If you've tried to buy a home over the past year--or know someone who has, you know the market is red hot.
Metro realtors explain these things generally boil down to supply and demand. In this case, the supply -- the number of houses on the market -- plummeted during the pandemic, while the demand --the number of people looking for homes -- skyrocketed.
“Who would’ve thought during a pandemic we would see value skyrocket and home sales just go literally through the roof,” MLSOK President Monty Strickland said.
Compared to this time last year, Strickland said Oklahoma City homes are up an average of $20,000. Median sale prices are up $50,000 since January 2019.
“Values are extremely strong. It’s never been a better time to sell, however trying to buy something may be a little interesting,” he said.
Adding to the demand Strickland said, is a massive influx of people moving in from out of state.
“I’ve worked with four couples from California. I’ve got a couple under contract from Florida right now. I’ve had Chicago, Austin,” Strickland said.
The multimillion-dollar question realtors across the country are trying to figure out is how long this will last.
“I don’t know that they can continue at the level of increases that they have, especially over the past year and a half,” Strickland said. “I see it sustaining for the next year or two. There’s definitely things that could play into that; the interest rates going up, political situation changing things like that, but it should remain fairly strong.”
Strickland said if you're lucky enough to find a house on the market, you'll likely have to pay over asking price.
“I’ve been doing this 20 years and I never thought I would see that,” he said. “Historically, we ran about 95 to 97% of the asking price as what the seller was getting. Literally for the last four months, it’s been over 100%.” Strickland said.
According to Zillow, rental prices are also up about $130 per month in Oklahoma City compared to last year.