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.
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.
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 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.
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.
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