The Edmond housing market is a thriving market located just north of Oklahoma City. The Edmond housing market has seen some interesting shifts in 2024. Let's dive into current prices, trends, and what you can expect for the rest of the year. We'll explore median sales prices, days on market, and whether it's a buyer's or seller's market in Edmond right now.
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How is the Edmond, OK Housing Market Doing in 2024?
Edmond Home Prices
What is the Average Home Price?
The average home value in Edmond, OK is currently $343,655 as of June 2024, according to Zillow. This represents a slight increase of 0.9% over the past year.
Median Sales Price
Based on data from Redfin, the median sales price in Edmond was $385,000 in May 2024, which indicates a 2.2% decline compared to the previous year.
Median List Price
Realtor.com reported that the median listing home price in Edmond for June 2024 was $421,900, showing a 3.5% year-over-year increase.
Are Home Prices Dropping?
Overall, while some metrics such as the median sales price have shown a slight drop, other figures like the median list price have increased. Therefore, it's a mixed bag when it comes to home prices – they have not significantly dropped but show varied trends.
Edmond Home Sales
How did the Housing Market Perform in the Last Month?
In May 2024, the Edmond housing market remained competitive, though slightly less so compared to previous months. The market score, as per Redfin, was 52 out of 100.
How Many Homes Were Sold?
According to data gathered from various sources, more than 1,500 homes are available in the market, with many still being sold. Zillow lists a significant number of recent sales, further illustrating active trading in real estate.
Did Home Sales Drop or Rise Compared to the Same Month of Last Year?
Home sales have remained relatively consistent with slight fluctuations. Year-over-year comparisons show minor changes, indicating a stable but competitive market.
Edmond Housing Supply and Demand
Is the Edmond OK Housing Market Cooling?
The slight decline in median sales prices and the modest increase in median list prices suggest that the market may be cooling slightly. This cooling could be attributed to several factors, including rising interest rates and changing buyer preferences.
Is Edmond a Seller’s Real Estate Market?
Edmond, OK has traditionally been a strong seller’s market, characterized by higher demand than supply. In 2024, this trend is continuing but with some caveats:
- Inventory Levels: As inventory levels are on the rise, buyers now have more choices, which slightly reduces the competitive edge for sellers.
- Home Appreciation: Though appreciation rates have slowed down, they are still positive, indicating value growth for homeowners.
- Buyer Behavior: With more options and slightly cooling underlying market conditions, buyers are becoming more selective and informed.
- Interest Rates: Rising interest rates could potentially dampen buyer enthusiasm, tipping the scales a bit more towards a balanced market.
In conclusion, it is still a seller’s market in Edmond, OK, but the dynamics are gradually shifting towards stabilization.
Is Edmond, OK Expensive to Live?
Living in Edmond, OK can be considered relatively expensive for several reasons:
- Housing Costs: The average home value is $343,655, while the median listing price is $421,900. These figures are relatively high for Oklahoma but are indicative of the affluent, high-quality living standards in Edmond.
- Cost of Living: Generally, costs associated with grocery, health care, and utilities are above the national average.
- Schooling and Education: Edmond is known for its excellent school systems which, while being one of its attractions, also contribute to higher property taxes and overall living costs.
- Community and Amenities: Edmond offers various amenities such as parks, recreational facilities, and cultural events, adding to the overall living costs.
Despite these factors, Edmond provides a safe, vibrant, and well-maintained environment, which justifies the higher living costs for many residents. When considering a move to Edmond, it’s essential to weigh these benefits against the financial implications.
Edmond OK Housing Market Forecast
Predicting the housing market can feel like peering into a crystal ball. For Edmond, OK, several factors and trends can provide insight into whether the market will crash or boom in the coming years.
As of mid-2024, the Edmond housing market shows a mixed bag of trends:
- Average home value: $$$343,655$$, reflecting a modest 0.9% annual increase (Zillow).
- Median list price: $$$421,900$$, up 3.5% year-over-year (Realtor.com).
- Median sales price: $$$385,000$$, down 2.2% compared to last year (Redfin).
These figures indicate a relatively stable market with slight upward and downward movements.
Will Edmond Housing Market Boom?
- Economic Stability:
- Edmond's economy is relatively stable, driven by sectors like education, health care, and technology. A stable economy can foster confidence and spending in the housing market.
- Population Growth:
- As of recent reports, Edmond continues to witness steady population growth. More people looking to settle in Edmond can drive demand for housing, potentially pushing prices up.
- Low Housing Supply:
- Over the past year, the market has been heavily tilted in favor of sellers due to low inventory levels. If this trend continues, combined with sustained demand, property values may see a rise.
- Quality of Living:
- Edmond is renowned for its high quality of life, excellent schools, safe neighborhoods, and abundant amenities. These factors are continually attracting new residents, fueling housing demand.
Will The Edmond Housing Market Crash?
- Interest Rates:
- The Federal Reserve's interest rate adjustments can influence mortgage rates. Significant rate hikes could make borrowing more expensive, potentially cooling down the housing market.
- Economic Uncertainty:
- Broader economic challenges, such as inflation or market instability, can reduce consumer confidence and spending power, including in the housing sector. Any economic downturn would likely impact housing demand.
- Increased Housing Supply:
- Should there be a significant increase in housing construction and inventory, the balance could shift from a seller’s to a buyer’s market. This shift might temper ongoing price increases.
- Affordability Issues:
- If home prices continue rising faster than incomes, affordability could become a significant barrier for many potential buyers. This issue could dampen demand and result in a market correction.
In summary, the Edmond, OK housing market is poised for moderate, sustained growth rather than dramatic booms or busts. Several factors, ranging from economic stability and population growth to evolving interest rates, will influence the market's trajectory. While the immediate future may not herald a significant increase in prices, nor is a dramatic downturn likely. Buyers and sellers can expect a relatively balanced market with stable growth prospects.
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.
