Local Oklahoma City moving company, All My Sons, knows that Oklahoma real estate investments have seen their fair share of ups and downs over the past few years, following the recession. However, thanks to a revival of the economy and, in particular, the oil industry, Oklahoma City housing is doing quite well for itself. The local real estate market in Oklahoma City seems to be on an upward trajectory for the time being.
All My Sons of Oklahoma City knows that while Oklahoma City housing costs average $152,900, they are considerably below the national average, approximately $55,000 less than the national average. Even though real estate prices in Oklahoma City continue to grow relative to last year, they are not on pace with the rest of the country. Over the last three years, Oklahoma City homes have appreciated at 6.9%, whereas the national average was above 28%.
However, Oklahoma City movers know that while homes have yet to keep pace with appreciation rates occurring throughout the rest of the country, there is no denying the statistical evidence that there is a considerable amount of equity that has returned to the area since the recession. Oklahoma City real estate investors owe much of their success to the local economy and job market.
Along with low unemployment rates and increasing job growth, Oklahoma City also has affordability working in its favor. The monthly mortgage payment to income ratio is considerably less in the Oklahoma City housing market. With affordability higher than historical averages, and a thriving job market, the area is projected to see an influx of younger buyers. Millennials alone may provide enough activity in the real estate market to help Oklahoma City lead the recovery.