Oklahoma Real Estate

According to the Environmental Protection Agency, Oklahoma has the most diverse terrain of any state in the nation. With its signature red soil, five large mountain ranges and over 200 man-made lakes, it’s no wonder that Tulsa is known as “America’s most beautiful city.” Eastern Oklahoma is scattered with Oak trees and one fourth of the state is covered in forests, since this area receives ample amounts of rainfall. The western-most region of Oklahoma experiences a typical semi-arid desert climate with little rainfall. Oklahoma has some of the most spectacular thunderstorms in the world due to cold and warm air masses colliding east of the Rocky Mountains. Tornado chasers often visit Oklahoma in hopes of spotting funnels in these storms.

Of its 43.9 million acres, 33.6 million acres are used by farmers in the region. The state has a low population of 3.54 million people, of which 2.2 million live in urban areas. In the year 2000, Oklahoma had 1.5 million housing units, which was up 7.7 percent from 1999. Of these single household units, 985,000 were in urban areas, while 529,000 were in rural areas. The state has very reasonable housing prices. Residents here value a favorable cost of living along with very affordable housing expenses. The median value of a home is $70,700.

2005 was the third consecutive year that Oklahoma City ranked 1st as the nation's most Affordable Metropolitan Housing Market. The real estate market is about even in Oklahoma City’s metro area. There is a good supply of homes on the market and it’s only taking sellers about 60 to 90 days to sell their properties. There are many older homes available in the area, and the average selling price is $130,000 (which is up 5% from last year). Repeat buyers seem to be the top buyers in this area. Sellers are receiving 98% of their asking price.

In the Oklahoma City suburb of Edmond, it’s a buyers market. Houses are selling within one to two months time. The average price of a home is $180,000 and single families are the top buyers in this market. There is an increase in construction in this area and also a population growth.