OKC Housing Market Meets Pre-Pandemic Levels

The Oklahoma City Metropolitan Association of Realtors says metro home prices are reaching pre-pandemic levels.

The association’s board president says that as homes are staying on the market longer, a more balanced market is likely ahead.

But, while the market is moving in a positive direction, Angelena Harris says we are not at a stable market yet.

In October, the average home was on the market for 45 days. In a balanced real estate market, homes are listed for an average of 180 days, or six months. 

“One of the fortunate things about Oklahoma is that it is a highly desirable area,” said Angelena Harris, the president of the Oklahoma City Metropolitan Association of Realtors.

According to Zillow, the average Oklahoma City home value is $199,271, which is up 1.7% over the past year. Zillow also says the average home in OKC goes to pending in around 19 days. According to Redfin homes in Oklahoma City receive two offers on average and sell in around 34 days. They say the median sale price of a home in Oklahoma City was $270K last month, up 8% since last year.

“While metro home sales in October ticked up compared to September, we’re seeing a slowdown in sales compared to the frenzy of the pandemic when mortgage rates were at record lows,” Harris said.

Harris is tracking the housing market progress by how many days homes are on the market.

“In 2019 it was 44 days on the market in October, and in 2024 we're at 45, and 2019 was a very stable market as well,” said Harris. 

While we’re hitting pre-pandemic levels Harris says we won’t be in a fully stable market until homes are staying for sale for up to six months. 

“We're just getting into that direction of being more of a stable market versus a very volatile market that's moving very quickly,” said Harris.

Moving forward, Harris says everything will be determined by interest rates and how the state is doing economically.

“I still believe that right now is a great time to buy. I think that if a consumer has the means to purchase a property currently in current market conditions, they could come out with a better price,” said Harris.

She says it’s also a good time to sell, with an uptick in buyers coming in at every price point. But Harris says different prices move at different speeds.

“The first-time home buyer range you're looking at is under $300,000 and those houses do typically move a lot quicker than the $400,000 - $500,000 plus range,” said Harris.  

Harris says always talk to real estate professionals and ask for comparable sales and market analysis to ensure you’re pricing your home correctly before it hits the market.