Oklahoma City One of 10 Metro Markets Leading the Housing Recovery
The Oklahoma City real estate market is one where median home prices are affordable and rising at a fast pace. Incidentally, the city was listed as one of 10 metro markets that are leading the housing recovery. While some of the cities on the list are often in the news because of how far they fell during the recession, all of the cities listed below, including Oklahoma City, are statistical stars in the real estate world. Based on data from Realtor.com about the conditions in 146 major real estate markets, here is the list of metro markets that are paving the way for a real estate recovery.
• Detroit: Once the foreclosure capital of the country, Detroit is now rebound with leaps and bounds! Here, list prices were up an extraordinary 12.37% year-over-year in December. The city is still struggling with unemployment, but foreclosures are down by 31%.
• Iowa City: Iowa City’s median list price jumped by 11.8% in the past 12 months. The city has a remarkably low unemployment rate of 3.6%, and Fortune 500 employers like Procter & Gamble and Lear and Pearson that are bringing new people to town.
• Boise: Out west, Idaho’s capital city saw median prices rise 9.1% for the year. Days on the market average 79 days here, and homes are affordable.
• Tulsa: Known for its low cost of living, Tulsa has a solid local economy based on aviation, manufacturing and transportation. Incidentally, the median price of a Tulsa home jumped 6.47% during the past year.
• Ann Arbor, Michigan: A university town through and through, the University of Michigan employs roughly 10% of the local work force. Here, median list home prices jumped by 6.25% last year, but are still affordable.
• Nashville: Most people think of Nashville and country music, but the city’s biggest economic base is actually health care. Here, median home prices rose 5.35% year-over-year.
• Pensacola, Florida: Located in Florida’s Panhandle, Pensacola saw median list prices jump by 3.84% during the past year.
• Oklahoma City: Oklahoma City’s extremely low unemployment rate (4.6%) is one reason so many people are considering moving here.The metropolitan area’s median list price increased 3.4% in December, signaling that the Oklahoma City real estate market is on the way to recovery.
• Corpus Christi: This Gulf city’s relatively low cost of living, low unemployment and moderate housing prices helped median home prices appreciate 3.18% during the past year.
• Shreveport: Shreveport offers affordable homes and a strong job market, two recurring themes when it comes to strong real estate markets. The city forecasts another 1,500 new jobs to be added to the economy in 2013 — a good sign that the real estate market should remain vibrant.
To learn more about available Oklahoma City homes for sale, please contact our local team of real estate agents. We’d love to show you around!