A headline caught my eye this week. It read: 

“The Housing Market Isn’t Making Sense. What’s Going On.” 

It got me thinking about how much information is circulating out there. Numbers are flying around about inventory increases and price reductions (promising news for buyers)—and at the same time, there are also stats about record-high home prices (every seller’s dream).

When I first sat down to write this, I planned to dispel some misinformation and explain what all those numbers really mean. Then it hit me—the headlines and reports you are seeing all reference housing market stats nationwide. And when buying or selling real estate, the most important data is hyperlocal. 
So, let’s take a look at what happened in the July 2024 Oklahoma City housing market.

Oklahoma City Housing Market Report for July 2024 

Single Family Homes: Data at a Glance

• Median Sale Price: $270,747 (+10.5% change year over year)
• Average Days on Market: 32 (-21.9% change YoY)
• Months of Inventory: 2.5  (-47.7% change YoY)
• Active Listings:  2,598  (+17.3% change YoY)
• Sold Listings:  1,037  (+1.2% change YoY)
• List-to-Sale Price Ratio:  98%  (-1.4% change YoY)

Single Family Homes: Market Highlights

The latest statistics show that the housing market in Oklahoma City is experiencing some notable changes. The median sale price of homes has risen to $270,747, reflecting a significant 10.5% increase compared to last year. This upward trend in prices suggests that the market is becoming more competitive, making it crucial for buyers to act quickly and be prepared for potentially higher costs.

Homes are selling faster than before, with the average days on market dropping to just 32 days, a 21.9% decrease from last year. This rapid pace indicates strong demand and fewer days for buyers to make decisions, emphasizing the need for swift action and possibly pre-approval for financing to stay competitive.

Despite the increase in active listings by 17.3% to 2,598, the months of inventory available has dramatically decreased by 47.7% to just 2.5 months. This low inventory level means there are fewer homes for buyers to choose from, leading to more competition and potentially higher prices. For sellers, this is good news as their homes are likely to sell quickly and close to the listing price, with the list-to-sale price ratio at 98%.

For the overall outlook, the combination of rising prices, faster sales, and limited inventory points to a seller’s market. Homeowners looking to sell can expect favorable conditions, while buyers need to be prepared for a competitive environment and possibly higher costs. The slight increase in sold listings by 1.2% shows a steady demand, reinforcing the market’s robust activity.

The housing market may seem confusing right now, but with the right information and a focus on local data, you can navigate it confidently. For an even more personalized data report for your home or neighborhood, reach out to me here.