahoma City, OK is currently $850. This is a 0% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Oklahoma City decreased by -23% to $767. The average rent for a 1-bedroom apartment decreased by -3% to $850, and the average rent for a 2-bedroom apartment increased by 2% to $1,066.

It Is Landlord Friendly

Oklahoma City is known for being landlord-friendly, with relatively low taxes and minimal regulations. Landlords have the freedom to set their own rents and can evict tenants more easily than in some other states. This makes it easier for investors to manage their properties and generate a positive cash flow.

Landlords can evict a tenant in Oklahoma City for failure to pay rent, criminal activity, and material breaches of the lease. If the landlord wants to evict them for a breach of lease, a ten-day written notice is required in which the tenant has to solve the issue.

If they don’t, they can be given 15 days to leave. If a landlord wants to evict a tenant for nonpayment of rent, he or she must first give the tenant a 5-day written notice for payment of rent. If the tenant does not pay rent within 5 days, the landlord may proceed with the eviction of the tenant. The only exception is a criminal activity that poses a health or safety threat to tenants and those around them – you can evict someone immediately for that. This includes illegal drug activity in a unit. Eviction can proceed five days after failing to pay the rent.

Conclusion

In conclusion, Oklahoma City offers a great opportunity for real estate investors. With steady growth in its economy and property values, a strong rental market, and landlord-friendly policies, it's a great place to invest in real estate. Whether you're looking for a rental property or a fix-and-flip opportunity, Oklahoma City should definitely be on your radar.

There are pockets where you could tap into a large pool of renters such as around one of the many universities, though other neighborhoods are dominated by families that want more space but cannot afford to buy a home.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Oklahoma City.

Consult with one of the investment counselors who can help build you a custom portfolio of Oklahoma City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Oklahoma City.

Not just limited to Oklahoma but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Oklahoma City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. 

References

Market Data, Reports & Forecasts
https://okcmar.org/
https://okcmar.org/mls-dept-info/mls-statistics/
https://www.zillow.com/oklahoma-city-ok/home-values/
https://www.littlebighomes.com/real-estate-oklahoma-city.html
https://www.redfin.com/city/14237/OK/Oklahoma-City/housing-market
https://www.realtor.com/realestateandhomes-search/oklahoma-city_OK/overview
https://www.neighborhoodscout.com/ok/oklahoma-city/real-estate#description
https://okcfox.com/news/local/oklahoma-forward-riding-the-housing-market-roller-coaster-during-the-pandemic

Rental Trends
https://www.rentcafe.com/average-rent-market-trends/us/ok/oklahoma-city/
https://www.rentjungle.com/average-rent-in-oklahoma-city-rent-trends/

Low volatility
https://smartasset.com/mortgage/best-cities-first-time-homebuyers-2017
https://www.bestplaces.net/compare-cities/tulsa_ok/oklahoma_city_ok/people

Cost of living, including rents
https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+States&city1=Tulsa%2C+OK&country2=United+States&city2=Oklahoma+City%2C+OK

Landlord friendly
https://www.avail.co/education/laws/oklahoma-landlord-tenant-law

Core to Shore downtown redevelopment
https://newsok.com/article/5571657/major-players-in-oklahoma-citys-downtown-development-to-speak-dec.-4
https://www.okc.gov/government/maps-3/projects/downtown-convention-center

Slow multifamily housing permits
https://www.greateroklahomacity.com/subresources/economic-indicators/

Santa Fe Housing Market: Prices, Trends, Forecast 2023

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Santa Fe, New Mexico, is a city known for its rich history, vibrant culture, and stunning natural beauty. As people continue to be drawn to this enchanting city, the Santa Fe housing market remains a topic of interest. In this article, we will explore the current trends and forecasts for the Santa Fe housing market, providing valuable insights for both buyers and sellers.

Overview of the Santa Fe Housing Market

According to data from Redfin, the Santa Fe housing market is somewhat competitive, with homes receiving an average of 3 offers and selling in approximately 36 days. In July 2023, the median sale price for a home in Santa Fe was $510,000, representing an 11.5% decrease compared to the previous year. This decline in prices has garnered attention and presents opportunities for potential buyers.

Competitiveness in Santa Fe

Understanding the competitiveness of the market is crucial for buyers and sellers alike. The Redfin Compete Score rates Santa Fe's competitiveness at a level of “Somewhat Competitive.” Homes in Santa Fe typically sell in about 37 days, with some receiving multiple offers. On average, homes sell for about 1% below the list price, while hot properties can sell for approximately 1% above the asking price, often going pending in just 12 days.

