REAL ESTATE HIGHLIGHTS
RESIDENTIAL HOUSING MARKET According to Dharma LLC, the Oklahoma City metro recorded 4,465 housing starts in 2023 (the lowest since 2016). This was 14% below the prior year. The higher interest rate environment has resulted in lower housing starts for the OKC metro for each of the past two years and notably below pre-pandemic totals (5,366 in 2019). Over the past five years (2019-2023), more than 27,600 housing starts were captured in the Oklahoma City metro (an annual average of 5,520). This exceeds the number of housing starts in the previous five-year period (24,602 from 2014-2018).
the number of homes available for sale was up 26%. There were 5,670 active listings at the end of 2023. There were 29,601 new listings in 2023, a decrease of 5.1%.
VALUE OF CONSTRUCTION PROJECTS According to Dodge, in 2023 the total construction value of tracked contract projects (residential, non-residential, and non-building infrastructure) in the Oklahoma City MSA was $4.4 billion. That was 18% below the prior year (2022). The largest positive year-over-year percentage gains were found in the warehouses, manufacturing, miscellaneous nonresidential buildings, and dormitories categories. The largest year-over-year declines in the construction value of contracts were in hotels & motels, retail stores & restaurants, parking garages, and amusement categories. For 2024, the total construction value of contract projects in the Oklahoma City MSA is forecasted by Dodge to increase by 12%. Flat values in non- residential and a 10% increase in residential construction value contracts are expected. A 37% increase is expected in non-building infrastructure project values which include bridges, water supply systems and other.
Similar to the nation, as borrowing costs in 2023 reached a two-decade high, Oklahoma City area home sales and home prices began to slow. More than 22,800 closed sales and 23,300 pending sales were reported. The MLSOK Annual Report showed that 2023 home prices in the Oklahoma City metro were up compared to last year. The overall median sales price increased 3.3% to $249,000 for the year. Single-family home prices were up 2.0% compared to last year, and townhouse-condo home prices were up 5.2%. Comparing 2023 to the prior year,
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2024 ECONOMIC OUTLOOK
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