The Edmond housing market is a thriving market located just north of Oklahoma City. How is the housing market doing currently? In February 2024, Edmond home prices were up 2.4% compared to last year, selling for a median price of $379K. According to Redfin, on average, homes in Edmond sell after 55 days on the market compared to 21 days last year. There were 147 homes sold in February this year, up from 119 last year.
Factors driving the Edmond housing market
- Strong job market: Edmond is home to a number of large employers, including the University of Central Oklahoma, Integris Health Edmond, and Oklahoma Christian University. This has led to a strong job market in the city, which has boosted demand for housing.
- Good schools: Edmond is known for its excellent schools, which has made it a popular choice for families.
- Safe neighborhoods: Edmond is a safe community with a low crime rate.
- Quality of life: Edmond is a desirable place to live with a variety of amenities, such as parks, restaurants, and shopping.
Outlook for the Edmond housing market
The Edmond housing market is expected to remain strong in the coming years. The job market is expected to continue to grow, and the demand for housing is expected to remain high. However, there are some challenges that could impact the market, such as rising interest rates and a shortage of available homes.
Overall, the Edmond housing market is a strong market with a lot to offer buyers and sellers. If you are considering buying or selling a home in Edmond, I would recommend talking to a qualified real estate agent.
Popular neighborhoods in Edmond
The Edmond housing market offers a variety of neighborhoods to choose from, each with its own unique charm and character. According to Realtor.com, some of the most popular neighborhoods include.
- Oak Tree: This neighborhood is known for its mature trees, family-friendly atmosphere, and excellent schools. The median listing home price in Oak Tree is $399,900.
- Coffee Creek: This neighborhood is home to a number of golf courses and parks, making it a great choice for outdoor enthusiasts. The median listing home price in Coffee Creek is $374,900.
- Classen: This historic neighborhood is located near downtown Edmond and offers a variety of shops, restaurants, and entertainment options. The median listing home price in Classen is $424,900.
In addition to these popular neighborhoods, there are many other great places to live in Edmond. With its wide range of housing options, excellent schools, and safe communities, Edmond is a great place to call home.
Additional factors to consider when buying a home in Edmond
- School district: Edmond is served by a number of excellent school districts. If you have children, it is important to choose a home in a good school district.
- Commute: If you work outside of Edmond, you will need to consider your commute time.
- Amenities: Edmond offers a variety of amenities, such as parks, restaurants, and shopping. Consider which amenities are important to you and choose a home in a neighborhood that has them.
Edmond OK Housing Market Forecast 2024 and 2025
According to Zillow, a prominent real estate data source, the average home value in Edmond stands at $338,349, reflecting a 1.5% increase over the past year. Homes in this area typically go pending within around 34 days, indicating a competitive market.
Key Metrics:
- For Sale Inventory (February 29, 2024): The inventory of homes for sale in Edmond as of February 29, 2024, stands at 843 properties. This figure provides potential buyers and sellers with an understanding of the available options within the market.
- New Listings (February 29, 2024): In February 2024, there were 212 new listings added to the Edmond housing market. New listings contribute to the overall inventory and can influence market dynamics such as supply and demand.
- Median Sale to List Ratio (January 31, 2024): The median sale to list ratio in Edmond, recorded as 0.986 as of January 31, 2024, indicates the relationship between the sale price and the list price of properties. A ratio close to 1 suggests that homes are selling close to their list prices.
- Median Sale Price (January 31, 2024): As of January 31, 2024, the median sale price for homes in Edmond was $320,667. This metric serves as a benchmark for understanding the typical price point within the market.
- Median List Price (February 29, 2024): The median list price for homes in Edmond, recorded as $410,097 as of February 29, 2024, represents the midpoint of all listed property prices. It provides insights into seller expectations.
- Percent of Sales Over List Price (January 31, 2024): In January 2024, 21.6% of home sales in Edmond were above the list price. This metric indicates the level of competition among buyers and the potential for bidding wars.
- Percent of Sales Under List Price (January 31, 2024): Conversely, 59.8% of home sales in Edmond during January 2024 were below the list price. This figure reflects the bargaining power of buyers in negotiating favorable deals.
Is Edmond a Buyer's or Seller's Housing Market?
Assessing whether the Edmond, OK housing market favors buyers or sellers involves examining key indicators such as inventory levels, pricing trends, and days on market. With an inventory of 843 properties for sale and 21.6% of sales occurring above the list price, the market appears to lean slightly towards sellers. However, 59.8% of sales happening below the list price indicates opportunities for buyers to negotiate favorable deals. Overall, while sellers may have some advantage, the market remains relatively balanced, offering opportunities for both buyers and sellers.
Are Home Prices Dropping in Edmond?
Despite fluctuations in the real estate market, data from Zillow indicates that home prices in Edmond have seen a 1.5% increase over the past year, with the median sale price recorded at $320,667 as of January 31, 2024. This upward trend suggests that home prices are not currently dropping. However, market conditions can change, and it's essential to monitor trends over time for accurate assessments.
Will the Edmond Housing Market Crash?
Forecasting a housing market crash involves analyzing various economic factors, including employment rates, interest rates, and housing supply and demand dynamics. While the Edmond, OK housing market may experience fluctuations, there is currently no indication of an imminent crash. With relatively stable home prices, moderate inventory levels, and continued demand, the market appears resilient. However, it's essential for stakeholders to remain vigilant and adapt to changing market conditions.
Is Now a Good Time to Buy a House in Edmond?
Deciding whether it's a good time to buy a house in Edmond depends on individual circumstances, financial readiness, and long-term goals. While the market may favor sellers to some extent, opportunities exist for buyers to find value, negotiate favorable terms, and invest in homeownership. Factors such as low mortgage rates as compared to last year, favorable lending conditions, and personal financial stability can influence the decision to buy.
Note: All data presented is sourced from Zillow and reflects market conditions as of February 29, 2024.
Investing in the Edmond OK Real Estate Market?
1. Population Growth and Trends
Edmond, OK, has experienced consistent population growth in recent years, contributing to a robust real estate market. The city's appeal has led to an influx of residents, creating a positive environment for real estate investment.
2. Economy and Jobs
- Thriving Economy: Edmond boasts a thriving economy, supported by diverse industries and a strong job market.
- Employment Opportunities: The presence of major employers, including educational institutions and healthcare facilities, provides stability and attracts a steady workforce.
3. Livability and Other Factors
- Livability: Edmond is renowned for its excellent schools, safe neighborhoods, and quality of life, making it an attractive location for residents and investors alike.
- Community Amenities: The city offers a range of amenities, including parks, restaurants, and shopping, enhancing its overall appeal.
4. Rental Property Market Size and Growth
The rental property market in Edmond is substantial, and its growth potential is notable for investors seeking consistent returns. Factors contributing to this include:
- High Demand: The city's growing population and employment opportunities contribute to a high demand for rental properties.
- Rental Yield: Favorable rental yield trends make Edmond an attractive destination for investors seeking income-generating properties.
5. Other Factors Related to Real Estate Investing
- Market Stability: Edmond's stable real estate market, coupled with positive growth indicators, provides a sense of security for investors.
- Future Projections: Ongoing developments and city initiatives point towards a promising future, enhancing the long-term viability of real estate investments.
Considering these factors, investing in the Edmond OK real estate market presents a compelling opportunity for those seeking a thriving and stable investment environment.
References:
- https://www.redfin.com/city/5984/OK/Edmond/housing-market
- https://www.realtor.com/realestateandhomes-search/Edmond_OK/overview
- https://www.zillow.com/home-values/38328/edmond-ok/