Oklahoma City Real Estate Market 2023

Median home values stats and descriptions 2023

Oklahoma City is a great city for home buyers. The median home value is $215,179, which is 37.32% lower than the national median home value. The average price per square foot for real estate in Oklahoma City is $138 and prices range from $85 – $277. Oklahoma City’s real estate market is somewhat competitive with a Redfin Score of 65%. Homes typically go pending in around 29 days and some homes still receive multiple offers.

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Median monthly rent stats and descriptions 2023

Oklahoma City’s median rent is $1,310 per month, with the price to rent ratio at 13.68%. This makes it more affordable to buy than rent in Oklahoma City. The average rent to value ratio in the Oklahoma City metro area is 0.61%, almost 7% higher than the national average of 0.57%. The average rental yield is estimated at 7.57%, with a range of 4.78% – 10.21%. As of February 2023, the median rent for an apartment in Oklahoma City was $960 per month. The median rent for a single-family home is $1,860 per month. 41% of housing units in Oklahoma City are renter occupied and the vacancy rate is 9%.

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Median home value appreciation rate 2014-2022

Oklahoma City is a balanced market. Since 2014, home prices have increased modestly by 6.69% per year, equivalent to an appreciation rate of 57.36% since that time. In September 2021, Oklahoma City home prices increased by 15.8%. While prices for single-family homes in Oklahoma City have appreciated steadily, the cost of buying such a home in OKC is still much lower than many other US cities.

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Median monthly rent appreciation rate 2014-2022

In the past eight years, the median rent in Oklahoma City has increased by 30.35%. That’s an average of 3.86% per year. While rent prices have not grown as fast as in other parts of the country, demand for limited housing supply has driven up rent. Average year-over-year rent prices have grown by 7.8% in Oklahoma City, from $1,215 in September 2021 to $1,310 in September 2022. Yet, Oklahoma City, Oklahoma, is currently the only major metro in the U.S. where renters can find a median-priced apartment for less than $1,000 per month.

Affordable real estate prices

Investing in Oklahoma City real estate is a great option for investors looking for affordable starter homes. CNBC ranked Oklahoma City as the 4th best place to buy affordable starter homes, with home prices between $134,000 and $245,000. In Oklahoma City, investors who buy properties for cash flow usually pay between $75,000 and $200,000 for C properties and $175,000-$300,000 for A properties. New construction can be purchased for as low as $120,000.

Strong job growth

Oklahoma City is an up-and-coming city with a strong economy and an affordable cost of living. The city is experiencing strong job growth, with 31,900 new jobs created from January 2022 to January 2023, a 4.85% growth rate greater than the national average. Tech jobs have also increased rapidly in recent years. In July 2022, 1,764 new tech jobs were posted in Oklahoma City—a figure that shows the city’s emergence as an “under the radar” tech jobs market.

Steady population growth

If you’re looking for a stable market with consistent population growth, Oklahoma City is the place for you. Since 2010, the Oklahoma City metro area has grown at a steady rate of 14%, adding approximately 170,000 people. As of 2021, the population of Oklahoma City was 681,000 and over 1.4 million people live in the metropolitan area.

Stable and steady real estate appreciation

Oklahoma City has seen an increase in its rental and real estate markets over the past year, mirroring trends seen in other US cities. Home prices in Oklahoma City grew by 15.8% between September 2021 and September 2022. WalletHub ranked Oklahoma City among the best real estate markets because of its affordability, favorable outlook and high rate of out-of-state investment. Over the past eight years, home prices in Oklahoma City have risen by 57.36% at an annual rate of 6.69%.

High rental cash flow potential

Oklahoma City is a great city for investors because it has a large student and military population, which has helped the city maintain a strong rental market. The average rent to value ratio in Oklahoma City is 0.61%, almost 7% higher than the national average of 0.57%. The average rental yield is estimated at 7.57%, with a range of 4.78% – 10.21%.

Newsworthy building developments and projects in Oklahoma City

 

Strawberry Fields

Located in the Historic Westside District of Oklahoma City, the Strawberry Fields mixed use project will include retail stores, restaurants, and housing. The first phase of development will include: The Lucy building, a 54,500-square-foot office space at SW 3 and Walker Avenue; The Marketplace, a two-story building restored for retail and entertainment space; The Abbey, a 266-unit apartment complex at SW 6 and Lee Avenue with 20% of units designated as workforce housing; and a 10-unit condominium complex at SW 6 and Dewey Avenue.

Boulevard Place

The eight-story Boulevard Place is set to be built in Oklahoma City, at the southwest corner of Oklahoma City Boulevard and Shields Boulevard. The project will feature 241 residential units, 22,000 square feet of ground floor retail space and world-class amenities. The project will also include a day care center and playground, high-end finishes and a multi-level rooftop amenity deck with a pool.

The Citizen

JRB Citizen LLC recently announced plans to develop a new building in downtown Oklahoma City. The 12-story building, called Citizen, will bring more business to the city’s core. The Citizen is a planned twelve-story tower that will cost $65 million and include office space, ground floor retail. It will be a new addition to Oklahoma City’s skyline. A completion date for the building is tentatively set for 2024 or early 2025, and groundbreaking was in 2022.

The Nova

The Nova, located at 6th Street and Broadway, is a redevelopment of the historic Chevrolet Motor Company Building. The mixed-use development includes a 19,000-square-foot grocery store and loft apartments. The development project is partnering with Urban Agrarian, a locally-owned and operated grocery store, to offer fresh locally grown and raised vegetables, fruit, meat and other products. In addition, the parking garage will have a greenhouse constructed on top to grow produce for sale year-round.

Convergence at The Innovation District

Oklahoma City is making bold moves to become a hub for innovation and entrepreneurship. The Innovation District, which is located just east of downtown Oklahoma City is a 1.3 square mile area that is home to many organizations ranging from health to energy, aerospace to technology and research, academia, and more. The first phase of planned development is expected to generate $1.2 billion in annual economic impact, $423 million in annual payroll and 6,600 new jobs. Many of the jobs will not require a college degree and will have higher than average wages. A development called Convergence is currently being built in Oklahoma City’s innovation district. The plans include an office tower, an upscale boutique hotel and restaurant, public realm, a 3-level parking garage, retail space, Stiles park and a proposed site for an innovation hall.