OKC Housing Market: What's Cooling Down, What's Heating Up
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A headline caught my eye this week. It read:
“The Housing Market Isn’t Making Sense. What’s Going On.”It got me thinking about how much information is circulating out there. Numbers are flying around about inventory increases and price reductions (promising news for buyers)—and at the same time, there are also stats about record-high home prices (every seller’s dream).
When I first sat down to write this, I planned to dispel some misinformation and explain what all those numbers really mean. Then it hit me—the headlines and reports you are seeing all reference housing market stats nationwide. And when buying or selling real estate, the most important data is hyperlocal.
So, let’s take a look at what happened in the July 2024 housing market in OKC...
Oklahoma City Housing Market Report for July 2024
Single Family Homes: Data at a Glance
- Median Sale Price: $224,500 (-4.67% change MoM)
- Average Days on Market: 13 (-18.75% change MoM)
- Months of Inventory: 2.67 (+30.2% change YoY)
- Active Listings: 1153 (+0.3% change MoM)
- Sold Listings: 436 (-3.5% change MoM)
Single Family Homes: Market Highlights
As we analyze the current real estate market data, we can see a correlation between the metrics that provide valuable insights for both buyers and sellers.
- The Months Supply of Inventory is currently at 2.67, indicating a relatively low inventory of homes available for sale. This low supply can create a competitive market environment for buyers, potentially leading to quicker sales and higher prices.
- The 12-Month Change in Months of Inventory has increased by +30.24%, suggesting a trend towards more inventory becoming available over the past year. This increase in inventory could potentially provide more options for buyers and lead to a more balanced market in the future.
- The Median Days Homes are On the Market is 13, indicating that homes are selling quickly in the current market. This quick turnover time can be beneficial for sellers looking to sell their homes in a timely manner.
- The List to Sold Price Percentage is 100%, showing that homes are selling for their full list price on average. This data point is reassuring for sellers, as it indicates strong demand and competitive pricing in the market.
- Lastly, the Median Sold Price is $224,500, providing a benchmark for both buyers and sellers to understand the average price of homes in the current market.
Overall, the data suggests a dynamic real estate market with low inventory, quick sales, and strong pricing. Buyers may face competition but have a variety of options to choose from, while sellers can expect quick sales and potentially higher prices for their homes. It is essential for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.
The housing market may seem confusing right now, but with the right information and a focus on local data, you can navigate it confidently. For an even more personalized data report for your home or neighborhood, reach out to me here -
https://www.willflanaganrealty.com/bookconsult
Thanks for checking in!
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Managing Partner | Realtor | License ID: 183611
+1(405) 784-6580 | will@willflanaganrealty.com