Average Oklahoma City homes sell above asking prices for 4 consecutive months
If you’ve tried to buy a home in the past year or know someone who has, you know the market is hot.
Metropolitan real estate agents explain that these things usually come down to supply and demand. In this case, supply – the number of homes on the market – fell during the pandemic, while demand – the number of people looking for housing – soared.
âWho would have thought that during a pandemic we would see value skyrocket and home sales literally skyrocket,â said MLSOK President Monty Strickland.
Compared to the same period last year, Strickland said Oklahoma City homes have increased by an average of $ 20,000. Median selling prices have increased by $ 50,000 since January 2019.
âThe values ââare extremely strong. It’s never been a better time to sell, but trying to buy something can be a little interesting, âhe said.
On top of the demand, Strickland said, a massive influx of people from out of state is adding.
âI worked with four Californian couples. I have a couple under contract from Florida right now. I had Chicago, Austin, âStrickland said.
The multi-million dollar question that realtors across the country are trying to determine is how long it will last.
âI don’t know if they can continue at the level of increase they have, especially over the last year and a half,â Strickland said. âI see him hold on for a year or two. There are certainly things that could play out in this; interest rates are going up, the political situation is changing things like that, but it should stay pretty strong.
Strickland said if you’re lucky enough to find a home on the market, you’ll likely have to pay more than asking price.
âI’ve been doing this for 20 years and never thought I would see this,â he said. âHistorically, we’ve run around 95-97% of asking price as what the seller was getting. Literally in the last four months, it’s been above 100%,â says Strickland.
According to Zillow, rental prices are also up about $ 130 per month in Oklahoma City compared to last year.