How much are houses near OKC worth?
It’s no secret that property prices have risen – significantly – but when you look at the numbers over a longer period of time, it becomes clear how alarmingly high they have risen, especially in recent years when the supply of homes on the market was relatively low.
Their value has more than tripled since 2000, from an average of $74,715 to an average of $264,844 in 2023, an increase of 254%, Oklahoma County Assessor Larry Stein said this week.
Home value growth in Oklahoma County slows
Rising home prices have fueled inflation. Stein said home prices in Oklahoma County:
- Increased by 6.8% this year from $247,990 to $264,844.
- Increase of 16.55% in 2023, from $212,755 to $247,990.
- Increase of 14% in 2022, from $186,861 to $212,755.
The sales prices for homes are higher than the values estimated by the district appraiser
The appraiser tracks estimated market values, not actual prices paid for homes, which are higher because most are newer than the overall housing stock. According to the Oklahoma City Metro Association of Realtors, price increases are moderating in sales prices:
- The average sales price in May, according to the most recent statistics available, was $326,184, up 1.6 percent from a year earlier and 3.9 percent from April, brokers reported.
- The median price, which is considered a better measure because it ignores extremes, was $285,000, according to brokers, 2.5 percent higher than a year ago and 3.6 percent higher than in April.
“Higher home prices appear to be stabilizing for these ‘average-priced’ homes,” Stein said, but “the combination of a lower supply of homes under $200,000 and higher interest rates is making it more difficult for these first-time buyers to purchase a home.”
Changes in assessed home values in Oklahoma County 2000-2024
This is how real estate prices in Oklahoma County have changed since 2000.
Year: Median house value; average house value
2000: 59,900 USD; 74,715 USD
2001: 63,100 USD; 80,147 USD
2002: 64,021 USD; 82,825 USD
2003: $76,666; $97,695
2004: 84,149 USD; 106,597 USD
2005: 88,574 USD; 113,335 USD
2006: 94,687 USD; 121,910 USD
2007: 101,195 USD; 130,660 USD
2008: 104,368 USD; 135,357 USD
2009: 102,718 USD; 133,600 USD
2010: 106,639 USD; 138,041 USD
2011: 107,390 USD; 138,819 USD
2012: 104,111 USD; 126,490 USD
2013: 106,418 USD; 139,401 USD
2014: 108,085 USD; 143,605 USD
2015: 111,734 USD; 149,523 USD
2016: 117,500 USD; 157,301 USD
2017: 123,000 USD; 163,234 USD
2018: 124,000 USD; 162,269 USD
2019: 133,000 USD; 171,671 USD
2021: 148,000 USD; 186,861 USD
2022: 169,500 USD; 212,755 USD
2023: 196,500 USD; 247,990 USD
2024: $210,500; $264,844
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Senior business writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999. Reach him at [email protected]. Subscribe to his weekly newsletter, “Real Estate with Richard Mize.” You can support the work of Richard and his colleagues by purchasing a digital subscription to The Oklahoman. Currently, you can get 6 months of exclusive access for $1.
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