Overview of Real Estate Trends in Oklahoma City – Feb 2024

Oklahoma City’s real estate market is growing as we enter in 2024. Among the most prominent trends is the steady climb of average property values within the city.

From February 2023 to January 2024, we have witnessed these median values displaying a consistent upward trajectory. This spells out a city in the midst of growth, drawing attention from homeowners and investors alike.

A similarly positive trend emerges when we shine the spotlight on median sold prices, although the journey shows some monthly oscillations. Yet, the essence lingers—a general increase marks the year, hinting at a healthy, robust market. Moreover, the subtle increase in average sold per square foot values adds further nuance, suggesting a shift towards the acquisition of higher-value properties, or perhaps a ramp-up in demand stretching the fabric of the market.

Surprisingly, the loudest murmur of the market is neither a soaring spike nor a jarring drop, but rather a stable hum—median transaction values over the last 6 months trail behind the yearlong median. While this could imply a brief descent in property values or a swell in lower-end sales, the unchanged monthly transaction percentage and the congruence between historical and current median values paint a picture of steadiness.

The Oklahoma City real estate canvas is lively and fluid, underscored by the bustling segment of recently sold properties. Their significant share in market transactions reaffirms the liquidity and vibrancy characterizing the city’s real estate sector.

Real Estate Trends in Nearby Cities

Next, here is a snapshot of the market trends in nearby cities

• Bethany: Here, consistency is the name of the game, with only a modest growth of average sold prices as 2024 begins
• Spencer: A notable dip from December 2023 to January 2024 captures our interest. It may be a transient market cool-down or a seasonal ebb we’re observing
• Jones: It stands out with its pricier tag—median values and sold prices exceed those of its peers, sketching a comparatively upscale market
• Choctaw: Stability resounds again here, with the city showing little variation in median sold prices over the final months of the year into the new one
• Yukon: A gentle uptrend mirrors that of Oklahoma City, possibly pointing to a shared growth narrative

Be it a quick flip or a long-term investment, the pulse of the market’s dynamics holds the key to informed decisions. Oklahoma City’s submarkets tell divergent stories—a testament to the diversity within. Zip codes are more than just addresses; they are indicators of market temperament. Discrepancies in median values and prices per square foot are stark, underscoring how significantly location sways real estate valuation.

List prices in some zip codes overshoot the actual sales prices. Now, this could signify a couple of things—a market where sellers are ambitiously setting prices above the accepted norm or perhaps an uptick in optimism about the market’s future.

Foreclosure counts in Oklahoma City remain on the lower end, suggesting a market not besieged by distressed properties and pointing towards an overall healthy economy. This aligns with the relatively tranquil tempo we’ve discerned across other metrics.

In sum, Oklahoma City’s real estate landscape is a canvas with varied strokes. Growth is unmistakable as property values gently incline, sold prices follow suit, and per square foot costs nudge upward. Surrounding cities echo these themes, each dancing to its own rhythm—be it the consistency of Bethany, the growth prospects of Yukon, or the stability of Choctaw. The market is both active and nuanced, stippled with areas of liquidity and market segments reflecting a mosaic of value determinants. The full picture is one of a dynamic market, ripe with opportunities for the discerning buyer or the strategic seller.