Home Value Trends in Oklahoma

Even halfway into 2007, some media and real estate experts are still discussing how we're in a crashing market with slow sales and low home value averages. Do me a favor and don't believe the hype. Overall, the real estate market in the U.S. is fairly balanced, having leveled out from the several-year boom experienced earlier in the decade. Knowing how real estate is doing nationwide, or what the national median home value is won't really help you anyway when you're thinking of buying or selling or relocating to a new home. (Though if you're curious, the national median home value in 2006 was $221,900).

Real estate is an investment, so you want to make sure you're putting that investment in an environment that has room to grow. Basically,you want your home value to appreciate over the years. The best way to predict where a specific area's real estate market and home value prices are going is to examine the past market (home value rates, number of sales per month, etc) as well as the specifics of the area: economy, employment opportunities, and attractions to outside visitors. These factors will have an affect on whether your home value is likely to rise or fall over the years.

Oklahoma and its capital, Oklahoma City, is one of the more populated Midwestern states, with a total population in 2006 of 3,579,212. The people of Oklahoma rely on a mix of an agricultural and industrial economy for their livelihood. Their main agricultural products include cattle, wheat, milk, poultry and cotton, while their industries produce transportation equipment, machinery, electric products, rubber and plastic products and food processing. With so many different employment sectors, Oklahoma has kept a low cost of housing and living as well steady home value rates.
Though tourism is not a major industry in the state, there's still plenty to do in the area. With cities such as Oklahoma City and Tulsa, nightlife activities are never scarce. Visit theaters, clubs, bars, restaurants, breweries and shows in the evenings and enjoy the various museums, amusement and water parks, zoos and aquariums Oklahoma has to offer during the day. For the adventurer several state parks provide the perfect environment for hiking, biking, camping, boating, fishing, etc. Wildlife refuges are prevalent in Oklahoma, as is a heavy Native American history and culture. Oklahoma has something for everyone's tastes, though in many ways it is an underrated part of the United States. The lack of attention is most likely why Oklahoma didn't experience the same kind of boom in real estate as other areas did and why their market has not crashed nor home value prices fallen drastically. There has been some decrease in home value appreciation, but nothing like what other areas have experienced.

Yet another reason for Oklahoma's stable market is its relatively low unemployment rate of about 4.2%. More than 20,000 jobs were added in 2006 and since then several sectors have seen job growth, particularly: natural resources/mining and education and health services. Unfortunately, this increase in job availability hasn't been echoed in income, as the national median household income of Oklahoma in 2005 was $38,895 which was a decline compared to some areas in the U.S. Luckily for residents, Oklahoma's housing costs are fairly low also, since the median home value in Oklahoma City in 2006 was $125,000, while in Tulsa it was about $131,000.

Homes on the market in the Oklahoma City market have an average selling time of around 72 days, with median home value sales price of $122,725. According to agents in the area, it is a fairly stable market, with buyers having the upper hand in sales with a home value of $300,000 or more and sellers having a bit more negotiating room for more affordable homes, since they are more in demand. Tulsa, Oklahoma does not have as large an inventory as some markets, and can therefore be considered somewhat of a sellers market. Homes with a home value higher than average are in a weak buyer to balanced market, while, like Oklahoma City, more affordable housing is in demand and therefore more of a seller's market. All in all, Oklahoma certainly did not hit any lows in the market or home value averages, but instead settled in for a balanced market opportunity over the next few months.

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.

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