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Oklahoma housing market

The Oklahoma housing market isn’t that competitive. The median home sales price in May 2024 has increased in the past 3 months to $250,800. That’s down 0.9% and $2,400 lower than May 2023 of last year. That is lower than the national median home sales price of $424,350. Homes typically sell after 30 days on market, which is faster than the national average and higher than 21 days in May 2023 a year prior.

Housing market overview for

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Trended Median Home Values

How much do homes in Oklahoma cost?

The median home price in Oklahoma was $250,800 in May 2024, down 0.9% from last year.

May's median sale price
$251K
Caret DownDown $2.4K and 0.9% since May 2023
Trended Homes Inventory

How many homes are available in Oklahoma?

The real estate market in Oklahoma had 11,617 homes for sale in May and is up from 11104 homes for sale the month prior and up from 7,775 homes in May 2023.

Homes for sale in May
11,617
Caret UpUp 3842 and 49.4% since May 2023
Trended Homes Sold

How many homes are sold in Oklahoma?

There were 4630 homes sold in May 2024, trending up from 4327 homes sold a year ago.

Homes sold in May
4,630
Caret UpUp 303 and 7% since May 2023
Trended Median Days on Market

How long does it take to sell a home in Oklahoma?

Homes in Oklahoma are staying on the market for 30 days. That’s 9 days slower than the median in May 2023, which means that the market is less competitive today.

Median days on market in May
30
Caret UpUp 9 and 42.9% since May 2023

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

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 7.2%, making the average house payment $1,702, which is $195 higher than a year before.

Total months of housing supply available for sale is 2.5 months, up 25% from 2 month(s) in May 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

Home values have increased by 1.9% since last year, and the number of days it takes to sell a home has increased from 24 days in May 2023 to 30 days in May 2024.

The best time to sell your home in Oklahoma is in June, 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 $15,048 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

Homes in Oklahoma have a median price of $250,800, which means you’ll need $25,080 for a 10% down payment. Housing costs have increased 1.9% 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, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to the down payment of $25,080 you should have $10,032 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Oklahoma home values are 0% the same as Oklahoma and 69.2% cheaper than the state median home value.

How does the Oklahoma real estate market compare to other markets?

The Oklahoma real estate market has a median sale price of $250,800, which is 69.2% lower than the national median sale price of $424,350. Compare other markets or nearby cities, as they can vary significantly.

New Mexico
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Oklahoma
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National
Median home saleMedian home saleMedian home sale
$358,800$250,800$424,350
Days on marketDays on marketDays on market
433038.5127800750826
Monthly house payment
Monthly house payment
Monthly house payment
$2,517$1,938$2,592
Cost to buy a house
Cost to buy a house
Cost to buy a house
$50,232$35,112$59,409
Cost to sell a house
Cost to sell a house
Cost to sell a house
$25,116$17,556$29,704

Take the next step in Oklahoma: Find an agent

Navigating the Oklahoma housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Oklahoma real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.

Oklahoma housing market FAQs

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