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July 26, 2024

Muskogee, OK - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Muskogee, OK's real estate scene has changed a lot lately. It used to be a hot spot for sellers but now, it’s balanced. This means home prices are fair and homes sell in good time. If you're thinking of buying or selling in Muskogee, there are good chances for both. Check out Muskogee housing market data ¹ for more insights.

In Muskogee, the price for houses and the number of them for sale keep changing. By June 2024, the average price dropped a little to $193,725. And there were about 10% more homes for sale¹. These numbers show how Muskogee's housing market is moving.

Key Takeaways

Muskogee transformed from a seller's market to a neutral housing market.
The median listing price in June 2024 was $193,725.
Active listings increased by 10.29% in June 2024¹.
The market hotness score in June 2024 was 31.5.
Homes in Muskogee spent, on average, 45 days on the market in June 2024².
New listings surged by 55.56% in June 2024¹.

Market Conditions in Muskogee, OK

The real estate market in Muskogee is neutral right now. This means it's a fair play for both buyers and sellers. They can negotiate deals without one side having too much power.

This environment is great for first-time buyers and investors. It means there's no rush or pressure from a skewed market. Everyone has a chance to get a good deal.

The market in Muskogee is healthy and balanced. It's a good situation for anyone wanting to buy or sell. This consistent trend is a big plus for the Muskogee area, keeping things stable and predictable.

Current Housing Prices in Muskogee, OK

Muskogee housing prices have been up and down lately. Different types of homes show different trends. This gives us a full picture of what home prices are like right now in Muskogee.

Median Sold Price

The average sold price for homes in Muskogee has dropped a bit, now at $147,869. This is a 1.4% fall from last year. It points to a slight decrease in local property prices³.

Price Changes Over the Last Year

Overall, median house values in Muskogee have gone down. But, it's not the same for all homes. Prices for single-bedroom homes went up, but three-bedroom homes saw a small drop. This shows how varied Muskogee's housing market is³.

Median Sold Price by Bedroom Count

Looking at prices by how many bedrooms a house has gives more insight. Single-bedroom homes became more expensive, showing they're in demand. Meanwhile, homes with three or more bedrooms became slightly cheaper. This has affected Muskogee's average home prices³.

Price Comparison with Nearby Cities

Comparing Muskogee's home prices to those in places like Fort Gibson shows differences. Muskogee's average selling price went down by 1.4%, unlike Fort Gibson. This comparison helps us see Muskogee's housing prices in a wider area³.

Housing Supply and Inventory in Muskogee, OK

The Muskogee housing inventory has grown slightly. This means more choices for those looking at properties in Muskogee. The number of homes on the list has gone up over the last year⁴. Now, buyers have more variety, especially in one and two-bedroom homes.

Houses in Muskogee are selling at a steady pace. The time they spend on the market shows us how many homes are available. Also, there's been a boost in the number of listings⁵. This shows a strong and growing housing market.

Even though there are more homes, prices can still go up. This is because there are not enough homes for everyone who wants to buy⁴. But, there are more newly built homes for sale now. This brings more choices to the Muskogee market⁵.

Muskogee's real estate listings have more kinds of homes now, which keeps housing affordable. Most are single-family homes, but you can also find multi-family homes⁵. Many homes are getting offers quickly, showing that people really want to live in Muskogee⁵.

Muskogee's housing market is showing positive signs. More homes and more choices mean a healthier market overall. It's adjusting well to the needs of buyers and the number of homes for sale .

Trends in Home Sales in Muskogee, OK

It's key for both buyers and sellers to grasp Muskogee's home sales trends. Recent data sheds light on the market, showing how many homes sell, how long it takes, and the price differences.

Number of Homes Sold

In April 2024, Muskogee saw 94 homes sold, an 18.99% jump from last year¹. This increase shows strong demand for houses, even as prices change.

Breakdown of Home Sale Times

Houses in Muskogee are selling at a steady pace. Although the time varies each month, more homes are being listed¹. Active listings rose by 10.29%, showing sellers are eager. At the same time, new listings spiked by 55.56% compared to last month¹. For more, visit the real estate market summary.

Asking Price vs. Sold Price

The gap between listing and selling prices reveals Muskogee's housing demand. In June 2024, the median listing price slightly fell to $193,725¹. Prices dropped from both last month and the previous year. Yet, many homes sold for less than listed, showing buyers can negotiate, indicating a balanced market.

