Home Values Rising in Oklahoma Amid Coronavirus Crisis
See how the housing market is doing in the Sooner State during COVID-19.
Current home values in Oklahoma
Home values have been rising throughout Oklahoma and are up 5.5% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $288,130, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Oklahoma: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $288,130 home at 3.33% would give a typical Oklahoma homebuyer a monthly payment of $1,013, assuming a 20% down payment.
How the Oklahoma housing market stacks up
Families can spend time visiting dairy farms in Oklahoma
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Oklahoma, they're predicted to rise 4.5%.
Homes right now are going on the market in Oklahoma at a median price of $109 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Oklahoma home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $131,773 |
| 2019 | $124,913 |
| 2018 | $120,567 |
| 2017 | $114,583 |
| 2016 | $106,367 |
| 2015 | $98,775 |
| 2014 | $95,767 |
| 2013 | $94,192 |
| 2012 | $93,517 |
| 2011 | $94,483 |
| 2010 | $96,992 |
| 2009 | $96,383 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Oklahoma is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $272,321 |
| 2019 | $205,000 |
| 2018 | $197,500 |
| 2017 | $192,500 |
| 2016 | $177,500 |
| 2015 | $165,000 |
| 2014 | $160,000 |
| 2013 | $157,500 |
| 2012 | $155,000 |
| 2011 | $155,000 |
| 2010 | $162,500 |
| 2009 | $162,500 |
*2020 price average through March 31, 2020.
