Posted on October 11th, 2014
Real estate throughout the country has been hard to predict and very sporadic over the past several years. Between the housing bubble and the Great Recession, markets have been all over the place. Oklahoma City seems to be making a comeback, if it ever lost ground at all. Experts say that Oklahoma City housing reached its peak in 2009, and has only lost 1% of its value since then. Considering it is still gaining value, it seems that Oklahoma City is in extremely good shape right now.
The current median home value in Oklahoma City is $119,500. The median home value in the U.S. is 174,800. The median listing price is $169,900 (compared to a national of $215,000), and the median sale price is $159,800 (compared to a national of $217,800). The median rent price in Oklahoma City is $855, while the national average is $1,500. The current foreclosure rates in Oklahoma City sit at about the national average, with 4.6 of every 10,000 homes being foreclosed (the national average is 4.4 per 10,000).
These values are a 3.9 percent increase from last year, and Zillow is predicting another 2.8 percent increase in the year to come. The two and three year forecasts also predict a continued increase. The number of house sales is cyclical, but seems to be on an overall decline since 2005-2006. The condo and townhouse markets in Oklahoma City have also been doing quite well.
Oklahoma City traditionally sits near the top in terms of housing markets. 10 years ago, their housing market sat in the 80th percentile in the country. 5 years ago, it hit its peak at the 88th percentile. Somewhere in the last 5 years, however, the market hit a bump, as last year it sat in the 63rd percentile. However, even with this decline, it seems that Oklahoma City never took the same hit that much of the country did in terms of housing depreciation. While the foreclosure rate is dropping, it never increased much to begin with, as it did during in most of the country during the housing slump. Median home prices continued to rise through the slump as well.
Thanks To The Energy Industry…
Oklahoma City is making a comeback, however, even though it never took too much of a hit, and its housing market is back up to the 67th percentile for the past quarter. Reports have shown that Oklahoma City’s strong energy industry have kept jobs alive and the economy stronger there than in much of the country. Both Oklahoma and Texas recovered far faster, and were hit less hard to begin with, from the recession than many other states, due to their energy industries. Therefore, it is safe to assume that this economic resilience accounts for Oklahoma’s stronger housing market as well.
Less Expensive In The ‘Burbs…
Prices for the Oklahoma City Metro area tend to be higher than the Oklahoma City averages, both for buying homes and for renting. This suggests that prices are cheaper in the suburbs of Oklahoma City than they are in the city itself.
Oklahoma City Home Prices & Values – Zillow
Oklahoma City Market Trends – Trulia