Changes in the Real Estate Market of Oklahoma City

The real estate market constantly undergoes changes and transformations that can either benefit or not benefit a country, a city, or a specific area. One of these changes has recently been observed in the state of Oklahoma’s market, especially in Oklahoma City.

Recently, the city has been affected by a decline in property sale prices, and as a result, the market is witnessing a greater number of listings than the number of properties sold in the city. This increase in listings has caused a slight reduction in housing prices compared to the previous year.

Due to the current mortgage rates having decreased to levels not seen since 2023, many investors, ordinary people, and sellers are once again stirring up the real estate market in Oklahoma City.

In previous months, the 30-year fixed mortgage was hovering around 8%, which caused a stagnation in the real estate market. However, today the rate has dropped by 1.5%, and it is expected to decrease even further as inflation slows down.

And although many who hope for further rate reductions are excited by the idea, others do not believe this decrease will happen and consider that neither buyers, sellers, nor investors should anticipate until the market, especially in Oklahoma City, finds a balance.

According to the city’s Association of Realtors, potential home sellers are returning to the city’s market, which is why in the second quarter of the year, home listings increased significantly compared to the same period last year. On the other hand, the increase in supply has caused a relative decrease in demand, which has softened sale prices and resulted in a positive balance for the market.

For this year, real estate agents state that they have noticed more properties entering the market every day and that their home listings are also increasing. They declare that this increase is due to families growing and older people looking to downsize or find new amenities. For various reasons, homeowners are more confident that someone will buy their property and that they will find something that suits their needs and lifestyle.

Therefore, now the market is in favor of sellers; they still have the advantage in negotiations, but despite this, they now have to put more effort into making a sale. This time, they are starting to make more concessions and carry out repairs on homes to close deals since buyers are now more cautious and are more likely to cancel a contract over minor issues.

Real estate sector experts affirm that the drop in mortgage rates has reactivated the market, and due to this, they have noticed an increase in commercial activity. In conclusion, they say, in the Oklahoma City real estate market, more people are looking for properties and more people are selling every day.

Available Foreclosures:

Oklahoma City: 150 homes available.

By Elias DaSilva | October 9, 2024.