Learn more about the housing market in Oklahoma

Every state is unique when it comes to the real estate market. That’s why it’s critical to understand the market you live or operate in. Whether you’re renting, buying, or selling, it will impact many aspects of your life.   

Key Takeaways

1. Oklahoma’s housing market is stabilizing heading into 2026, with modest price growth, slightly slower sales activity, and improving inventory levels compared with recent years.
2. Median home prices remain relatively affordable compared to national averages, though competition is still strong in fast-growing metros like Oklahoma City and Tulsa.
3. Inventory conditions are closer to a balanced market, with roughly five months of supply statewide and more new listings entering the market than in previous years.
4. Mortgage rates and migration trends will continue shaping demand in 2026, as easing rates improve affordability and domestic in-migration supports housing activity in urban and suburban areas.

Oklahoma Housing Market Overview  

Though it is nicknamed “the sooner state” for inhabitants who entered the territory before the government’s appointed time in the 1800s, Oklahoma is also known for its boundless landscapes, rich history, and culinary heritage. For this reason, industry in the state is diverse, with both traditionally rural and urban sectors making an impact on the state’s GDP. 

At the start of 2025, analysts expected Oklahoma’s market to shift toward more balanced conditions as inventory improved and buyer demand moderated. By late 2025, the statewide median home price was about $252,400, up roughly 2.5% year-over-year, while sales activity softened slightly and inventory expanded, showing signs of steady, rather than overheated, market dynamics.

Mortgage rates have eased from the very high levels of 2023 and remain an important factor for buyers. Experts expect rates to trend modestly downward through 2025 and 2026, which should help affordability and support gradual market normalization.

Overall, Oklahoma’s housing market appears stable and resilient heading into 2026, with modest price growth, rising inventory, and competitive but not extreme conditions that reflect its mix of urban and rural demand.

Oklahoma Market Trends  

To understand the Oklahoma real estate market, it’s important to keep up with trends. Let’s look at some key ones in Oklahoma:  

Note: These statistics are based on Redfin’s monthly housing data from November 2025.   

Median Home Prices 

The median sale price of a home in Oklahoma as of November 2025 was $252,400, according to Redfin’s monthly housing market data. A notable percentage of homes sold above the list price, reflecting the competitiveness of the market. This is an increase of 2.5% from November 2024. In Oklahoma City, the capital, the median price in November 2025 was a slightly higher price of $264,000. In Tulsa, another heavily populated city in OK, median prices have risen 10.9% in the last year to $260,000. 

Number of Homes Sold 

3,334 homes were sold in Oklahoma in November 2025, which is very slight decrease in Oklahoma home sales from the previous year. Whenever we talk about homes sold, it’s important to keep in mind that nationally speaking, sales usually peak during the spring and summer months and slow in the winter. In fact, the National Association of Realtors (NAR) predicts that in February and March alone, sales activity increases by as much as 34% and prices by 3%. So, that should factor in as you look into homes moved throughout the year.  

Median Days on Market (DOM) 

Days on market (DOM) is a measure of the average length of time a home remains listed on the market before being put under contract. A lower DOM signals a highly competitive seller’s market with more pressure on buyers to make higher offers and remove contingencies. A higher DOM signals a buyer’s market as sales are slower and sellers have less leverage, indicating favorable conditions for buyers. 

The median DOM in Oklahoma in November 2025 was 50 days, which is up by 6 days compared to November 2024. On average, listings spend almost two months on the market before they are purchased. Oklahoma's average DOM sits at a similar rate compared to the national average.

Supply Statistic  

Oklahoma currently has a 5-month housing supply, which means there has bee an 8.8% increase since last year in this statistic. Experts typically point to 4 to 5 months’ supply as a healthy amount, and 5 is vastly higher than in many other states around the nation. Thus, this data point is another one that points to Oklahoma as a more balanced housing market. 

Property Tax Rate 

The average property tax rate in Oklahoma, according to Rocket Mortgage, is 0.89%, which puts it right in the middle of state property tax rates in the U.S. However, it’s important to keep in mind that tax rates will vary depending on the value of a home and its location in the state.  

