Life in Oklahoma City is one that boasts great things to all who live there. In fact, many housing investors look to purchase properties in the area because it is such a great place to live. It’s a family-centered environment full of exciting adventures for people of all ages. Fresh produce, motivational art and music, and a plethora of job and career opportunities are available in the area. The city is consistently going through face-lifts and improvements to enhance its current beauty, and there is a great reflection of this in the neighborhoods that make up the wonderful city. These features all make the housing and rental market a game of fair play. Therefore, it’s important to know the numbers and how they affect investment opportunities for buyers and renters as well.
Trends of the Market
There are a few trending facts in the price of multifamily homes in Oklahoma City. The market shows a slight decrease in the average asking price of these homes compared to 3 months before but an increase of a bit over 5% in comparison to prices over the previous year. The assessment of county spanned prices for the same properties reflects a margin $44,436 per home in comparison to the current average price of $49,470 per home. This is a slight decrease of approximately 25 in this sector.
The current market in Oklahoma City shows an increase of greater than 8% in the average list price per square footage for office spaces. This is compared to the rates from 3 months prior and reflects an incline of greater than 25% compared to the prices from the previous year. County spanned list prices for office price sales are 7% more, costing $116 per square ft. in comparison to the average cost of $115 per sq. ft. currently.
Industrial properties in Oklahoma City reflect an increase of approximately 2.5% more than the prior 3 months with a decline of about 4.5% when compared to the previous year’s prices. County-wide industrial prices are almost 4% greater, with a cost of $51 per sq. ft. when compared to current prices for the industrial purchase prices. Retail commercial properties show a decrease of approximately 8% in the average asking price per square footage compared to the previous 3 months. There is also an increase of almost 50% in comparison to the previous year’s price.