Oklahoma Home Prices Stay Well Below National Average

Oklahoma Home Prices Stay Well Below National Average Despite Rising Costs

Buying a home has become increasingly difficult across much of the country, but Oklahoma home prices continue to give buyers an advantage that many Americans no longer have. While home prices remain near record highs nationwide, Oklahoma's housing market is still offering lower prices and, in many cases, room to negotiate.

According to the National Association of REALTORS®, the national median price for an existing single-family home has climbed to $446,400. Meanwhile, Zillow reports Oklahoma's median sale price is $239,667—nearly half the national median and just 2.5% higher than a year ago. Those numbers continue to make Oklahoma one of the country's most affordable states for homebuyers.

Oklahoma Home Prices Give Buyers More Negotiating Power

Price isn't the only thing working in buyers' favor.

Zillow's latest Oklahoma housing data shows 56.3% of homes across the state are selling for less than the asking price. That gives buyers opportunities to negotiate purchase prices, request repairs or secure seller concessions that have become much harder to find in many parts of the country.

While Oklahoma home values have increased more than 25% over the past five years, the market has remained relatively stable compared to states where prices have skyrocketed since the pandemic.

Zillow's latest Oklahoma housing market data is available at https://www.zillow.com/home-values/ and continues to show the state as one of the nation's more affordable real estate markets.

Oklahoma City Metro Tells A Different Story

Home prices can vary widely depending on where buyers are looking.

In Oklahoma City, the median sale price is approximately $216,083, with about 55.2% of homes selling below list price. Across Oklahoma County, the median sale price sits at $235,667.

Buyers looking in Edmond should expect to pay considerably more. Zillow reports the median sale price there is approximately $398,583, although 51.9% of homes are still selling below the original asking price.

Those numbers suggest that while some communities command premium prices, buyers across much of central Oklahoma are still finding opportunities to negotiate.

Affordability Remains Oklahoma's Biggest Advantage

Higher mortgage rates continue to impact monthly payments, but Oklahoma remains in a far different position than many housing markets across the country.

The National Association of REALTORS® reports home prices nationwide remain near record highs, creating affordability challenges for first-time buyers and young families. In Oklahoma, however, lower home prices have helped keep homeownership within reach for many buyers despite higher borrowing costs. National housing statistics from the association can be found at https://www.nar.realtor/research-and-statistics.

For many buyers, that's the biggest takeaway. Oklahoma isn't immune to rising housing costs, but compared to much of the nation, the state continues to offer a rare combination of affordability, steady home value appreciation and negotiating power. That's one reason Oklahoma continues attracting both first-time homebuyers and people relocating from higher-priced states.

Additional Oklahoma City market trends are tracked by Redfin, which also reports that buyers continue finding opportunities throughout much of the metro area despite rising interest rates. https://www.redfin.com/city/14237/OK/Oklahoma-City/housing-market

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