The Main Takeaway

The local housing market is becoming more balanced. It's shifting from being strongly in the seller's favor towards a more normal environment that is better for buyers.

Here are the key changes in our local market:

• More Homes are For Sale: The number of homes available to buy (the "inventory") has jumped up significantly, by 43.1%. This is the biggest change. A lot of new sellers decided to list their homes this month.

• Sales are Still Strong: Even with more options, people are still buying. The number of completed sales increased by 4.9% compared to last year.

• Prices are Still Going Up, But Slowly: The "median" sales price (the middle price point of all homes sold) rose by 4.4%. For a typical single-family home, the median price is now $275,000. This means prices are still rising, but not as dramatically as they have in the past.

• Homes are Taking Longer to Sell: On average, single-family homes are staying on the market 33.3% longer than they did a year ago. With more houses to choose from, buyers are taking more time to make a decision.

What is "Months' Supply of Inventory"?

This is a key number that helps us understand the market's health. It answers the question: "If no new homes were listed, how many months would it take to sell every home currently for sale?" In our area, this number has gone up by over 36%. This increase is a strong sign that the market is cooling off and becoming less frantic for buyers.

How Does This Compare to the Nation?

Nationally, the story is a bit different. Sales across the U.S. actually went down slightly, while prices hit a new all-time high of $435,300. Our local market in Oklahoma is unique because our sales numbers are actually increasing while the national trend is a slight decrease.

What This Means For You

If you are looking to buy a home...

• Good News: You have significantly more choices now than you did a year ago. This increase in the number of homes for sale means less competition and less pressure to make a rushed decision.

• More Negotiating Power: Because homes are sitting on the market longer, sellers may be more willing to negotiate on price or repairs.

• Be Aware: Prices are still higher than they were last year, so you will still need a solid budget.

If you are looking to sell a home...

• Good News: You can still sell your home for a higher price than you could have last year, as prices continue to rise. Buyer demand is still strong in our area.

• The Challenge: You have a lot more competition from other sellers. The days of your home getting multiple offers in the first weekend may be over.

• To Succeed: You will need to price your home correctly from the start and make sure it is in excellent condition to stand out from the increased competition.

Statistics courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2025/08/July_2025_MLS_Report.pdf