Foreclosure Rate in October of 2025

In October 2025, 1 in every 462 Oklahoma housing units received a foreclosure filing, according to ATTOM. The state recorded 3,816 total filings and ranked 14th nationwide for foreclosure activity. Foreclosures were up 74.34% from September 2025 and 40.00% higher year-over-year, indicating a notable rise in distress activity as the state heads into 2026.

Some Local Markets in Oklahoma  

Here are a couple of the top local housing markets in Oklahoma for 2024:  

1. Oklahoma City 

As previously mentioned, Oklahoma City, OK is the capital of Oklahoma. It’s also the most populous city in the state with around 700,000 people living there in 2026.

The housing market is fairly competitive in this city. Oklahoma City home prices have a median sale price that reflects the market's competitiveness, and homes spend an average of 42 days on the market. The number of homes sold barely dropped year-over-year, per Redfin. This low DOM means that homes go off the market rather quickly and will likely continue to do so as the Spring months in 2026 approach.

2. Tulsa 

Tulsa is the second most populated city in Oklahoma behind Oklahoma City. When compared to nearby cities, Tulsa's housing market shows a growing median sale price, up 10.9% from 2024, and higher overall competitiveness. With a DOM of 29 days, homes move extremely fast here, even in the Winter months. That’s well below the national average and below what one would see in many comparable cities around the country.

Economic Factors Impacting the Oklahoma Housing Market   

A holistic view of Oklahoma’ housing market requires a basic understanding of the main economic drivers affecting the market. Let’s look at a few critical ones below:   

Mortgage Rates 

Mortgage rates remain a key concern for would-be homeowners in Oklahoma and across the U.S. As of late 2025, the average 30-year fixed mortgage rate nationally sat near the mid-6 percent range. In Oklahoma specifically, current average 30-year fixed mortgage rates are roughly 6.26%, similar to the national average, depending on the lender and loan type. Experts expect rates to stay relatively stable in this range through much of 2026, with the possibility of some decline if broader economic conditions and Federal Reserve policy continue to ease borrowing costs.

Inflation and Cost of Living 

Mortgage rates are tied to inflation, another massive contributing factor to the affordability of housing and the state of housing markets in general. Inflation has increased the cost of living for many across the U.S., including in Oklahoma. This means fewer people can truly afford to limit housing costs to less than 30% of their monthly income.   

Population Changes and Demographics 

Over the past few years, Oklahoma has seen noticeable population growth, driven largely by domestic migration to the state’s more affordable large and mid-sized metros. Between July 2022 and July 2023, the state’s population increased by about 34,000 people, with more than 23,500 of that total attributed to residents moving in from other states.

Oklahoma has drawn net in-migration from numerous other states, notably large numbers of domestic migrants from places like California and Texas, contributing to sustained growth in both urban and surrounding suburban areas. These patterns are a major influence on Oklahoma's housing market as 2026 begins.

Oklahoma Housing Market Forecast 2026

As previously mentioned in this article, the Oklahoma housing market was expected to reach a greater balance with increasing demand to match supply. While this has so far proven to be true given the growing number of new listings throughout the year, it’s something to keep an eye on.  

Likelihood of Oklahoma Housing Market Crash  

Experts believe that a housing market crash in Oklahoma is unlikely for 2026 due to its solid economy, varied job market, and reasonable cost of living. The average cost of living is under $40,000 and the average median household income is well above that figure. The housing market doesn’t have any strong indicators that it's in any kind of peril or will be at any point soon.  

Forecast for the U.S. Housing Market  

Now that we’ve looked at Oklahoma’ housing market, let’s zoom out a little bit. What about the U.S. housing market? What do you need to keep an eye on in the coming years? 

The United States' current median existing-home sale price is around $415,200 per the National Association of Realtors. The inventory, though, remains low. A balanced market typically has a 5-to-6-month supply, but the current figure is 3 months, keeping conditions constrained.

