Oklahoma Housing Market Analysis - February 2025

The Oklahoma housing market in February 2025 shows a steady increase in prices. The Median Sales Price has risen to $244,300, marking a 3.8% increase year-over-year. Similarly, the Median List Price has climbed to $273,000, reflecting a 4.0% increase from the previous year. The median Price Per Square Foot is now $148, up by 3.7%, while the Median List Price per square foot has seen a more significant rise of 5.7%, reaching $159.

Sales and Inventory

The number of Homes Sold in February 2025 stands at 3,065, showing a modest increase of 0.4% compared to last year. However, Pending Sales have decreased by 13.5%, totaling 3,873. New Listings have also dropped by 12.8%, with 3,977 homes entering the market. Despite these declines, inventory has increased by 12.6%, reaching 12,339 homes, which has contributed to a 40.0% rise in the Months of Supply, now at 4.0 months.

Market Dynamics

The Median Days on Market have increased by 11.0%, with homes now taking an average of 62 days to sell. The average sale to list ratio has slightly decreased by 0.1%, standing at 97.2%. The percentage of Homes Sold above list price has dropped by 5.1%, now at 16.4%. Additionally, Price Drops have increased by 1.2%, affecting 24.2% of listings. The percentage of homes going off the market within two weeks has decreased by 5.1%, now at 29.4%.

Conclusion

The Oklahoma housing market in February 2025 presents a complex landscape. While prices continue to rise, indicating strong demand, the decrease in Pending Sales and New Listings suggests a potential cooling in market activity. The increase in inventory and Months of Supply may provide more options for buyers, but the longer time on market and reduced sale to list ratios indicate a shift towards a more balanced market. Sellers may need to adjust expectations as the market dynamics evolve.