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Home Buying in Oklahoma

Downtown Oklahoma City

Oklahoma's unique blend of natural beauty, economic opportunity, and a welcoming, community-oriented atmosphere makes it an attractive option for homebuyers. From charming small towns nestled in the rolling plains to bustling urban centers like Oklahoma City and Tulsa, the state offers diverse living environments that appeal to all kinds of homebuyers.

Oklahoma boasts a relatively low cost of living compared to the national average, making it an affordable option for many buyers. The median home price in Oklahoma is around $225,000, significantly lower than the national median. Compared to its neighboring states, Oklahoma stands out as generally more affordable. Texas, for instance, has a higher median home price, particularly in booming metropolitan areas, where homes can be significantly more expensive than in Oklahoma's largest cities. In Arkansas, home prices may be slightly lower, but generally higher in areas with strong job growth. Kansas offers a similarly affordable housing market, though major urban centers like Kansas City often see higher price points.

What sets Oklahoma apart from its neighbors is that its affordability extends to major cities like Oklahoma City and Tulsa, where homebuyers can still find competitive prices despite strong demand. However, home prices are generally higher in desirable areas like Edmond and Jenks, thanks to their reputation for providing quality education and boasting family-friendly communities.

Oklahoma's housing market has remained stable and accessible, with a balanced mix of buyer and seller activity. Homes typically spend about a month on the market, giving buyers a reasonable window to make informed decisions. Oklahoma continues to experience steady population growth. The state's growing job market, bolstered by energy, agriculture, and aerospace industries, has also contributed to an increasing number of people seeking homes in the region.

Homebuyers in Oklahoma should familiarize themselves with the state's specific market dynamics and the unique challenges posed by weather events such as tornadoes and flooding. Working with experienced real estate agents and staying informed about current housing market trends is key to making the most of Oklahoma's diverse housing options.

Oklahoma Housing Trends

Home buying in Oklahoma requires prospective buyers to consider key housing trends, including:

  • Median Home Price: Oklahoma boasts one of the most affordable housing markets in the U.S., with a median home price of approximately $225,000. However, prices vary depending on the region. Oklahoma City and Tulsa, the state's two largest cities, still offer relatively affordable homes compared to other metropolitan areas, but prices can be significantly higher. In smaller towns like Norman or Broken Arrow, prices are even cheaper, often dipping below $200,000.
  • Number of Homes Sold: On average, about 4,500 homes are sold monthly in Oklahoma. The state's housing market remains active due to its low cost of living and expanding job market, particularly in metropolitan areas. Buyers are increasingly drawn to suburban and rural communities where larger lots and lower home prices offer attractive alternatives to city living.
  • Median Days on Market (DOM): Oklahoma's DOM figure is around 30 days, though this varies by location. Due to higher demand, homes in fast-growing urban areas like Edmond or Tulsa may sell within two to three weeks, while in rural parts of the state, properties often remain on the market for up to 50 days.
  • Supply Statistics: Certain regions of Oklahoma are experiencing a housing shortage, especially around Oklahoma City and Tulsa, where demand is growing faster than supply. However, rural areas still have an ample inventory of homes, offering affordable options for buyers looking for more space and tranquility.

How to Find the Right Home in Oklahoma

How to Find the Right Home in Oklahoma

Oklahoma homebuyers must weigh several important factors before making a final decision. This includes considering their preferred lifestyle, the home's location, and the type of house they want to buy. A local Oklahoma realtor can help you evaluate your needs and find the right fit.

Local agents have the knowledge and experience to guide you through the Oklahoma real estate market, from understanding local trends to navigating challenges unique to specific areas. When selecting a licensed realtor, seek out those with strong references or recommendations from family and friends.

Finding the Right Home in Oklahoma

Here are some key considerations when buying a home in Oklahoma:

Location

The location of your home will significantly impact your lifestyle, daily commute, access to amenities, school districts, and property taxes. Whether you're looking for a bustling city environment or a quiet rural retreat, Oklahoma has plenty of options to suit your needs.

  • Urban vs. rural living: Major cities like Oklahoma City and Tulsa offer urban living environments with many job opportunities, entertainment, and cultural amenities. Oklahoma City, known for its revitalized downtown and strong job market, attracts many young professionals and families. With its vibrant arts scene, Tulsa provides metropolitan amenities and affordable living. For a more relaxed lifestyle, Stillwater or Lawton offers quiet, small-town living while close to natural attractions like lakes and wildlife reserves.
  • Proximity to Work: Commuting distance is critical for many Oklahoma homebuyers. In cities like Oklahoma City and Tulsa, homes in suburbs like Edmond, Moore, or Bixby offer affordability and easy access to work. Smaller towns and rural areas are typically more affordable and appeal to those who work remotely or prefer to live at a slower pace.
  • Public Transportation: While public transportation in Oklahoma is more limited than in larger states, systems like EMBARK in Oklahoma City and Tulsa Transit provide some options for those who live in urban areas. However, most residents rely on personal vehicles, so the ease of commuting by car is an important consideration for many Oklahoma homebuyers.
  • Property Taxes in Oklahoma: Oklahoma's property tax rate is around 0.90%, which is well below the national average. However, property taxes can vary depending on the county and municipality. Rural areas often have lower property tax rates than urban regions like Oklahoma City and Tulsa, with higher home values and more demand.