Average Days on Market in Muskogee, OK

Getting to know how long houses stay on the market is vital in understanding the Muskogee housing market timing. In Muskogee, OK, the time it takes to sell a property has changed a lot. The median was 45 days, down 14.42% from last year. This drop shows homes in Muskogee are selling faster⁶. Yet, the time to sell has slightly gone up recently. This hints at a small slow down in selling pace⁷.

There was a big 55.56% jump in new listings, affecting the market rhythms⁶. Despite a drop to 134 active listings in June 2024, the Muskogee housing market timing is still quite competitive⁷. So, even though houses sold quicker last year, the market is evening out now⁷.

For those looking to invest or buy a home, keeping up with market trends is crucial. Resources like this detailed guide are really helpful. Being alert to the Muskogee housing market timing, along with knowing about selling times and changes, is key.

Recent Market Performance in Muskogee, OK

The Muskogee real estate scene is changing quickly, showing big swings in key numbers. We can see how the market is growing by looking at yearly and monthly data.

Year-over-Year Market Changes

In Muskogee, the market is getting stronger every year. For example, the median selling price in the 74114 area grew 2.5% since June 2023. This means the value of properties is going up⁸. Looking at homes with different numbers of bedrooms, the price for 3-bedroom homes rose 1.9%. But, 4-bedroom homes jumped 19.0% in price, which is even more impressive⁸.

Yet, not all homes did well. Prices for 1-bedroom and 2-bedroom homes dropped 38.3% and 23.1%, respectively. This shows the market can be unpredictable depending on the type of property⁸. The diversity of jobs also plays a part in this growth, making the market more stable even if some people have to move⁹.

Monthly Market Changes

The Muskogee market had some ups and downs each month. In June 2024, fewer homes were sold than in May 2024, a drop of 18.4%⁸. However, prices kept going up, showing the market is still strong. Most homes were sold in less than 30 days, only 6.1% slower than the year before⁸.

Between May and June 2024, there were slightly fewer homes available, going down by 0.7%. This shows people are still eager to buy houses in Muskogee⁸. The monthly numbers tell us the market is active and might keep growing, despite some changes in prices and how fast homes sell⁸.

Cost of Living in Muskogee, OK

Living in Muskogee, OK is quite affordable. It costs less than many places in the U.S. This makes it a great choice for people wanting to save money and live better.

Comparison with National Average

Muskogee is cheaper than many U.S. areas. Its living cost index was 81.0 in March 2022. This is much less than the U.S. average of 100¹⁰. It means you spend less on things like homes and daily needs. The average income here was $54,070 in 2022. This supports a good lifestyle without spending too much¹⁰.

Factors Affecting Cost of Living

Housing costs are important in Muskogee. If you have a mortgage, it might cost about $1,125 each month. Without one, it's only $402¹⁰. Also, a house here could cost about $148,900 in 202a, which is quite affordable¹⁰.

Groceries and medical care also affect your budget. Muskogee has 16 grocery stores and health care costs are low. Living here becomes even more appealing¹⁰. The mix of farms and jobs in education and health help keep costs down. This is great for the residents.

If you're thinking of moving to Muskogee, knowing your living costs is key. Planning your budget carefully can lead to big savings. This makes life in Muskogee stable and fun. For more on Muskogee's living costs, check here ¹¹.

Investment Opportunities in Muskogee, OK

Investing in Muskogee property is a smart move. It's a market that suits many investors because it's stable and affordable. The area is growing rapidly, showing lots of promise for real estate.

Property values in Muskogee are climbing, a good sign for those holding property long-term. The city's growing population needs more housing, pushing property values up. Long-term, these factors mean good returns for investors⁹.

Muskogee's real estate looks even better when you consider the low property taxes. This means more profit for investors. The area's price-to-rent ratio helps in setting competitive rents, boosting investment profits. The rental market is stable too, showing regular growth in median rents. This makes Muskogee appealing to both new and experienced investors⁹.

Job diversity and income levels are crucial in Muskogee. A mixed job market means less risk for rental income. More jobs lead to more people moving to Muskogee, increasing demand for rentals. Higher household incomes support this growth, making for a strong investment opportunity⁹.

The BRRRR strategy fits well in Muskogee for long-term rentals. With steady population growth, there's always a need for rentals. Good price-to-rent ratios and increasing rents make the rental market strong. Plus, diverse jobs protect investors from market swings⁹.

For more on investing in Muskogee, check out this link. It has guides and insights on taxes, rents, and trends important for smart investing⁹.

