The Agency Oklahoma City’s Managing Partners, Wyatt Poindexter and Wayne Kirby, unpack what’s attracting folks to OKC and its surrounding suburbs today. From California transplants drawn to the region’s affordability and welcoming community spirit to investors seizing lucrative opportunities, Oklahoma City’s allure is undeniable. With home prices on the rise and a thriving luxury market, the local real estate landscape is poised for continued growth, making it a prime destination for those seeking a fulfilling lifestyle and sound investment opportunities.
Who is buying property in Oklahoma City right now?
Wyatt: Oklahoma has become an attractive destination for numerous buyers relocating from other states, with a significant influx observed from California. Upon inquiry, it’s evident that these individuals are drawn to Oklahoma for several compelling reasons. The favorable cost of living, renowned hospitality of its residents, and the overall suitability for raising a family stand out as prominent factors. I can attest to the growing appeal of Oklahoma’s unique offerings, making it an increasingly sought-after destination for prospective homeowners seeking a vibrant community and a fulfilling lifestyle.
Wayne: Despite rising interest rates, investors are actively participating in the market, seizing opportunities without facing the intense competition witnessed in previous years. Also, Oklahoma’s attractiveness as a destination for businesses is drawing entrepreneurs and companies seeking new opportunities. The state’s lower cost of living compared to other states, is likely driving this trend.
What words would you use to describe the lifestyle in Oklahoma City today?
Wyatt: Diverse, thriving, welcoming, active, culturally rich—and affordable.
Wayne: Relaxed, family-friendly, accessible and economical.
I can attest to the growing appeal of Oklahoma’s unique offerings, making it an increasingly sought-after destination for prospective homeowners seeking a vibrant community and a fulfilling lifestyle.
—Wyatt Poindexter
What neighborhoods are attracting buyers most right now?
Wyatt: Currently, the most sought-after areas in Oklahoma attracting buyers include Downtown OKC, Downtown Edmond, the Edmond/Arcadia/Jones areas situated east of I-35, and the scenic lake and vacation home destination at Carlton Landing. These areas are experiencing significant interest and activity from prospective buyers, making them prime locations for those seeking vibrant urban living, suburban tranquility, or second-home getaways.
Wayne: Edmond, Oklahoma, located mere minutes from the city center, is attracting significant buyer interest. Additionally, neighborhoods in Yukon and Mustang, Oklahoma, located just west of Downtown OKC, are also experiencing high demand from buyers.
What is attracting them to these areas?
Wyatt: The growth of these areas is marked by the rise of urban living, the establishment of new developments, and convenient access to local highways, restaurants, parks, and other amenities.
Wayne: The combination of fantastic schools, a family-friendly atmosphere, and vibrant churches creates a welcoming environment for families seeking a safe and supportive place to call home. Moreover, the proximity to downtown Oklahoma City offers residents convenient access to the city’s amenities and employment opportunities while still enjoying the charm of suburban life or spacious rural living.
How have these areas evolved over the last few years since the pandemic?
Wyatt: Since the onset of the pandemic, I’ve observed a notable trend among many individuals seeking properties with larger plots of land, multiple home offices, and a desire to distance themselves from communal spaces such as clubs and community pools.
Wayne: The pandemic accelerated existing trends towards suburban and spacious rural living and highlighted the appeal of communities like Edmond, Yukon, and Mustang, which offer a blend of family-friendly amenities, outdoor spaces, and access to urban conveniences.
Alongside high-end finishes and outdoor entertainment spaces with elaborate pools, there’s been a notable trend towards seeking properties with substantial acreage, including cattle ranches and farmland.
—Wayne Kirby
What are some home amenities or features that you are seeing buyers seek out in luxury homes right now?
Wyatt: In today’s market, luxury home buyers are particularly drawn to properties that offer expansive outdoor living spaces, featuring amenities such as spacious patios, outdoor kitchens, and landscaped gardens. Additionally, there is a growing demand for home theaters conveniently located on the first floor, providing a luxurious entertainment experience.
Single-story homes are highly sought after for their convenience and accessibility, appealing to buyers seeking ease of movement and functionality. Furthermore, multiple home offices have become a priority, catering to the evolving work-from-home lifestyle. In line with health and wellness trends, home gyms and saunas are also wanted features, offering residents the opportunity to prioritize their physical and mental well-being within the comfort of their own homes.
Wayne: Alongside high-end finishes and outdoor entertainment spaces with elaborate pools, there’s been a notable trend towards seeking properties with substantial acreage, including cattle ranches and farmland.
Is there anything noteworthy about the Oklahoma City market right now? Any increase in buyers or renters from a certain region?
Wyatt: Oklahoma City is currently experiencing a balanced market. This indicates a healthy balance between the supply of homes for sale and the demand from prospective buyers. On average, homes in Oklahoma City are selling after approximately 40 days on the market, reflecting a steady pace of transactions. I’m personally seeing buyers move to Oklahoma for the family lifestyle it provides.
Wayne: Bidding wars are uncommon, but there’s still some healthy competition. Homes are taking slightly longer to sell compared to the previous few years. Interestingly, I’ve come across several buyers from California and Tennessee who are drawn to the city.
Do you have any notable stats or data about the market over the past year?
Wyatt: There has been a notable increase in home prices compared to the previous year, with prices rising by 7.0%. The Oklahoma luxury market seems to be thriving as of the first of April with many cash sales.
What are your predictions for real estate in Oklahoma City? What can we expect to see this year and into the future?
Wyatt: In my personal and professional opinion, I see the Oklahoma housing market maintaining a degree of insulation from the fluctuations observed in the national housing market. Projections indicate that we can expect to see continued modest growth rates, creating a market that remains attractive to individuals relocating to Oklahoma. Within the Oklahoma real estate landscape, ongoing patterns indicate a stable economic foundation, with a strong emphasis on affordability.
The housing sector in the region is adeptly adjusting to changes in supply and demand dynamics, driven by intersecting factors such as population trends and economic indicators. As a result, Oklahoma’s real estate market is poised to offer stability and opportunities for both buyers and sellers alike.
Wayne: Due to the affordability factor, I anticipate a sustained uptrend in real estate transactions within the Oklahoma City area. With the growing population and economic development in the area, there’s likely to be an increase in the construction of new homes to meet the rising demand.
For more insight into current market trends and the world’s most dynamic real estate destinations, browse our other recent In the Knows: Today’s Golf Course Home Market, Palm Beach to Palm Springs; Expert Insight on Today’s New Jersey Real Estate Market; Buying Real Estate in Panama, Visas & More and L.A. Real Estate Trends & Insights with The Agency’s Zach Goldsmith.
