2021: What to Expect in the Oklahoma Real Estate Market

Are You Prepared for Oklahoma's 2021 Real Estate Market?

Despite the onset of the COVID-19 pandemic and the economic uncertainty that came with it, the Oklahoma real estate industry has remained strong. In 2021, markets across the Sooner State are forecasted to continue that upward trend. With demand steadily increasing, low-interest rates motivating buyers, and rapidly rising home sale prices, real estate agents all across Oklahoma should gear up for another scorching year.

2021 Oklahoma Real Estate Outlook: Heating Up

As of December 2020, the average home in Oklahoma was priced at $140,511, a 7.1% increase year-over-year. That figure is expected to increase as Zillow predicts the market will accelerate and continue to rise within the next year. Rising prices, despite 2020’s challenges, are a promising sign that 2021 could be profitable for agents and sellers alike.

Additionally, permits to build new homes in the Oklahoma City area have grown 55.7% since the summer of 2019. The number of days properties spent on the market also fell to 14 days, indicating that the market is very competitive.

Rent prices, on the other hand, have increased 0.1% year-over-year statewide but still remain very affordable when compared to the rest of the country. Meanwhile, a total of 1.1% of Oklahoma mortgages were reported as delinquent, just slightly above the national average of 0.8%, and 4.8% of homes have negative equity — likely due to dips in the retail, entertainment, hospitality, and energy sectors. So, while new transactions continue to boom and wonderful weather draws more and more people to Oklahoma, current homeowners will thrive as well.

2020 Oklahoma Real Estate Market Data

Market Insights for Oklahoma

In December 2020, the Bureau of Labor Statistics reported that Oklahoma’s unemployment rate was 5.3%, down from 7.1% in July. As it sits, Oklahoma is well below the national unemployment rate of 6.9%, but the national rate is likely to improve as tourism, hospitality, and demand for oil return to normalcy. Economic activity often correlates with growth in the real estate industry, and narrowing unemployment rates along with low-interest rates are a positive sign for agents the year ahead.

Oklahoma also sports other attractive features that could positively impact the market. Oklahoma City has plenty to offer, including a plethora of great bars, restaurants, a professional basketball team, and, most importantly, affordable real estate that’s attracting many young and first-time homebuyers. Additionally, Oklahoma City was ranked the easiest city to do business in by the “Doing Business North America Report” from ASU Center for the Study of Economic Liberty. With that said, we can expect inventory to remain low, which will keep prices high and encourage bidding wars. Oklahoma real estate, while still a great investment that affords homeowners a high quality of life, will play out to be a strong seller’s market in 2021.

With a robust economic forecast, Oklahoma real estate agents will need to be at the top of their game and prepare clients for the likelihood of bidding wars. However, more buyers are looking to make Oklahoma their permanent residence and are thus likely willing to pay more, which could push the market to new heights. With a myriad of opportunities on the horizon, there has never been a better time to help your fellow Oklahomans find the property of their dreams.

Ready to Get Moving On Your Oklahoma Real Estate Courses With The CE Shop?

Enroll in our Pre-Licensing program now to get your career started and begin connecting your fellow Oklahomans with the home of their dreams. Or keep going strong with one of our comprehensive, 100% online Continuing Education packages. Want to stay up to date on everything Oklahoma? Join the Midwest Real Estate Facebook Group!