Comparing Nearby Cities

If you're considering Santa Fe as your next destination, it's essential to compare it to nearby cities. Santa Fe's Compete Score places it in the “Somewhat Competitive” category, but how does it fare against other cities? Nearby places like Los Angeles and San Francisco have higher Compete Scores, indicating more competitive markets with homes frequently selling above the list price and faster than Santa Fe.

Sale-to-List Price Ratio

The Sale-to-List Price ratio is another vital metric to consider. In 2023, Santa Fe had a Sale-to-List Price ratio of 99.5%. This ratio reflects the fact that, on average, homes in Santa Fe were selling for nearly the full list price. It's an indicator of the demand and competitiveness in the market.

Moving Trends in Santa Fe

Understanding migration and relocation trends can provide insights into the city's popularity. In recent months, 0.32% of homebuyers searched to move into Santa Fe from outside metros, with Los Angeles, San Francisco, and Seattle leading the way. On the other hand, Boise, Spokane, and Knoxville were among the top destinations for those leaving Santa Fe.

The Santa Fe housing market presents a unique blend of competitiveness and opportunity. While prices have seen a recent decline, the market remains somewhat competitive, making it essential for buyers and sellers to stay informed about the latest trends. As you consider Santa Fe as your next home, keep in mind the city's migration patterns, educational options, and transportation accessibility.

Santa Fe Housing Market Forecast 2023-2024

The Santa Fe housing market is constantly evolving, influenced by various economic and demographic factors. As potential homebuyers and sellers, having access to accurate forecasts is crucial for making informed decisions. Let us discuss the current housing market forecast for Santa Fe, providing insights into the average home value and projected changes over the coming months.

Santa Fe Housing Market Forecast

The Santa Fe housing market, a city known for its rich culture and scenic beauty, has seen some notable changes in recent months. To help both buyers and sellers navigate this dynamic market, we've gathered insights from both Redfin and Zillow data. Let's delve into the Santa Fe housing market forecast for 2023.

According to Redfin's data for July 2023, here are some key highlights of the Santa Fe housing market:

  • Median Home Price: The median home price in Santa Fe is currently at $510,000, representing an 11.5% decrease compared to the previous year. This decrease may present opportunities for buyers looking for more affordable housing options.
  • Days on Market: On average, homes in Santa Fe sell after 36 days on the market, which is consistent with the previous year's average. This suggests that the market is maintaining its pace.
  • Number of Sales: There were 102 homes sold in July 2023, which is a decrease from 127 homes sold during the same period last year. This indicates a shift in market activity.
  • Buyer Preferences: Between May '23 and Jul '23, 38% of homebuyers in Santa Fe were searching to move out of the city, while 62% were looking to stay within the metropolitan area.

These insights suggest that Santa Fe's housing market is experiencing changes in pricing and buyer preferences.

Zillow Data Overview

According to Zillow's data through July 31, 2023, the average home value in Santa Fe stands at $566,455, indicating a 0.9% decrease over the past year. This slight decrease may reflect a stabilizing market.

One striking aspect of the Santa Fe housing market is the speed at which homes are going pending. On average, a property in Santa Fe goes pending in just 8 days as of July 31, 2023, highlighting the high demand for homes in the area.

Santa Fe Metropolitan Statistical Area (MSA) Housing Market Forecast

The Santa Fe Metropolitan Statistical Area (MSA) encompasses the city of Santa Fe and its surrounding regions. It's important to keep an eye on the housing market trends in the broader MSA to understand the overall real estate landscape. Here's a housing market forecast for the Santa Fe MSA based on available data:

Current Market Conditions

As of July 31, 2023, the Santa Fe MSA had experienced a modest 0.7% increase in housing prices compared to the base date. This suggests a relatively stable market environment with gradual price appreciation.

Short-Term Forecast

Looking ahead to October 31, 2023, the housing market in the Santa Fe MSA is expected to continue its positive trend with a forecasted increase of 1.6% in housing prices. This indicates growing demand and a healthy real estate market.

Mid-Term Forecast

For those planning for the longer term, the housing market forecast for July 31, 2024, is even more promising. The Santa Fe MSA is expected to experience a substantial 7.4% increase in housing prices. This significant growth suggests a robust real estate market in the coming year, potentially driven by various factors such as economic growth, population trends, or local developments.

The Santa Fe Metropolitan Statistical Area appears to be on a positive trajectory with forecasted increases in housing prices in the short and mid-term. This indicates that the region remains attractive to both buyers and investors, and it may be a favorable time to consider real estate opportunities within the Santa Fe MSA.

As always, it's essential to stay updated on the latest market trends and consult with local real estate experts who can provide valuable insights and guidance tailored to your specific goals and circumstances.

