The Market

Seven top-tier experts weigh in on the conditions and variables affecting the Oklahoma City metro’s real estate market.

Wyatt Poindexter

The Wyatt Poindexter Group, Keller Williams Elite

The latest data shows that the real estate market in Oklahoma has witnessed an upsurge in both sales and prices during the last year. The Wyatt Poindexter Group has achieved remarkable success in 2023 by selling upscale luxury residences, vacant land and second homes intended for vacation purposes. Our clientele includes several cash-paying buyers who have been referred to us through our network of Keller Williams luxury Realtors across various states. The market east of I-35, specifically in Oakdale, Arcadia, Jones and Edmond, is rapidly expanding and the demand is very high. These areas are likely experiencing increased demand due to their proximity to local amenities, schools, having more land and newer neighborhoods. The biggest issue right now is the disconnect between sellers and buyers. Buyers want to lowball, and sellers want last year’s price. While buyers are getting a bit more breathing room now, they should keep in mind that it’s still a seller’s market while they consider their options. The first step for a successful transaction is to find a listing Realtor who knows the area and comes highly recommended. An experienced Realtor will work closely with you to price your home competitively while fielding questions and offers from prospective buyers.

Lauren Toppins

Broker, Cherrywood

If I had to describe the Oklahoma real estate market in a few words, I would say it is full of opportunity. Luckily, I have space for a few more words so I will explain. When rates were at historic lows, houses were moving so quickly that many people, like first time home buyers, didn’t have the chance to enter the market. While rates aren’t the only factor in home buying, they play a key role in affordability and market speed. The current rates have created opportunities for buyers to take advantage of new products and programs, view homes and make informed decisions — and win offers. The market is heading toward more balance between buyer and seller, but low inventory continues to be an issue. Low inventory creates an opportunity for sellers to maximize home value, gain equity and find serious, qualified buyers. Let’s not forget about investors too. Home values are continuing to increase, and simple supply and demand tells us that won’t be stopping anytime soon. According to RentCafe there are over 43.7 million households nationwide that live in rentals. In Oklahoma City 11 zip codes reported more renters than homeowners. So, whether you are a buyer, seller or investor, there’s opportunity in today’s market.

David G. Oliver

The Wyatt Poindexter Group, Keller Williams Elite

As of March 2023, the greater Oklahoma City metropolitan area real estate market remains strong with a large influx of relocation buyers. The inventory of non-new construction homes is still tight and prices have remained stable, with the rapid increase in prices of 2021 and 2022 having ended. Homeowners looking to sell can still do so quickly if their home is priced appropriately. While interest rates have affected certain price points, the lack of inventory has helped keep the days on market shorter. In March, new listings fell by 20% compared to the same month last year, signaling a great time to sell. Despite this, the overall average transaction price was 98.4% of the list price and the overall days on market was 19.5, suggesting the market is still holding up well compared to other metropolitan areas.

Joy Baresel

CEO/Broker, Engel & Völkers

From a historical standpoint, Oklahoma real estate is off to a good start. Oklahoma has traditionally maintained a modest and steady growth curve. Over the past two years, like most of the country, we witnessed an abnormally accelerated growth rate. While no one expects us to maintain that trajectory, many have wondered what 2023 has in store for those looking to buy, sell and invest in real estate.

To get back on track and beat 2019 year-over-year (Y/Y), our last pre-COVID year, would at first seem like a fair minimum standard. What we’ve seen is that both January and February 2023 have outperformed 2020 MLSOK results Y/Y and February nearly edged out 2021 Y/Y. A welcome surprise! Suppose we remove those odd/outlying years. In that case, it’s plausible that we could be back on the pre-pandemic track of steady growth, which is part of what we all love about Oklahoma. 

While interest rates try to figure out what the “new normal” will be, we are seeing the housing inventory grow closer to around a 4-month supply as opposed to the less-than-1-month supply we saw not long ago. This shift leaves intact upside for sellers and more options for buyers. For reference, a 6-month supply is considered a balanced market for both buyers and seller. While it’s too early to know if this is a seasonal shift or a more permanent one, it’s definitely a more even market than in the past few years. One thing we know for sure is that Oklahomans are resilient; it’s just part of our DNA. Oklahomans are moving forward.

Chris George

Chris George Homes, Chinowth & Cohen

The Oklahoma City market is experiencing a trend where homes that are priced similar to last year are being sold across all areas and price ranges, especially in the city core and historic areas. As always in real estate, pricing must meet with overall condition and the location of the home. There are still homes that are seeing multiple offers when priced correctly. Walkability and close proximity to commercial districts continue to be in demand, as these areas still remain low in inventory.  

Getting your home ready to go on the market is more crucial than ever to secure offers. Spending the money to ensure the curb appeal and inside overall condition is at its best is a must in today’s market. Having your home look “magazine ready” is a sure way to get buyers’ attention and obtain the best and highest price for your home. Buyers are making sure that they are making a smart purchase and the home fulfills most or all of their needs.

Brad Reeser

Keller Williams Central Oklahoma

It’s definitely an interesting real estate market considering everything that’s going on today. We’re lucky to still be seeing a lot of movement across a number of price ranges. One thing is for sure: Buyers are not looking for a “job” unless they can get a drastic discount. They are, however, willing to pay higher prices for updated, move-in-ready homes. Our average days-on-market for homes of that nature is 4 days. In 2023! Through this changing market, real estate continues to be a sound investment.

Ty Burnett

Advisor, Engel & Völkers

It’s hard not to get caught up in the MSM headlines about falling home prices. The truth is that these falling home prices are mainly happening on the coasts and larger cities, where they saw drastic relocation and price increases during the pandemic or were already cost prohibitive. The OKC metro market is significantly less volatile. This time a year ago, local home inventory bottomed out. Since then, inventory has steadily increased while prices have still risen, indicating demand for homes remains strong. Although the cost of borrowing is higher than it’s been in a while, the market is normalizing. At the end of the day, there is still an undersupply of homes overall, but that changes as you creep into the luxury home segments.

The material and information contained in this article is for general information purposes only. You should not rely upon this material or information as a basis for making business, legal or other decisions.