Oklahoma Housing Market: November 2024 Analysis
The Oklahoma housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $245,300, reflecting a modest year-over-year increase of 0.7%. This indicates a relatively stable pricing environment, although the growth is somewhat subdued compared to other metrics.
In contrast, the Median List Price has risen by 2.2% year-over-year, reaching $257,600. This suggests that sellers are optimistic about the market's potential, setting higher initial asking prices. The median Price Per Square Foot has also seen a notable increase of 4.6%, now at $148, while the Median List Price per square foot has climbed by 5.4% to $153. These figures highlight a trend towards higher valuations on a per-square-foot basis, which could be indicative of increased demand for quality or location-specific properties.
Sales activity has shown positive momentum, with 3,379 Homes Sold, marking a 1.9% increase from the previous year. Pending Sales have also risen by 1.3%, totaling 3,581. However, New Listings have decreased significantly by 7.9%, with only 3,770 new properties entering the market. This decline in New Listings could contribute to the upward pressure on prices, as supply constraints become more pronounced.
Inventory levels have increased by 13.8% year-over-year, reaching 13,660 homes. This rise in inventory, coupled with a 40.0% increase in Months of Supply to 4.0 months, suggests that the market is gradually shifting towards a more balanced state, potentially easing some of the competitive pressures seen in previous months. However, the Median Days on Market have increased by 10.0% to 43 days, indicating that homes are taking longer to sell, which could be a sign of buyer hesitation or more discerning purchasing behavior.
The average sale to list ratio has slightly decreased by 0.1%, now at 97.3%, suggesting that buyers are negotiating prices closer to the list price. The percentage of Homes Sold above list price has dropped by 3.9% to 18.3%, further indicating a cooling in competitive bidding scenarios. Price Drops have increased by 1.7%, affecting 24.4% of listings, which may reflect sellers adjusting expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 4.2% to 26.6%, suggesting a slower pace of transactions and potentially more cautious buyer behavior. Overall, the Oklahoma housing market in November 2024 is characterized by stable pricing, increased inventory, and a slight cooling in buyer competition, presenting both opportunities and challenges for market participants.
