OKLAHOMA CITY – The housing market is looking good in Oklahoma, but that doesn’t mean the market is getting better.
The market has slowed down somewhat in recent months.
But a number of indicators suggest the market will get better in the coming years.
Here are some of the latest developments in the Oklahoma market.
Key Takeaways:– The average price for a single-family house in Oklahoma has climbed by 7.7% in the past year, the largest increase in the country, according to a report released by the Oklahoma Department of Housing and Community Development.
That’s up from a 4.3% increase in 2015.– The Oklahoma City metro area is averaging 5% more new multifamily construction than the national average.– Oklahoma City’s median income is up 7.6% in 2016, the highest increase in that index since 2009.– Housing starts have been steadily climbing, reaching a record high in May of 5.7 million units.
In the same month, there were fewer than a million units of housing built, which was the lowest in the nation for a month.– A record number of new apartments are being built, with an average of 1,300 new units per month.
Oklahoma City is home to the nation’s second-largest population of millennials, after San Francisco.
The metro area also has one of the fastest growing populations of minority households.– There are more than 5,300 more apartments than there were in October of last year, but those units are still growing at a slower rate than overall Oklahoma.– Oklahomans are saving more money in real estate, spending about $12,000 per person on housing compared to the same period last year.
The number of homes in Oklahoma City has nearly doubled in the last decade, to about 10,000, but the number of multifamily properties has dropped by more than a third, to 1,100.
The average price of a single family home in Oklahoma rose to $1.9 million in 2016 from $2.4 million in 2015, according in a report from the Oklahoma Housing and Urban Development Agency.
The number of multi-family properties rose to about 5,600 from about 1,400.
The average monthly rent in Oklahoma was $2,852 in 2016.
The median monthly rent is now $2; that’s up more than 25% from a year ago.
Oklahoma City’s rents were $1,066 in 2015 and $1; $1 and $2 in 2016 respectively.
Oklahoma’s median monthly rental rent was $1 per square foot in 2015; it was $5 per square feet in 2016 and $9.35 in 2020.
The report did not provide a breakdown of what percentage of homes were rentals and what percentage were multifamily, but said that the ratio of rental homes to multifamily units was rising and the ratio was stable.