The Latest Updates on the Oklahoma City Real Estate Market

The Latest Updates on the Oklahoma City Real Estate Market

Houston, Atlanta, Phoenix, and Minneapolis. These are some of the best cities for investing in real estate in 2022, but have you ever thought about Oklahoma City?

The city may be under the radar when it comes to real estate investing, but with strong housing and rental markets, it won't stay hidden for long. Keep reading to learn about the latest updates on the Oklahoma City real estate market.

Oklahoma City Real Estate Trends

As with much of the rest of the county, the Oklahoma City real estate market is very competitive. Oklahoma City is currently a seller's market, meaning there are more buyers than there are homes available. In May 2022, the number of new listings for single-family homes increased by 20%, while new listings for condos and townhouses decreased by 15.1%.

The median sale price for single-family homes is about $255,000 and about $142,000 for condos and townhouses. This is much lower than the national median sale price of about $400,000, which is why Oklahoma City is attractive to savvy real estate investors.

Property values in Oklahoma City have increased by 18.1% over the past year and are expected to keep going up. Despite this upward trend, real estate in Oklahoma City is still much more affordable than in other major metropolitan areas.

A Strong Rental Market

Demand for homes in Oklahoma City is currently greater than the supply so many potential homeowners are opting to rent instead. About 40% of households rent rather than own. Because of this, Oklahoma City is one of the best cities for renters.

As of June 2022, the median rent for a 3-bedroom home was $1,460 per month. This is about a 14% increase from the previous year. Rents are expected to continue increasing, which is great news for real estate investors.

Another reason that the rental market in Oklahoma City is strong is that it's a great place to live for both students and recent graduates. There are several colleges and universities in the area and many jobs available. The cost of living in Oklahoma City is 14% lower than the national average, making this area attractive to this younger demographic.

Oklahoma City is a great place for tenants, but it also caters to landlords. In most cases, you don't need a rental license to be a landlord. Grace periods for late payments are not required by law and landlords can evict tenants for failure to pay rent.

Investing in Real Estate in Oklahoma City

If you're considering investing in real estate, Oklahoma City is a great place to start. Between the lower-than-average prices and the strong rental market, you're likely to see a nice return on your investment.

Once you've bought your own piece of Oklahoma City real estate, you'll need someone to manage the property. HomeRiver Group provides professional property management services to serious real estate investors. Our expert team is here to help you turn a steady profit on your real estate investments.

Get in touch to learn more about our services today!

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