While Mortgage Rates Tumble, Oklahoma's Home Values Heat Up

While Mortgage Rates Tumble, Oklahoma's Home Values Heat Up
While Mortgage Rates Tumble, Oklahoma's Home Values Heat Up

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Oklahoma?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Oklahoma is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Oklahoma

Home values have been rising throughout Oklahoma and are up 3.83% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $124,800 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home price for Oklahoma at $124,800 , a representative monthly mortgage payment would be $573.73.

How the Oklahoma housing market stacks up

Brick town in Oklahoma
Hussam Al-Mashhadani / Shutterstock
Brick town in Oklahoma

Property values in Oklahoma are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Oklahoma, they're expected to rise 1.40%.

Homes are going on the market in Oklahoma at a median price of $82 per square foot, versus $155 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

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

*2019 price average through August 2019.

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

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

*2019 price average through August 2019.

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