Metropolitan Oklahoma City climbed to one of the top 14 housing markets nationwide to see significant home price increases in August, according to Homes.com data.
The median home price in Oklahoma City rose 3.8% to $275,000 compared to a year ago. August's national median sales price was $389,000, Homes.com data shows.
The Oklahoma City metropolitan area trailed behind the Miami metropolitan market, which saw 3.8% growth to $560,000, and was slightly ahead of Boston, which saw a 3.6% growth rate to $725,000. Detroit was at number one with a 9.1% increase to $300,000.
Tyler Sellers, a broker with Flotilla Real Estate Partners in Oklahoma City, told Homes.com the metropolitan area had become increasingly desirable. “We've been put on the map in recent years for a multitude of reasons,” said Sellers, noting that the city will host some 2028 Summer Olympics events and is home to the Thunder NBA team. Sellers added, "I think people are eyeing Oklahoma because our market is very affordable. When you have people moving from hotter, more expensive markets, it obviously drives up prices.”
Home inventory also increased in August. Listings were up 16.8% year over year, totaling 7,922 — 1,142 more than last year, according to Homes.com data.
Cody Gibbs, director of market analytics for Homes.com in Oklahoma City, said that despite the record-high listings growth, the market remains below the national average, suggesting a shift toward a buyer’s market.
“On a national scale, total listings went up by 22%, outpacing the local market by a significant margin,” Gibbs said. “Higher numbers of listings are largely a result of slower turnover. Simply put, houses are staying on the market longer than they were several years ago.”
While total inventory has increased since last August, the pace of growth appears to be cooling, Gibbs said. Homes.com data shows the rate of growth in 2024 was 20.7%, which is 3.9% more than this year.
“As total listings continue to pile up, homeowners might ask themselves whether it's a good idea to put their house on the market now or wait until conditions are more favorable,” Gibbs said. “Others may have wanted to sell but are deterred by current home prices. In these cases, many are choosing to stay put rather than risk a higher monthly mortgage payment.”
Inner-, outer-core neighborhoods see largest listings growth
Neighborhoods on the outskirts of the metropolitan area are seeing the largest increases in listings.
West Blanchard, East Guthrie and Deer Creek saw the biggest spikes in August, each reporting an increase of 35 or more listings, according to Homes.com.
Several neighborhoods closer to the urban core also saw gains, including Bethany, which added 33 listings, and Midwest City, which added 21.
Homes in Midwest City range from an 837-square-foot, two-bedroom, one-bathroom starter home with skylights to a 3,420-square-foot, four-bedroom, three-bathroom home with a fireplace next to the Tinker Air Force Base.
“I suspect a lot of this is simply driven by supply and demand,” Gibbs said. “In recent years, developers have pushed the outer boundaries of many markets, building homes in areas conducive to new development. Other homeowners might be looking to move closer to the urban core to minimize commutes, as companies continue to recall more employees back to the office.”
Sellers said Blanchard has seen a boost in new construction, likely driving the increase.
“As far as Midwest City goes, I think the largest driver is going to be the base there — Tinker Air Force Base,” he said. “I’ve seen a lot of investment properties being sold in Midwest City and even in Bethany. For years, it’s been very affordable real estate, and a lot of investors have purchased in those areas. Now, many are cashing out on rising property values.”
Multi-person living options on the rise
Duplexes and attached homes in Oklahoma City nearly doubled in listings compared to last year. Total duplex listings rose to 143 — an 81% increase, according to Homes.com.
Single-family homes still make up the majority of listings but only saw a 16.2% increase during the same period.
Kristy Beissel, a broker with Whittington Realty in Oklahoma City, said she’s seeing more interest in multi-person living spaces such as duplexes and triplexes.
“The reason I think we’re seeing that — and I think it’s going to be a growing trend — is because most people cannot afford to own a single-family home,” Beissel said. “If they buy a duplex and live in one side while renting the other or buy a home with an accessory dwelling unit and rent out the ADU, that can cover a significant part of their mortgage, insurance and property taxes. It helps offset the cost of buying in this market.”
Oklahoma is affordable for outsiders, expensive for locals
For those who already live in Oklahoma City, Sellers said a combination of factors is impacting local affordability and causing some buyer hesitation. “Interest rates going up cooled the market,” Sellers said. “The cost of real estate and the auxiliary costs of acquisition have really pumped the brakes for a lot of first-time homebuyers and buyers without healthier budgets.”
Despite being in the top 15 for price growth, Oklahoma City remains one of the most affordable housing markets in the country.
Data from the U.S. Census shows the median household income in Oklahoma City is $72,930, compared to the national average of $81,604 — a difference of roughly 10%.
“In comparison, home prices in Oklahoma City are almost 70% of the national average — $275,000 versus $389,000,” Gibbs said. “Although mortgage rates and down payments ultimately determine monthly costs, this relatively low price allows buyers to enter the market with less strain, even in a high-interest rate environment.”
Still, Beissel said affordability remains a challenge for locals.
“We are exceptionally affordable, so we make a ton of sense to people who work out of state and collect a California salary but live in Oklahoma — that’s a dream because they get so much more for their money here,” she said. “But for us, everyday Oklahomans who have lived and worked here our whole lives, we’re still collecting Oklahoma salaries, which are lower. It’s tough, especially for first-time homebuyers.”