A June market update for luxury and move-up home sellers in Yukon, Mustang, Edmond, Tuttle, and Newcastle.
If you're planning to sell a home priced above $500,000 in the Oklahoma City metro this summer or fall, the market you're pricing into is not the same one making headlines. The story at this price point is worth understanding before you decide when and how to list.
The overall OKC housing market sits at about 3 months of inventory. That's a seller's market. But once you cross $500,000, that number climbs. Homes between $500,000 and $650,000 have closer to 5 months of supply across the Oklahoma City metro. Between $800,000 and $1 million, it's closer to 6.
That means more competition from other sellers in your price range. It means buyers have more time and more options. And it means the way you come to market matters more than it did two years ago.
Here's what the June numbers show for luxury and upper-tier homes across the OKC metro.
Above $500,000, roughly 40 to 50 percent of homes that sold in June had a price reduction before going under contract. Sellers who reduced their price took a median of 98 days to find a buyer. Sellers who priced right the first time were under contract in around 11 days.
Three extra months on the market means three more mortgage payments, more showings, and more buyer feedback chipping away at your final sale price.
The homes moving well at this price point in Yukon, Mustang, Edmond, and the surrounding Oklahoma City suburbs are the ones that come to market with three things in order. Sharp pricing based on today's comps, not last year's. Strong presentation that photographs well and shows well in person. And a clear reason a buyer would choose your Tuttle, Newcastle, or Edmond home over the one three streets over.
If you're thinking about selling this year, this is the conversation to have before your home hits the market, not after it has been sitting for 60 days.
Ready to sell your Oklahoma City home?
Before you list, download my free Seller's Guide. It walks you through pricing strategy, preparing your home to sell, what to expect at each stage, and how to keep more of your equity when the closing docs are signed.
Download the Seller's Guide here.
