If you’re looking to buy, sell, or invest in Oklahoma real estate, understanding the market can provide much-needed context so that you can make the best decisions. Knowing the market gives you the ability to take a look at where it’s been and where it’s going in the future. This knowledge can help you formulate strategies, time your purchase or sale correctly, and otherwise increase your chance of success.
However, understanding the market can also be challenging. With the overwhelming amount of data that exists, it can be difficult to synthesize that data into meaningful information that you can use when conducting real estate transactions.
To that end, let’s take a look at the real estate market in Oklahoma and trends that may affect the market over the course of the year.
2019 Real Estate Market Forecast for Oklahoma
Generally speaking, the real estate market in Oklahoma is promising for both sellers and buyers. The median home value in Oklahoma is $123,500, and the market is very hot. While it’s a seller’s market, there are still many opportunities for buyers and investors, as well.
Home values in Oklahoma have risen 3.7% in the last year and are expected to rise another 1.7% in the coming year. The median list price is $189,900 and the median sale price is $151,700. The average home spends about 92 days on the market. Around 11.3% of homes have negative equity, which is higher than the national average of 8.2%, and 14.2% of homes have a discount associated with them.
Homes in Oklahoma are generally increasing in value while still maintaining affordability, and the rental market is strong, as well.
Oklahoma, particularly the Oklahoma City metro area, is quickly growing both in popularity and development. The area is very landlord friendly, which makes it a prime opportunity for real estate investors. Oklahoma offers a great deal of long-term potential for both buyers and investors.
The steadily growing home values translate into appreciation in the future so those who buy now can benefit from higher home values later down the road. Sellers also have an advantage in this market since it is, has been, and will likely continue to be a seller’s market.
Sellers who are moving to another area in Oklahoma can benefit doubly, both from the seller’s market and the future appreciation that Oklahoma realty is likely to bring. While the current market is strong, the long-term potential for appreciation and value increases makes buying and investing in Oklahoma realty an excellent opportunity.
When is the Best Time to Sell a House in Oklahoma?
Timing the market right is everything, so it’s important to consider several factors when you go to sell your home. Here are some things to consider.
There are two great times to sell in Oklahoma. One is right in the middle of peak season, and one is just before it. If you want to beat the spring rush, January and February are great months to list in. January might be a little difficult if the weather is still unfavorable, but mid to late February should work just as well.
If you want to join the listing frenzy that happens in spring, March to April is going to be your golden opportunity to sell. There are benefits and drawbacks to both timing strategies, so be sure to consult with your real estate agent before making a decision.
You’ll typically get the highest price for your home between March and May. During this time, about 20% to 40% of homes sell above list price, so these months tend to be popular for sellers.
May tends to be the month with the highest, or close to the highest, number of tornadoes. While this doesn’t necessarily mean you shouldn’t list during this month, it’s a local factor to keep in mind when you go to make decisions about when to sell.
When is the Best Time to Buy in Oklahoma in 2019?
Buyers have to make some of the same considerations that sellers do, they’re just looking for different metrics. However, buyers should also take into account the months during which most homes are likely to have a discount associated with them. Here’s what to consider.
There’s far less buyer competition in the summer months, particularly between July and August. There’s even less competition between the months of October to December, but since the weather might not be on your side during these months, it’s probably best to shoot for late summer or very early fall. That way, you can skip the competition and most of the weather simultaneously.
July through October tends to be the best time to buy if you want to avoid bad weather and still land a great price. These are the months during which the least amount of homes sell above list and home prices tend to dip.
Discounts and Inventory
Finally, you’ll find the most inventory between the months of June and August. The runner up for months with the most inventory is the September to October range. Most discounts, however, will be found in July through September.
All things considered, July through September is the best time to buy. During this time buyers will be able to skip most of the competition, land a great price, have a decent inventory to select from, and be most likely to find a discount, all while avoiding most of the bad weather that winter brings.
Whether buying, selling, or both, the first step is to partner with an experienced, local real estate agent for guidance and support throughout the entire process. From timing the market to competitive pricing and offer strategies to negotiation support and more, finding a great agent gives you the best possible chance of coming away with a beneficial outcome.
Contact Clever today for a no-obligation consultation with a top-rated agent in your area. Clever Partner Agents work for a fraction of the standard commission rate, on a flat fee basis, while still offering full-service support for buyers, sellers, and investors alike.