Edmond OK Housing Market Forecast 2024: Will it Crash?

The Edmond housing market is a thriving market located just north of Oklahoma City. How is the housing market doing currently? The median sale price of a home in Edmond was $328K last month, up 3.5% since last year. According to Redfin, on average, homes in Edmond sell after 23 days on the market compared to 24 days last year. There were 132 homes sold in December this year, down from 128 last year.

Factors driving the Edmond housing market

• Strong job market: Edmond is home to a number of large employers, including the University of Central Oklahoma, Integris Health Edmond, and Oklahoma Christian University. This has led to a strong job market in the city, which has boosted demand for housing.
• Good schools: Edmond is known for its excellent schools, which has made it a popular choice for families.
• Safe neighborhoods: Edmond is a safe community with a low crime rate.
• Quality of life: Edmond is a desirable place to live with a variety of amenities, such as parks, restaurants, and shopping.

Outlook for the Edmond housing market

The Edmond housing market is expected to remain strong in the coming years. The job market is expected to continue to grow, and the demand for housing is expected to remain high. However, there are some challenges that could impact the market, such as rising interest rates and a shortage of available homes.

Overall, the Edmond housing market is a strong market with a lot to offer buyers and sellers. If you are considering buying or selling a home in Edmond, I would recommend talking to a qualified real estate agent.

Popular neighborhoods in Edmond

The Edmond housing market offers a variety of neighborhoods to choose from, each with its own unique charm and character. According to Realtor.com, some of the most popular neighborhoods include.

• Oak Tree: This neighborhood is known for its mature trees, family-friendly atmosphere, and excellent schools. The median listing home price in Oak Tree is $399,900.
• Coffee Creek: This neighborhood is home to a number of golf courses and parks, making it a great choice for outdoor enthusiasts. The median listing home price in Coffee Creek is $374,900.
• Classen: This historic neighborhood is located near downtown Edmond and offers a variety of shops, restaurants, and entertainment options. The median listing home price in Classen is $424,900.

In addition to these popular neighborhoods, there are many other great places to live in Edmond. With its wide range of housing options, excellent schools, and safe communities, Edmond is a great place to call home.

Additional factors to consider when buying a home in Edmond

• School district: Edmond is served by a number of excellent school districts. If you have children, it is important to choose a home in a good school district.
• Commute: If you work outside of Edmond, you will need to consider your commute time.
• Amenities: Edmond offers a variety of amenities, such as parks, restaurants, and shopping. Consider which amenities are important to you and choose a home in a neighborhood that has them.

Edmond OK Housing Market Forecast 2024

Average Home Value and Trends

According to Zillow, as of January 31, 2024, the average home value in Edmond stands at $335,758, reflecting a 1.5% increase over the past year. Homes in Edmond are moving swiftly, with an average time on market before going pending at approximately 34 days.

For Sale Inventory and New Listings

Examining the real estate landscape on January 31, 2024, the for sale inventory is a critical metric. With 888 properties available, potential buyers have a range of options to explore. Additionally, 199 new listings entered the market in the same period, contributing to the city’s dynamic real estate scene.

Sale Price Metrics

Delving into the median sale price and related figures, as of December 31, 2023, Edmond witnessed a $324,000 median sale price. Simultaneously, the median list price on January 31, 2024, is $403,673, providing insights into the pricing dynamics within the market.

Sale to List Ratio and Pricing Dynamics

The median sale to list ratio, a key indicator of pricing negotiation, was at 0.990 as of December 31, 2023. This ratio sheds light on the extent to which properties are selling above or below their listed prices, influencing buyer-seller interactions.

Percent of Sales Over and Under List Price

Examining the market dynamics at the close of 2023, 21.5% of sales in December were above the list price, reflecting a competitive environment. Conversely, 55.5% of sales during the same period were under the list price, showcasing a varied range of pricing strategies among sellers.

Is Edmond a Buyer’s or Seller’s Housing Market?

As of the latest data, the market trends suggest a balanced scenario, offering opportunities for both buyers and sellers. Examining the recent trends in the Edmond housing market, there is no indication of a significant drop in home prices. The average home value has experienced a 1.5% increase over the past year, showcasing stability in the pricing landscape.

Will the Edmond Housing Market Crash?

Considering the data and trends available, there is currently no evidence to suggest an impending housing market crash in Edmond. The market appears stable, with reasonable fluctuations in key metrics, providing reassurance to both buyers and sellers. With a balanced market, reasonable pricing, and a diverse inventory, now is indeed a good time to buy a house in Edmond. Buyers can explore options and make informed decisions based on their preferences and budget.

Note: All data presented is sourced from Zillow and reflects market conditions as of January 31, 2024.

Investing in the Edmond OK Real Estate Market?

1. Population Growth and Trends

Edmond, OK, has experienced consistent population growth in recent years, contributing to a robust real estate market. The city’s appeal has led to an influx of residents, creating a positive environment for real estate investment.

2. Economy and Jobs

• Thriving Economy: Edmond boasts a thriving economy, supported by diverse industries and a strong job market.
• Employment Opportunities: The presence of major employers, including educational institutions and healthcare facilities, provides stability and attracts a steady workforce.

3. Livability and Other Factors

• Livability: Edmond is renowned for its excellent schools, safe neighborhoods, and quality of life, making it an attractive location for residents and investors alike.
• Community Amenities: The city offers a range of amenities, including parks, restaurants, and shopping, enhancing its overall appeal.

4. Rental Property Market Size and Growth

The rental property market in Edmond is substantial, and its growth potential is notable for investors seeking consistent returns. Factors contributing to this include:

• High Demand: The city’s growing population and employment opportunities contribute to a high demand for rental properties.
• Rental Yield: Favorable rental yield trends make Edmond an attractive destination for investors seeking income-generating properties.

5. Other Factors Related to Real Estate Investing

• Market Stability: Edmond’s stable real estate market, coupled with positive growth indicators, provides a sense of security for investors.
• Future Projections: Ongoing developments and city initiatives point towards a promising future, enhancing the long-term viability of real estate investments.

Considering these factors, investing in the Edmond OK real estate market presents a compelling opportunity for those seeking a thriving and stable investment environment.

References:

• https://www.redfin.com/city/5984/OK/Edmond/housing-market
• https://www.realtor.com/realestateandhomes-search/Edmond_OK/overview
• https://www.zillow.com/home-values/38328/edmond-ok/