Santa Fe Housing Market Forecast
Source: Zillow

Santa Fe Real Estate Investment Overview

Is it worth buying a house in Santa Fe, NM? Investing in real estate is touted as a great way to become wealthy.  Many real estate investors have asked themselves if buying a property in Santa Fe is a good investment. You need to drill deeper into local trends if you want to know what the market holds for the year ahead.

When considering a real estate investment in Santa Fe, New Mexico, there are several factors to take into account. Here's an overview of some key points to consider when deciding whether or not to invest in the Santa Fe real estate market.

It Has a Strong, Diversified Economy

Santa Fe's economy is primarily driven by tourism, healthcare, government, and education. The city has a relatively low unemployment rate of around 4%, which is lower than the national average. Additionally, Santa Fe has a relatively high median household income of around $70,000, which is higher than the national average. These factors indicate a stable and healthy economy that could provide a solid foundation for real estate investment.

Property Values Are Appreciating

In the Santa Fe Metropolitan Statistical Area, property values are showing signs of appreciation, offering enticing prospects for investors. With a stable short-term market and a forecasted increase in housing prices for both the mid and long-term, this region presents opportunities for those seeking to invest in real estate. The potential for growth suggests that Santa Fe MSA is an attractive destination for investors looking to capitalize on the evolving real estate landscape.

There Is a Large Rental Population

Santa Fe has a significant rental population, with around 40% of residents renting their homes. This indicates that there is a strong demand for rental properties in the area. Additionally, the median rent in Santa Fe is around $1,500, which is higher than the national average. These factors suggest that investing in a rental property in Santa Fe could provide a solid return on investment.

Seasonal Demand Creates an Unusual Opportunity

Santa Fe is a popular tourist destination, particularly during the summer months, which can create seasonal demand for rental properties. This could be an advantage for real estate investors who are looking to rent out their properties on a short-term basis. However, it's important to note that the seasonal demand can also create higher competition for properties during peak tourism season.

It Is More Landlord Friendly than a Few of the Alternatives

New Mexico has landlord-friendly laws, which can provide advantages for real estate investors. For example, landlords have the right to collect a security deposit, charge late fees, and evict tenants for non-payment of rent or lease violations. These laws provide protections for landlords and could make investing in Santa Fe real estate more attractive.

It Is Tax-Friendly for Property Owners

New Mexico has relatively low property taxes, which can be an advantage for real estate investors. Additionally, the state does not have an estate tax or inheritance tax, which could make transferring property to heirs more affordable.

Conclusion

Santa Fe is often overlooked in favor of larger cities in New Mexico or the more exotic, touristy destinations like Taos. However, the recovering real estate market is ripe for investment. Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Santa Fe, NM is your ability to find great real estate investments in that area.

According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

This article aimed to educate investors who are keen to invest in Santa Fe real estate. Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your research and taking the help of a real estate investment counselor.

The other best place to invest in real estate is Albuquerque, NM. Albuquerque is an often overlooked real estate market in the West because it doesn’t make headlines. However, the strong fundamentals and positive long-term outlook make it a great place to consider investing.

Another sizzling market to invest in real estate in Sacramento, CA. Sacramento is an island of sanity in an overpriced, over-regulated, and overheated West Coast housing market. It reflects the California ideal that most of the state has lost, and that’s we recommend it to investors over the “hotter” California metro areas. These are the same factors causing many Californians themselves to vote with their feet and move here instead of moving out of the state altogether.

One of the reasons to snap up a Sacramento real estate investment over one in the hotter real estate markets is that the area is safer overall. Sacramento has a slightly higher property crime rate than other big cities in cities, but Sacramento has a much lower violent crime rate. People are more concerned about being mugged, raped, or murdered than having their car broken into. The nonviolent crime stats are also skewed due to the more lenient authorities in San Francisco and Los Angeles.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.zillow.com/santa-fe-nm/home-values
  • https://www.movoto.com/santa-fe-nm/market-trends
  • https://www.neighborhoodscout.com/nm/santa-fe/real-estate
  • https://www.redfin.com/city/18007/NM/Santa-Fe/housing-market
  • https://www.realtor.com/realestateandhomes-search/Santa-Fe_NM/overview
  • https://livability.com/nm/santa-fe/business
  • https://www.forbes.com/places/nm/santa-fe
  • https://www.bestplaces.net/housing/city/new_mexico/santa_fe
  • https://sparkrental.com/new-mexico-rental-laws-guide                         
  • https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
  • http://money.com/money/4533659/where-retirees-go-winter-months
  • https://www.areavibes.com/santa+fe-nm/cost-of-living
  • https://www.santafenewmexican.com/life/real_estate/santa-fe-home-prices-increase-as-inventory-goes-down/article_1c24acac-1f61-5da6-a1b1-8415e271238c.html

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