Oklahoma Real Estate Market: When will My Home Value Return?

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Oklahoma Real Estate Market: When will Home Values Return?

If you are a homeowner in Oklahoma, there is good news in store for your home value.

Home Sales Showing Promise

Home sales in the second quarter of 2010 were nearly identical to the same time during 2008 – a year when home sales were still booming, both in Oklahoma and across the nation. Home sales in Oklahoma were up 9.6 percent from the same time in 2009. The average price of a home in Oklahoma during the second quarter of 2010 was 1.1 percent higher than a year prior, settling at $146,825.

The median price of a home sold in the second quarter was $113,021, an increase of 5.7 percent over the previous year. In addition, the average days on the market were near identical from a year before; homes in Oklahoma today can expect to be on the market for 114 days, and the number for days on the market in 2009 was 115.

Home Values Rebounding

If you’re wondering when your Oklahoma home value will return to its 2008 peak levels, the Fiserv Case-Shiller Index estimates this will take place between 2013 and 2014. The Oklahoma real estate market certainly saw signs of bottoming out in 2009, and it has subsequently embarked upon its upward climb. Although numbers are slow regarding a rebound, they are steadily increasing, thereby making many homeowners throughout Oklahoma very hopeful.

The federal tax credit, no doubt, played a huge role when it comes to home sales and home values. Between low interest rates, the homebuyer tax credit and Oklahoma’s stable economy, home buyers came out of the woodwork to purchase homes during the first quarter of 2010. Perhaps the only downside to the real estate activity is that most of the homes sold during this time were modest in nature, thereby driving down median home values.

The National Association of Realtors remains optimistic about third-quarter sales in 2010, although a slight downturn is inevitable given the expiration of the homebuyer tax credit.

Unemployment in Oklahoma, like many other states throughout the country, remains a concern. Foreclosure problems also continue to plague the Oklahoma real estate market.

The stable economy in Oklahoma, however, has helped stave off high unemployment numbers. There are many energy-related companies throughout Oklahoma City, for example, including the Kerr-McGee Corporation, the Devon Energy Corporation and Chesapeake Energy.

Your home in the Oklahoma real estate market shows significant promise because of the state’s healthy economy and moderating home values.


10 Largest Cities in Oklahoma::

1. Oklahoma City 506,132   6. Edmond 68,315
2. Tulsa 393,049 7. Midwest City 54,088
3. Norman 95,694 8. Enid 47,045
4. Lawton 92,757 9. Moore 41,138
5. Broken Arrow 74,859 10. Stillwater 39,065

 

 

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