Oklahoma City, OK, is an up-and-coming city. The summers may be hot, but it is also one of the best places to live in America for jobs, schools, access to healthcare, and more. So if you're looking for an affordable place to live with good schools and low crime rates, Oklahoma may be the best option for you.
You can find some of America's most stunning landscapes, from mountains to prairies in Oklahoma City. One of the most culturally and linguistically varied locations in the nation. The state is a blend of the south, west, and mid-west.
We all know that it's hard to find housing in today's competitive real estate market. That's why you should check out the latest housing updates for Oklahoma City, OK.
Quick Facts
- There's a shortage of homes for sale in Oklahoma City.
- 8,000 apartments and condos are currently for sale in the metro area.
- Now is a great time to buy. The market is hot.
- Single-family home sales have been slowing down for nearly a decade.
- The number of homes for sale in the nation has increased by 2.6%.
- According to the latest economic data released by the U.S. Census Bureau, the overall national unemployment rate is 4.4 percent.
Oklahoma City, OK in a Nutshell
The urban area is just under 8 square miles and encompasses 53 square miles of land. The city, which lies in the northeast part of the state, is just under 285 square miles in size. It's a major industrial center and has a population of about 200,000.
Economy
Over the past few years, rents in the metro area have surpassed home prices for the first time. This has left renters in a tough situation because as housing prices increase, rents follow suit. This is a clear indication that the influx of new residents into the metro area has raised a demand for housing.
As a result of the growing demand for housing, the vacancy rate for new buildings in the metro has dropped significantly since 2016. This trend is likely to continue, according to Realtor Magazine.
Employment
While the economic climate is great for many, many people are still struggling to make ends meet. That's why Tulsa is an excellent option for those on a tight budget. A great place for getting a small job or a few part-time jobs at a time. You can find work online or at places like the Tulsa Community Food Bank. Another thing to consider in Tulsa is that restaurants are often hiring in the evenings and on weekends. This can be a great way to keep your roof over your head while you find a job.
Real Estate in Oklahoma City, OK
Home prices have remained the same while rent prices have increased significantly. According to the Real Estate Journal of Oklahoma, home prices have risen by an average of 2.5 percent, and rent prices have increased by 3.5 percent in the Oklahoma City area.
But the good news is that you still have a lot of options. Many of the luxurious apartments that were once available are now being rented to other tenants.
That said, many new luxury apartment complexes are expected to open soon in Oklahoma City. According to PropertyShark, a new apartment complex will soon be constructed on N.W.
Real Estate Trends
OKC's hot inventory is seeing a big decrease in home prices. Prices went down by 4.42 percent last month. This is considered a good sign because it means that the supply of homes is improving.
Including all new homes, the median home price in Oklahoma City has dropped by 1.74 percent. That is a very good sign for people looking to find a home.
It was also recently reported that new home sales in OKC saw the largest increase in 10 months. Sales of new homes went up by 20 percent.
Final Thoughts
Millennials have proven to be a risk-tolerant generation, which means it's likely you'll live in one place for a long time to come. But you don't want to settle for an inferior home just because you have to live there.
Consider how much space you'll need and how much time you'll have to spend there when you're deciding on your next home.
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