Oklahoma City, OK housing market

Is it a buyer’s or seller’s market in Oklahoma City, OK?

It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.2%, making the average house payment $1,858, which is $104 lower than a year before.

Total months of housing supply available for sale is 2.5 months, up 13.6% from 2.2 month(s) in July 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in Oklahoma City, OK

Home values have decreased by 6.2% since last year, and the number of days it takes to sell a home has increased from 17 days in July 2023 to 23 days in July 2024.

The best time to sell your home in Oklahoma City is in September, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $15,765 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in Oklahoma City, OK

Homes in Oklahoma City have a median price of $262,750, which means you’ll need $26,275 for a 10% down payment. Housing costs have decreased 6.2% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in Oklahoma City, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $26,275 you should have $10,510 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Oklahoma City home values are 13.6% more expensive than Spencer and 4.8% more expensive than the state median home value.

Oklahoma City, OK housing market FAQs

• Are Oklahoma City home prices dropping or rising?

  Home prices in Oklahoma City are rising overall. Median home prices are down 6.2% since July 2023 but they’re up 14.2% in the past 3 years.

• Is Oklahoma City a seller’s market in July 2024?

  The Oklahoma City housing market is a seller’s market. Homes in Oklahoma City stayed on the market for 23 days in July 2024.

• Is Oklahoma City a buyer’s market in July 2024?

  The Oklahoma City housing market is is not a buyer’s market, it’s considered a seller’s market. Homes in Oklahoma City stayed on the market for 23 days in July 2024, slower than 17 days a year prior.

• When is the best time to buy a house in Oklahoma City?

  The best time to buy a house in Oklahoma City is in December when homes sell for 97.6% of the list price.

• When is the best time to sell a house in Oklahoma City?

  The best time to sell a house in Oklahoma City is in September when homes sell for 98.3% of the list price and go pending in 19 days.