Oklahoma's single-family residential housing real estate market continues to show signs of a healthy and evolving landscape, with key trends revealed by HouseCanary's latest Market Pulse report for the week ending April 26, 2024. However, recent tornadoes in certain areas have added a layer of complexity to the market.
Market activity: A balancing act
New listings are on the rise. HouseCanary data shows a significant increase of 11.8% compared to the previous month, indicating growing seller activity. This is further supported by a 10.9% year-over-year jump compared to the same week in 2023. However, the days on market for listings under contract have also increased slightly (20.5%) compared to last month, suggesting a shift towards a more balanced market where buyers have more options.
Inventory and contract metrics
The number of listings under contract is also trending upwards, with a 16.1% increase month-over-month. This indicates continued buyer demand despite the rising number of new listings. Interestingly, year-over-year growth in listings under contract sits at a healthy 9.0%, suggesting sustained buyer interest compared to 2023.
Looking at inventory levels, active listings have increased by 2.3% week-over-week and a significant 7.6% month-over-month. This aligns with the rise in new listings, demonstrating a growing pool of options for buyers. Year-over-year inventory levels have also jumped by 24.9%, indicating a notable shift from the seller-heavy market of the past.
Tornado impact: A localized effect
The recent tornadoes that touched parts of Oklahoma are a cause for concern. While the extent of the damage is still being assessed, it's important to note that the impact will likely be localized to the affected areas. HouseCanary's Market Insights, which provides MSA and ZIP-level analytics, can be a valuable resource for staying informed about hyper-local market trends in the wake of these events. You can try it for free here.
Price trends: Holding steady
While the national market grapples with price fluctuations, Oklahoma seems to be experiencing relative stability. HouseCanary's data reveals minimal changes in median list price across different categories. The median new list price sits at $285,900, a mere 2.1% increase compared to the previous month. Interestingly, year-over-year growth remains consistent at 2.2%.
Oklahoma's appeal: Affordability and stability
Despite a national slowdown and recent weather events, Oklahoma's real estate market presents a compelling proposition for both buyers and sellers. Compared to the national average, housing prices in Oklahoma remain significantly lower, making homeownership more accessible. Additionally, the state's economy is showing positive signs of growth, creating a stable environment for real estate investment.
A word on data
This analysis is based on HouseCanary's Market Pulse data for the week ending April 26, 2024. For the most up-to-date market insights, consult HouseCanary's Market Insights product, which provides real-time data and forecasts for specific neighborhoods. HouseCanary's Bulk Property Data can also be a valuable tool for investors seeking to identify opportunities in emerging areas.
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