Forecast for Muskogee, OK Real Estate Market

The Muskogee housing market is set for an exciting year. Prices are expected to change with market trends. In August 2024, the opening price could be $74,021.41, reaching up to $74,654.47¹². By December 2025, we might see the opening price at $74,453.80 and a max of $75,219.31¹².

One-year Market Forecast

In the next year, Muskogee's real estate prices will likely go up. By June 2026, the forecast suggests an opening price of $76,670.20, with the highest reaching $76,204.78¹². Come October 2026, opening prices could be $77,122.96 and possibly hit $78,047.82¹².

Property sales are also increasing. April 2024 saw sales worth $14,889,045¹³. This is an 18.99% jump from last year¹³, showing a strong trend in Muskogee's housing market.

Future Market Predictions

The future looks bright for Muskogee's market. By April 2027, the opening price might be $77,853.93, with a max of $80,008.37¹². Prices are expected to grow, reaching $78,335.69 in opening by August 2027 and peaking at $80,724.71¹². These numbers show a steady increase in market value.

Market competition should also rise. By December 2029, expected opening prices are around $81,681.00 with highs near $86,091.14¹². By May 2030, prices could further increase to $82,310.96, with maximum values reaching $87,151.35¹². These forecasts promise continued growth and a stable market in Muskogee.

Factors Influencing Market Conditions in Muskogee, OK

The real estate market in Muskogee, OK, is affected by economic factors, demographic shifts, and local policies. These factors influence housing supply, demand, and prices. It's crucial for buyers and investors to understand these factors for making smart decisions.

Economic Factors

The economic scene in Muskogee, shaped by regional trends and key industries, affects real estate. Being an affordable place, it draws aviation workers and young pros, especially near Tulsa. Knowing when listing prices peak in July or dip in February helps in planning investments¹⁴. Keeping an eye on economic growth and infrastructure projects is key for predicting property trends.

Demographic Factors

Demographic shifts play a big role in Muskogee's housing market. The city, home to about 37,000 people, has median home prices of $190,043 and rent at $722¹⁵. With 44% of homes renter-occupied¹⁵, it shows a strong rental demand. Young pros and families add to the mix, creating diverse opportunities for real estate.

Local Policies and Regulations

Local policies in Muskogee aim to support landlords. With flexible closing options and no extra fees for selling, it's a welcoming market for real estate deals¹⁶. Muskogee's attractive regulations and revitalization efforts could boost property values. Staying informed about policy changes and infra projects is crucial for real estate strategies.

For more insights and opportunities in Muskogee's real estate market, visit this link.

FAQ

What are the current market conditions in Muskogee, OK?

Muskogee is a neutral housing market right now. This means it's balanced for both buyers and sellers. It shows stability, fair negotiations, and good pricing.

How have housing prices in Muskogee changed over the last year?

Home prices in Muskogee went up by 12.9% over the last year. Although, the median sold price dropped by 1.4%, landing at $147,869.

What are the median sold prices for different bedroom counts in Muskogee?

Prices for homes in Muskogee change with the number of bedrooms. Single-bedroom homes got pricier, but three-bedroom homes dropped slightly in price.

How do Muskogee's home prices compare to nearby cities?

In comparison to Fort Gibson, Muskogee’s home prices went down by 1.4%. This shows different investment chances in the area.

What is the current housing inventory like in Muskogee, OK?

Muskogee saw more homes for sale recently, indicating more choices for buyers. This is especially true for one and two-bedroom homes.

How many homes are being sold in Muskogee, and how long do they stay on the market?

Fewer homes are selling now, and they’re staying on the market longer. This is a change from last year.

Are homes selling for the asking price in Muskogee?

Many homes in Muskogee sell below asking price, which means buyers might get a better deal. But, sales over the asking price might increase soon.

What is the average time a property remains on the market in Muskogee?

It’s taking longer to sell homes in Muskogee now, even though it was quicker before. This means the market is slowing down a bit.

How has the Muskogee real estate market performed recently?

Despite ups and downs, Muskogee’s median sale price has grown over the last year. That’s a good sign for the market and investor confidence.

How does the cost of living in Muskogee compare to the national average?

Living in Muskogee is much cheaper than the national average. This is thanks to affordable homes and the general cost of living.

Are there investment opportunities in Muskogee's real estate market?

Yes, there are good investment opportunities in Muskogee. Thanks to its neutral market, affordable living, and changing conditions. It draws different kinds of investors.

What is the forecast for the Muskogee real estate market?

The future looks like there will be more competition, with more homes selling above list price. This could mean higher values ahead. Watch the market closely.