Here’s a brief update on the Oklahoma City real estate market for August.
The numbers have changed slightly from our last update on the Oklahoma City real estate market, and I wanted to briefly take you through what’s been going on.
At the beginning of the year, the market was very strong, and most homes in most price points saw multiple offers. During the first quarter, we had fewer homes available on the market, which made things harder for buyers. Starting in May, inventory has been picking up slightly each month. We’re still seeing plenty of multiple offers in certain price points, but others aren’t seeing nearly as many as they were. Prices are still strong and buyers are still buying. Now let’s look at the latest numbers you need to know.
Back in June, we had 2,713 homes available for sale. At the end of April, we only had 2,125 homes. That’s an increase of 28% in inventory just from April to June of this year.
In January 2021, we saw 1,757 closed sales. In June 2021, 2,860 homes closed. Some of this jump is seasonal, but this is a higher increase than normal.
This year, the median price of an OKC home is up from $200,000 to $223,000 in just the last six months. That’s an increase of 11%. The average price has also risen 11% this year to $266,000.
The length a home sits on the market also tells us a lot. The average in January was 36 days, which is pretty short. Then the average dropped to just 19 days in June. That’s close to a 50% decrease in the time it takes a home to sell on average. The less time a home is on the market, the stronger that market is for sellers.
The market is still strong for buyers too. Prices are still appreciating, and interest rates remain low.
If you have any questions about buying a home, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.