We’re currently in a seller’s market with buyers looking at continued rising house prices—although they are rising at a slower pace compared to previous years.. The same trend can be seen with renters. Housing continues to appreciate, in general.

Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research, National Association of Realtors, believes the housing market will appreciate 15 to 25% over the next five years. He thinks that the seller’s market will continue because housing inventory will remain low. In 2026, he predicts that existing home sales will rise an additional 13%. Yun expects mortgage rates to stabilize at the lower end of the current 6-7% range through 2025 and 2026 as the Federal Reserve continues gradual rate cuts. There's an anticipation of a more balanced market in the coming years, with moderate price growth and a greater amount of Americans re-entering the market.

Hybrid work also impacts the housing market. This shift in work culture means suburbia will continue to grow. States like Texas, the Carolinas, Tennessee, and Florida should see continual growth.

The number of single-family homes built decreased over the past couple years while the number of multi-family homes increased due to lower prices and a demand for affordable housing. Year-to-date single-family housing starts were down about 7.1% in 2025, whereas starts for buildings with five or more units were up roughly 14.5% Higher mortgage rates and inflation (affecting price of materials) were the main causes.

Lower income households continue to struggle in the current housing market. This trend appears likely to continue into the foreseeable future. According to the National Association of Home Builders, approximately 74.9% of U.S. households were unable to afford a newly built median-priced home in 2025. Without enhanced supply or helpful subsidies, the outlook is that many Americans will still wrestle with housing affordability in the years to come.

Oklahoma Rental Market  

The rental and buying market are obviously closely linked. When home prices fall, landlords are more likely to buy properties to rent out. Home prices and rental prices are correlated as well because a hot market means prices rise.   

Rents in Oklahoma remain more affordable than the national average, but cost pressures persist even as growth has cooled. As of late 2025, the average Oklahoma rent was about $1,425 and roughly 29% below the U.S. average, with Oklahoma City rents up about 3% year-over-year, indicating slower but continued increases.

Despite moderating rent growth, many Oklahoma renters still face income-to-rent strain, with national survey data showing lower-income renters are more likely to fall behind on payments and devote a high share of income to housing.

Higher borrowing costs and tighter multifamily lending standards have also slowed new apartment development, which may limit future supply and keep affordability pressures in place heading into 2026.

These factors influence Oklahoma’s rental market but in no way dominate it. Oklahoma rent is generally affordable compared to the rest of the country. Below are just a few of the current trends for Oklahoma’ rental market based on data pulled from Zillow:  

Oklahoma Rental Market Key Trends 

• Median rent: $1,425

• Month-over-month rent charge: +$4

• Year-over-year rent charge: +$26 

• Available rentals: 7,196  

Conclusion  

Oklahoma’s statewide housing averages reflect a mix of urban, suburban, and rural markets experiencing different conditions, but overall the market is stabilizing as inventory improves and price growth moderates. With mortgage rates easing and supply expanding in several metros, Oklahoma remains a market worth watching for both buyers and investors. Analysts and real estate professionals will continue to track local variations alongside broader factors such as interest rates, population trends, and new construction activity heading into 2026.

FAQs

What is the current state of Oklahoma’s housing market heading into 2026?

Oklahoma’s market appears stable and moderately competitive, with modest price appreciation, improving inventory levels, and buyer demand that has cooled from pandemic-era peaks.

Are home prices still rising in Oklahoma?

Yes — statewide median prices increased about 2–3% year-over-year through late 2025, with stronger appreciation in metros like Tulsa and more moderate trends in smaller markets.

Is Oklahoma currently a buyer’s or seller’s market?

Conditions are moving toward a more balanced market. Some metros still lean seller-friendly, but rising inventory and slightly longer time on market give buyers more leverage than in prior years.

How are mortgage rates affecting Oklahoma buyers?

Rates have eased from 2023 highs and are expected to remain in the mid-6% range through 2026, improving affordability and encouraging some sidelined buyers to re-enter the market.

Which areas of Oklahoma are most competitive?

Oklahoma City and Tulsa remain the most active and competitive markets, with relatively low days on market and stronger price growth compared with many rural and suburban areas.