Oklahoma Real Estate Market Trends & Analysis

The Oklahoma real estate market has demonstrated an increased propensity towards buyer stability. Whereas a great deal of markets across the country have seen exponential increases in home values price buyers out of the market, real estate in Oklahoma remains both attractive and affordable. Due largely, in part, do a diversified industry, Oklahoma hasn’t experienced the same extremes as the majority of the United States.

While prices have risen for approximately seven consecutive years, they did so at a rate that was slower than the national average. As a result, transaction volume is up, listings have increased, pending listings have been on the rise, and “days on market” are down. Contrary to many of its national counterparts, the Oklahoma real estate market has been able to navigate local inventory shortages and come out on the other end more balanced than others.

Oklahoma Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Lenders, Real Estate Agents, Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 4 - 7 months
Notice of Sale: Sheriff
Redemption Period: Until Confirmation

Taxes

Income Tax: 0.50% - 5.00%
Corporate Tax: 6%
Sales Tax: 4.50%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.74%
Property Taxes by County: http://www.tax-rates.org/oklahoma/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,498.00
Transfer Fee: Deed 0.15%; Mortgage 0.02% - 0.1%
Origination Fee: $1,908.00

Overview

  • Median Home Value: $124,800
  • 1-Year Appreciation Rate: +3.8%
  • Median Home Value (1-Year Forecast): +1.8%
  • Median Rent Price: $1,050
  • Price-To-Rent Ratio: 9.90
  • Average Days On Market: 67
  • Unemployment Rate: 3.2% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 3,943,079 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $49,767 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 13.53%
  • Foreclosure Rate: 1 in every 3,120

Oklahoma Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien and Tax Deed state
  • Interest Rate: 8% on TLCs
  • Redemption Period: 2 years for TLCs