Oklahoma Real Estate in the Time of COVID: How the Pandemic is Changing the Market

The COVID-19 pandemic has had a significant impact on the real estate market in Oklahoma, just as it has in many other states. The pandemic has brought about changes in home prices, inventory levels, and buyer behavior, which have all had an impact on the Oklahoma housing market.

One of the most significant changes in the Oklahoma real estate market has been an increase in home prices. According to data from Zillow, the median home value in Oklahoma City has increased by 7.2% over the past year. This is likely due to a combination of low mortgage rates and a lack of inventory on the market.

The pandemic has also had an impact on inventory levels, with many sellers choosing to delay listing their homes until the pandemic is over. This has led to a decrease in the number of homes on the market, which has further contributed to the increase in home prices.

Another change in the Oklahoma real estate market has been a shift in buyer behavior. With many people working remotely, many buyers are looking for homes with more space and better amenities to accommodate their new lifestyle. This has led to an increase in demand for homes with home offices, larger yards, and more square footage.

The pandemic has also led to an increase in demand for homes in rural areas, as many people are looking for more space and privacy. This has led to an increase in home prices in rural areas, as well as an increase in demand for land.

The pandemic has also had an impact on the process of buying and selling homes in Oklahoma. Virtual tours, online listing and online signing of documents have become an important part of the process of buying or selling a home.

As for the future of the Oklahoma housing market after the pandemic, it is difficult to predict with certainty. However, with interest rates increasing, it's likely that home prices will stabilize, and the market may return to a more normal state. The shift in buyer behavior towards more space, home offices and larger yards may also continue to be a trend. Additionally, the increase in demand for homes in rural areas may also continue, as many people may choose to continue working remotely even after the pandemic is over. However, buyers may be affected by the increase in interest rates, which make it more expensive to borrow money and purchase a home is already beginning to impact buyers decisions. Ultimately once the media calms back down about the market and a sense of normal returns we expect Oklahoma City to return to the linear growth averages of the past 4 decades of 3-5% annually. It is important to keep an eye on the market trends and consult with a professional before making a decision to purchase or sell during this transition.