REAL ESTATE HIGHLIGHTS
VALUE OF CONSTRUCTION PROJECTS According to Dodge, in 2024 the total construction value of tracked contract projects (residential, non-residential, and non-building infrastructure) in the Oklahoma City MSA was $4.47 billion. That was 9% above prior year (2023). The largest positive year-over-year percentage gains were found in the Manufacturing Plants/Science Labs, Government, Water Supply Systems, Education, and Stores & Restaurants categories. The largest year-over-year declines in the construction value of contracts were in Office & Bank Buildings, Hotels & Motels, Streets & Highways, and Bridges. For 2025, total construction value of contract projects in the Oklahoma City MSA is forecasted by Dodge to increase by 19%, considerably higher than the 9% forecasted for the nation. For Oklahoma City, the 2025 construction value of contracts is expected to grow in both Non- Residential (10%) and Residential (4%) sectors. A 72% increase is expected in Non-Building infrastructure project values which includes Bridges, Streets, Water Supply Systems, Sewers and Other.
RESIDENTIAL HOUSING MARKET According to Dharma LLC, the part of the Oklahoma City metro that it tracks recorded 4,567 housing starts in 2024. This was 2% above prior year. The higher interest rate environment has resulted in lower housing starts for the OKC metro for each of the past three years and below pre- pandemic totals (5,366 in 2019). Over the past five years (2020-2024), more than 26,800 housing starts were captured in the Oklahoma City metro (an annual average of 5,377). This exceeds the number of housing starts in the previous 5-year period (24,565 from 2015-2019). Similar to the nation, as borrowing costs in 2023 and 2024 remained high, Oklahoma City area home sales and home prices began to slow. More than 23,200 closed sales and 19,000 pending sales were reported. The MLSOK Annual Report showed that 2024 home prices in the Oklahoma City metro were up compared to last year. The preliminary overall median sales price increased just under 2% to $254,000 for the year. There were 7,300 active listings at the end of 2024, which was considerably higher than the 5,694 in December 2023.
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2025 ECONOMIC OUTLOOK
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