Oklahoma City real estate investing has had several highs and lows in the last decade. However, local housing is performing better than expected due to the growing economy, particularly those in the oil business. The trend appears to be on an upward, sustainable direction.

With average home prices of $152,900, The Oklahoma City real estate market significantly differs from the national average. In actual fact, Oklahoma City homes are just $55,000 lower than the average national. This is due to the recent increase in prices. Although prices are rising in Oklahoma City, and prices in the Oklahoma City real estate market continue to increase compared to last year’s prices, they aren’t on the same level as other areas of the nation. In just a year, the properties in Oklahoma City have appreciated by 2.5 percent, which is just half the average national. It’s not until you go back three years that you see the dramatic differences in the prices of homes. In the past 3 years, Oklahoma City homes have increased only 6.9 percent, while the national average was higher than 28 percent.

Oklahoma City Real Estate Market Statistics

Although Oklahoma City homes have yet to catch up with the growth rates across the nation, it is evident that a lot of equity has been returned to the region following the recession. The following list highlights the amount of equity built up in comparison with the time of the home’s purchase:

Oklahoma City real estate investing has a lot of growth in its local economy and the job market. The recent boom in oil has put the area in an excellent position to be successful shortly. However, the employment market will remain strong and support demand and supply within the housing industry. Recent statistics suggest Oklahoma City’s unemployment rate is as low as 3.6 percent. This is two percentage points less than the average for the nation, and many experts believe it will only increase in the months ahead. In reality, the one aspect of Oklahoma City’s job market that is more positive than the unemployment rate could be the rate of employment growth. With a rate of 3 percent, one-year job growth is in line with the average for the country and is expected to continue upward. In all likelihood, this employment sector is helping Oklahoma City’s real estate market. Oklahoma City real estate market.

If a flourishing employment market wasn’t enough, Oklahoma City has another positive indicator: affordability. The mortgage payment per month per income is substantially smaller than in Oklahoma City. Oklahoma City housing market. Homeowners in the area will likely spend about 7.4 percent of their earnings to pay their mortgage monthly, roughly half the average national rate. A typical homeowner in the United States allocates more than 15 percent of their earnings to mortgage repayments.

With affordability above historical averages and a growing job market, Oklahoma City is expected to witness an increase in younger buyers. The influx of millennials could be enough to aid in helping Oklahoma City lead in the economic recovery.

A person in the Oklahoma City real estate investing business should focus on foreclosures occurring in the vicinity. In actual fact, RealtyTrac acknowledges that around 670 properties are in foreclosure. February saw foreclosure filings up 69 percent compared to this year’s start. But, year-over-year foreclosure filings have actually decreased by 23 percent. Oklahoma City real estate investors should be aware that distressed properties are almost half the price of those that aren’t distressed. The median price for a foreclosure property was $58,000, which is $55,500 less than a non-distressed house.

There’s no lack of activity within the housing market. There are around 1,487 houses to be sold within Oklahoma City. Oklahoma City housing market, as opposed to 5,797 recently closed.

Oklahoma City real estate investors should consider the following neighborhoods since Trulia has identified them as being the most sought-after:

Of the neighborhoods that made the list, Quail Creek and Mesta Park received the most praise. Despite being among the most well-known areas, Helm Farm deserves some attention. Within a week, the median listing price in Helm Farm increased by nearly 60. This neighborhood could offer entrepreneurs a great Oklahoma City real estate investing opportunity.

The Oklahoma City real estate market is rightfully happy with its direction. Although it could be better with the rest of the nation, it has made strides despite substantial obstacles. Market indicators, like housing affordability and a growing work market, could make it an attractive location to invest.

Oklahoma City Real Estate Market Summary:

Oklahoma City Real Estate Market Q3 Update:

The Oklahoma City real estate market has indeed seen a significant improvement since the last time we checked in on it. Oklahoma City real estate investing is in the best situation due to it. The median price for homes in the region has increased by around $156,300. Although this isn’t much more than that of the average for all cities, it shows growth. The most impressive aspect is the city’s rate increase. The homes located in Oklahoma City have appreciated by seven percent over the past year. This is a ten percent increase over the first quarter of the year.

Surprisingly, foreclosures have grown dramatically and currently sit at 1,551 units, according to RealtyTrac and other real estate news sources. Anyone looking to invest in Oklahoma City real estate must be aware because these properties might offer a significant discount.

Most of the time, it appears that the Oklahoma City real estate market is making strides to keep pace with the improvement. Although it still has a long way to go to get to the same level as national averages, it’s performing very well on its own.

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