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Oklahoma Real Estate Summary
The Oklahoma real estate market is slowing down during 2006. Jobs are increasing and taxes remain low, which makes Oklahoma relocations popular for families. In 2005, it was voted the most affordable metropolitan area, for the third year in a row. The economy remains strong and the unemployment rate is below the national average. Job creation has boosted the Oklahoma real estate market by creating a need for new housing and drawing in out of state job seekers.
Statewide, Oklahoma homes sell for $139,000. Oklahoma City real estate is moving at an average speed. The market is even with the number of buyers and sellers. Houses are sitting on the market for 60-90 days before receiving an offer. The average sale price is $130,000, which is up 5% from prices in 2005.
In nearby Edmond, real estate is moving slower, but for a higher price. The average length on the market is 60 days, but the average price is $180,000. This is a 5% increase over the year before, when houses were selling for an average of $171,000. Edmond also has a high number of new construction permits, as new subdivisions and houses are being built to accommodate population growth. Overall, the market is even with buyers and sellers. |
