What's Happening?
In October, Oklahoma City experienced a moderate decline in home prices, with the median listing price falling to $279,495. This decrease in price per square foot, down by 0.9% from the previous month,
contrasts with the national trend, where prices fell by 0.8%. The city's real estate market saw a 4.1% increase in the number of homes for sale, totaling 1,876, which is 13.2% higher than the same period last year. Additionally, new listings rose by 6.9% from the previous month, reaching 770. Homes in Oklahoma City are taking longer to sell, averaging 54 days on the market, which is three days more than the previous month and nine days more than last year. Nationally, homes spent an average of 63 days on the market in October.
Why It's Important?
The decline in home prices and the increase in inventory in Oklahoma City could signal a shift in the local real estate market dynamics. This trend may impact potential homebuyers, offering them more options and possibly better deals as prices soften. For sellers, the longer time on the market might necessitate adjustments in pricing strategies or expectations. The local market's performance, diverging from national trends, highlights regional economic factors that could influence future real estate investments and development in Oklahoma City.