Types of Homes in Oklahoma

Oklahoma offers various home options catering to different lifestyles and preferences. Here are the most common types of homes you'll find in the state:

  • Single-Family Homes: Single-family homes are the most popular housing type in Oklahoma and can be found throughout the state, particularly in the suburbs of Oklahoma City, Tulsa, and Edmond. These homes often have spacious yards, privacy, and ample room for families, making them ideal for those seeking more space and independence. They are available at various price points, with more affordable options in smaller towns and rural areas.
  • Ranches and Farmhouses: Ranch-style homes and farmhouses are common in more rural areas of Oklahoma. While these are a type of single-family home, they are often situated on larger plots of land, appealing to those who desire a quiet, country lifestyle or are involved in agriculture. These homes are especially popular in western Oklahoma and the state's vast farmlands.
  • Manufactured and Modular Homes: Manufactured and modular homes are cost-effective for many Oklahoma homebuyers, particularly in rural parts of the state. These homes offer affordability while providing many of the same comforts as traditional houses. They are popular for those looking for more budget-friendly options without sacrificing much living space.
  • Condos: Condos are available in Oklahoma, particularly in urban areas like Oklahoma City and Tulsa. Condominiums are popular in downtown neighborhoods, offering a low-maintenance lifestyle with amenities such as pools, fitness centers, and secured parking, making them attractive to young professionals and retirees. However, buyers should consider association fees and shared spaces as part of condo living.
  • Townhomes: Townhomes are found in both urban and suburban areas. They provide more space than condos while requiring less maintenance than single-family homes, making them a great option for those who want more room without the full responsibilities of yard upkeep. Townhomes offer viable, low-maintenance living options in Oklahoma's cities.

The Oklahoma Home Buying Process

When purchasing a home in Oklahoma, the process typically involves the following steps:

  • Obtain a prequalification letter.
  • Work with a local real estate agent.
  • Make an offer on the home.
  • Schedule a home inspection.
  • Close on the home.

Financing Your Oklahoma Home Purchase

Financing Your Oklahoma Home Purchase

Oklahoma homebuyers can access several financing options, from traditional mortgages to government-backed loans.

Traditional Mortgages

Oklahoma homebuyers typically choose between two types of traditional mortgages:

  • Fixed-Rate Mortgages: A top choice for Oklahoma homebuyers who plan to stay in the home for a significant amount of time, fixed-rate mortgages deliver predictability through fixed monthly payments and an interest rate that remains the same for the life of the loan.
  • Adjustable-Rate Mortgages (ARMs): An ARM may deliver short-term savings, but it is quite risky. The interest rate on an ARM is periodically adjusted based on market conditions, which means it is only appropriate when planning to sell or refinance in the short term and in instances where rates are expected to drop.

Government-Backed Loans

Homebuyers in Oklahoma may qualify for several government-backed home loan programs designed to make homeownership more accessible, including:

  • Oklahoma Housing Finance Agency (OHFA) Loans: OHFA provides a range of loan options for qualifying Oklahoma homebuyers, including special loans for first-time homebuyers and public servants.
  • FHA (Federal Housing Administration) Loans: FHA loans are ideal for low-to-moderate-income buyers, offering reduced down payment requirements and more lenient credit standards than traditional loans.
  • VA (Veterans Affairs) Loans: Veterans and active military members may qualify for VA loans from the US Department of Veterans Affairs, which provide benefits like no down payment and lower interest rates. Oklahoma also has programs to assist veterans with home buying through the Oklahoma Department of Veterans Affairs.
  • USDA (United States Department of Agriculture) Loans: USDA loans offer zero down payment options and competitive interest rates for homes in qualifying rural and suburban areas. Many properties in Oklahoma's rural regions are eligible for USDA loans.

Down Payment Assistance Programs in Oklahoma

Oklahoma offers programs to assist first-time homebuyers with down payments and closing costs. For example, the OHFA provides down payment assistance of up to 3.5% of the home's purchase price for eligible buyers.

Home Insurance in Oklahoma

Home Insurance in Oklahoma

The average annual cost of home insurance in Oklahoma is nearly double the national average and can cost as much as $6,500 annually. The high cost of homeowners insurance in the state is due to the state's susceptibility to natural disasters like tornadoes and hailstorms. Since most mortgage lenders will require homeowners to carry a policy to protect their investment, homebuyers would be wise to factor in the cost of home insurance when determining what home they can afford.

Home Buying Challenges

Although the Oklahoma housing market is relatively accessible for most serious homebuyers, there may still be hurdles to overcome, including:

  • Rising home prices: In urban areas, increasing demand has resulted in a rise in home prices, making it difficult for some buyers to afford properties.
  • Natural Disasters: Oklahoma is part of Tornado Alley and experiences frequent severe weather. This impacts home insurance rates and maintenance costs.
  • Limited inventory in certain areas: Buyers may face competition for homes due to limited inventory in high-demand regions.

Understanding Oklahoma's Alluring Housing Market

Oklahoma's housing market offers a compelling blend of affordability, diverse living options, and welcoming communities. With a relatively low cost of living and many home types to choose from, the state caters to a wide range of buyers. Oklahoma has something for everyone, from its bustling urban centers to its charming rural towns.

While the state's housing market remains stable and accessible, prospective buyers should be aware of unique challenges, such as natural disasters and potential price fluctuations in certain areas. Homebuyers can make informed decisions and find their ideal home in Oklahoma by understanding the local market dynamics, conducting thorough research, and working with an experienced, professional real estate agent who understands the Sooner State's housing market well enough to help them find their dream home.

Instant Access to Oklahoma Property Records

Instant Access to Oklahoma Property Records

  • Owner(s)
  • Deed Records
  • Loans & Liens
  • Values
  • Taxes
  • Building Permits
  • Purchase History
  • Property Details
  • And More!

Instant Access to Oklahoma Property Records

  • Owner(s)
  • Deed Records
  • Loans & Liens
  • Values
  • Taxes
  • Building Permits
  • Purchase History
  • Property Details
  • And More!

Instant Access to Oklahoma Property Records