Oklahoma Housing Market Analysis - July 2024
The Oklahoma housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. The median sales price for homes in the state stands at $250,200, reflecting a year-over-year (YoY) decrease of 2.7%. This decline in sales price is mirrored by the median list price, which is $261,800, down by 0.7% YoY.
Despite the drop in overall prices, the median price per square foot has increased to $148, marking a 3.8% YoY rise. Similarly, the median list price per square foot has also seen an uptick, reaching $153, which is a 4.6% increase YoY. These figures suggest that while overall home prices have slightly decreased, the value per square foot has appreciated, indicating a potential shift in buyer preferences towards smaller, more affordable properties.
In terms of sales activity, the number of homes sold in July 2024 is 4,293, showing a 2.7% increase YoY. Pending sales have also risen to 4,948, up by 3.4% YoY. New listings have surged significantly, with 5,505 new properties entering the market, a notable 9.3% increase YoY. This influx of new listings has contributed to a substantial rise in inventory, which now stands at 12,802 homes, a 22.0% increase YoY.
The months of supply, a critical indicator of market balance, has increased to 3.0 months, representing a 50.0% YoY rise. This suggests that the market is moving towards a more balanced state, although it still leans slightly in favor of sellers. The median days on market for homes is now 30 days, an 8.0% increase YoY, indicating that properties are taking slightly longer to sell compared to the previous year.
The average sale to list ratio is 97.8%, down by 0.5% YoY, suggesting that homes are selling slightly below their list prices. The percentage of homes sold above list price has decreased to 21.5%, a 6.5% drop YoY. This decline indicates a cooling in the competitive bidding environment that characterized the market in previous years.
Price drops have become more common, with 34.4% of listings experiencing a reduction in price, a 7.5% increase YoY. Additionally, the percentage of homes going off the market within two weeks has decreased to 35.9%, down by 4.4% YoY, further indicating a moderation in market activity.
Overall, the Oklahoma housing market in July 2024 shows signs of stabilization with increased inventory and a more balanced supply-demand dynamic. While median sales prices have slightly decreased, the rise in price per square foot suggests that buyers are still willing to pay a premium for desirable properties. The increase in new listings and inventory, coupled with longer days on market, points to a market that is gradually cooling from the frenzied pace of previous years.
