As we close out another incredible year in real estate, let’s take a look at December’s OKC Metro market report and the changes that have happened compared to this past summer.

You’ll notice that the overall value for each area had a slight decrease from June to December. This is most likely due to the holiday season, and the market leveling out after a dramatic increase in value since COVID hit the scene. However, the overall value of each area has skyrocketed anywhere from 12% to 30% since June 2020. This is far beyond the typical property value increase of about 1% to 3% per year.

The question on everybody’s mind is “Will the market take a downturn? And if so, when and how much?”

But from what we have learned through market research, the data is telling us that property values are not heading in the opposite direction any time soon. As interest rates continue to stay well below 5%, there will continue to be buyers looking to take advantage of these low rates.

Another interesting point is that while everyone has been screaming “LOW INVENTORY!” we are seeing more properties sold in 2021 than in either the previous 2 years. However, we must consider the fact that new construction costs have exploded, supply chain issues are making it harder to get materials, and buyers who maybe would have purchased or built an off-market brand new house have turned to buying existing homes, making the competition between potential buyers more intense. My advice to buyers in this competitive market is; Be prepared to make sacrifices to get your foot in the door, save as much money as you can (the more capital you have, the stronger your buying power is), and maintain a 700+ credit score to get the best rates available.

Either way you slice it, it’s a great time to buy AND sell real estate right now. Interest rates are low while property values are steadily climbing (good for buyers looking to get their foot in the door and build equity), homeowners are leveraging their equity to invest in the rental / flip market (good for existing homeowners to build wealth), and sellers are still getting top dollar for their homes (good for sellers looking to cash out their investment and diversify their assets).

As always, never underestimate the value of a licensed professional Realtor. Whether buying or selling property, a Realtor will make sure you’re protected during the real estate transaction. If you’re in need of real estate services, we are always available to answer your questions, and ready to help you make the move when the time comes.


OKLAHOMA CITY

Median price point$200,000
Average # of days on market18
Value change since June 2021– 3.8%
Value change since covid began (January 2020)+ 19%

EDMOND

Median price point$331,500
Average # of days on market16
Value change since June 2021+ 6.9%
Value change since covid began (January 2020)+ 20%

YUKON / MUSTANG

Median price point$235,000
Average # of days on market14
Value change since June 2021– 1.9%
Value change since covid began (January 2020)+ 11%

NORMAN

Median price point$250,000
Average # of days on market24
Value change since June 2021– 1.6%
Value change since covid began (January 2020)+ 34%

MIDWEST CITY / DEL CITY

Median price point$130,000
Average # of days on market14
Value change since June 2021– 7.1%
Value change since covid began (January 2020)+ 22%

TRI-CITY AREA: (Newcastle / Tuttle / Blanchard + Bridge Creek)

Median price point$275,000
Average # of days on market24
Value change since June 2021+ 3.2%
Value change since covid began (January 2020)+ 26%