If you're selling a home above $500K in Edmond, Yukon, Mustang, Tuttle, or Newcastle, August's numbers make one thing clear: pricing this range wrong costs you more than it does at a lower price point, both in time and money.
The Gap Between Priced Right and Priced Wrong
Across Greater Oklahoma City, homes priced correctly from day one closed in a median of 12 days at 100% of list price. Homes that needed a price reduction sat for a median of 84 days and settled at 93.4% of list.
That gap widens in the $500K+ range. In Edmond, homes priced $550K to $600K had a 50% price reduction rate and sold at 94.4% of list, with a median of 29 days on market. Compare that to homes priced $650K to $700K in the same city, which sold at 100% of list in a median of 3 days.
Same city, same month, very different outcomes. The difference is how the home was priced when it hit the market.
Supply Is Working Against Sellers Who Wait
Months of supply in the $500K+ range is running well above the rest of the market. Edmond homes priced $700K to $750K carried over 10 months of supply in August. Canadian County homes in the $600K to $650K range carried nearly 10 months. Grady County's $500K to $550K range carried 14 months.
When supply runs that high, buyers have options. A home that's priced even slightly above the market gets passed over for the one next door that isn't.
Concessions Are Part of the Conversation Now
Across the metro, 54.5% of sellers paid buyer concessions this August, with a median concession of $6,500. That number climbs in higher price points, where buyers are more likely to ask for closing cost help or rate buydowns as part of the negotiation.
This isn't a sign of a weak market. It's a sign that buyers in this range are informed, patient, and negotiating from a position of strength when a listing is overpriced.
What This Means for Your Listing
At $500K and up, you don't get a second chance to make a first impression the way you might at $250K. The buyer pool is smaller, more selective, and more willing to wait for the right home at the right price. Price it correctly from day one and the data shows you'll likely sell fast and close to full list. Price it high and you're looking at months of carrying costs, price reductions, and a lower final sale price than if you'd priced it right the first time.
I work with sellers across this exact price range in Yukon, Mustang, Edmond, Tuttle, and Newcastle, and I can walk you through what comparable homes in your neighborhood are actually doing right now, not what we hope they'll do.
Let me know if you have any questions.
🗝️I’m Angela Cheatwood, your Oklahoma City Realtor® sharing the lifestyle, homes, and Oklahoma City suburbs you’ve been searching for.
Serving the Oklahoma City suburbs including Mustang, OK & Yukon, OK, Tuttle, OK, Newcastle, OK, Edmond, OK & the Oklahoma City metro
