Housing in Oklahoma City remains a solid investment, and prices here are holding steady, especially when compared to much of the rest of the US.
A comparison with the first half of 2011 against that of 2010 shows that the average price of a home decreased by less than half a percent, with 7.7% fewer homes being sold, according to figures from the Oklahoma Association of REALTORS®.
Hope White, 2011 President of the Oklahoma Association of REALTORS® said “Oklahoma remains a solid place to own real estate. The number of people looking for a home has really increased in the last few months; if these turn to sales, we could be looking at a great third quarter.”
Although there may be fewer home sales this year, the median and average prices remained virtually unchanged, with the median price being $105,202, which is 1.8% less than 2010, while the average price is $147,705 which is a decrease of just $464 on 2010. The number of days a property is on the market increased from 112 to 129.
The economy in Oklahoma is performing considerably better than much of the US and according to the Oklahoma Treasurer, Ken Miller, the state is seeing double-digit tax revenue growth which is a clear indication that the economy here is well on its way to regaining its strength, while the national economy is experiencing much lower levels of growth. The unemployment rate in Oklahoma is just 5.3% in comparison to the national average of 9.2%.
The Oklahoma Association of REALTORS® is a professional trade association representing more than 8,500 real estate professionals in the state who are active in all aspects of the industry. REALTOR® is a registered trademark, and identifies members of the National Association of REALTORS® as being real estate professionals who adhere to a strict code of ethics, and who are also members of the Oklahoma Association of REALTORS®.