Oklahoma City, OK housing market

In Oklahoma City this month, more than one in five homes for sale has already cut its price, and that tells you who holds the leverage right now. About 21 percent of active listings have taken a reduction, which is what happens when sellers aim high and the market pushes back. Part of the problem is the gap between ambition and reality. The median list price sits near two hundred forty-nine thousand dollars, while the typical home value is about two hundred fifteen thousand dollars, up less than 1 percent over the past year. Values are essentially flat, so pricing above the market is a gamble. Buyers also have room to work with. There are roughly two thousand two hundred homes for sale, with just over a thousand new listings coming on this month, and the typical home takes about 53 days to go under contract. That is not a market where you have to rush. For sellers, the takeaway is simple. Price it right from day one, or expect to sit for nearly two months and then cut.