If you've been waiting for a little breathing room in the Oklahoma City market, the September numbers have good news for you.
There are more homes to choose from, more time to decide, and more sellers willing to help with closing costs than a year ago. Here's what that looks like, and how to use it.
More Homes on the Market
There were 7,450 homes for sale across the Greater Oklahoma City area at the end of September. That's up 9.4% from last year. At the same time, the number of homes going under contract dropped 10.1%.
For you, that means less competition and more time. The median home took 41 days to go under contract, up from 38 last September. You can see a home twice, sleep on it, and still be in the running more often than you could a year ago.
Prices Are Steady
The median sales price was $270,000, up 2.3% from last September. The median price of homes currently listed was $314,900, down 1.6% from a year ago. Prices aren't falling. They're holding steady, which makes planning a lot easier.
Where You Have Room to Negotiate
This is the part I always explain to buyers, because it changes how you write an offer.
In September, 45.2% of homes that sold had a price reduction first. Those homes sat for a median of 91 days and sold for a median of 93.2% of their original price.
Homes that were priced right from the start sold at 100% of list in a median of 14 days.
So the home matters. If a house you love just hit the market and it's priced right, a clean, strong offer is how you get it. If it's been sitting for a couple of months, there's room to talk about price, repairs, or closing costs.
Sellers Are Paying Closing Costs
More than half of September's sales, 53.8%, included seller-paid concessions. The median amount was $7,000, up from $6,000 last year.
That money can cover closing costs or buy down your interest rate. With the 30-year fixed rate averaging 7.28% as of October 1, according to Freddie Mac, a rate buydown is worth asking about. Your lender can show you exactly what it does to your monthly payment.
Move-Up Buyers, Look at Your Price Range
If your family has outgrown your current home and you're shopping for more bedrooms and a bigger yard, the numbers by price range are worth a look.
Across the metro, homes between $400,000 and $500,000 had 6.1 months of supply. The $600,000 to $700,000 range had between 6.4 and 6.5 months. That's balanced market territory, where buyers and sellers are on more even footing. In the $750,000 to $800,000 range, supply hit 10.2 months, and only 7.7% of those homes sold at or above their original price.
Yukon and Mustang stand out here. In Canadian County, homes between $400,000 and $450,000 had 11.7 months of supply in September. The $500,000 to $600,000 range sat between 10.8 and 11.0 months. If you're moving up in Yukon or Mustang, you have options and time.
What It Looks Like Around the Metro
Yukon and Mustang (Canadian County): Active listings are up 15.6% from last year. The median sales price was $267,745, down 4.5% from last September. Concessions showed up in 59.8% of sales, with a median of $7,797.
Edmond: There were 1,425 homes for sale, up 14.8% from last year. The median sales price held steady at $357,750. Concessions showed up in 56.8% of sales, up from 45.8% a year ago.
Oklahoma City: The median sales price inside the city was $227,943, with active listings up 16.7% from last year.
Norman: The median sales price was $292,450, with 4.8 months of supply.
Newcastle (McClain County): The median home took 102 days to go under contract, and only 17.6% sold at or above their original price. If you're shopping here, there's room to negotiate.
Tuttle (Grady County): The median sales price was $343,750. Grady County had 68 sales in September, so expect that number to move around month to month.
Your Next Step
More inventory and more time are good news. They work best when you have a plan. Grab my free Buyer's Guide to see how the process works from pre-approval to closing, and when you're ready, let's find you the perfect home.
I'm Angela Cheatwood, Realtor® with Keller Williams Realty Elite, serving Oklahoma City, Yukon, Mustang, Edmond, Tuttle, and Newcastle. Your home is my forte.
