Building Costs Per Square Foot in the City of Oklahoma (OK), USA

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Residential Construction Market Analysis in the City of Oklahoma City (OK), USA

Newly Built House in Edmond 2432 Pine Ridge Cir, Oklahoma OK73034 – 5 Bedrooms and 3 Baths with 3 Attached Garages on Gross Floor Area 2,829 sqft – Built in 2022 – Price $435,000

Newly Built House in Edmond 2432 Pine Ridge
Cir, Oklahoma OK73034 – 5 Bedrooms and 3
Baths with 3 Attached Garages on Gross Floor
Area 2,829 sqft – Built in 2022 – Price $435,000

Building costs are -3% below the national average in the City of Oklahoma in Oklahoma. There is nothing better than having the keys to your own house in your hand. Once you have a house that is yours, no one can take it away from you. The house is the place where we feel most comfortable, so it is important to choose carefully where we buy it.

The real estate market is going through rapid changes, but in the case of Oklahoma City, it rebounded immediately after the brief pandemic crisis in 2020. Not only did the values recover, but they even improved, since now more people want to go to live in a quiet city like Oklahoma City.

If you are looking for a new place to live, or if you want to invest in the real estate market, then you should not lose sight of this city. In this article, we will tell you everything you need to know about its real estate market, the construction outlook, and the changes that are coming in the coming years.

Oklahoma City (OK) Construction Outlook

The construction outlook of Oklahoma City is that of a city that is growing and looking to modernize. You will most likely come across a lot of houses from the 50s or 60s, especially on the outskirts of the city. And most of the buildings were built in the 1980s, so those two aesthetics coexist in Oklahoma City today.

There are some projects to give the city a more modern image, and you can learn more about them later in our article. In what has to do with construction materials, you can find some prefabricated houses, so they are made mostly of wood and some type of insulating material.

Although the winter in Oklahoma City is not as cold as in other parts of the city, it is always recommended that the properties be made of resistant materials such as bricks and cement, since it is a city that has a large amount of annual rainfall, and quite strong storms, so the wood itself can deteriorate more quickly.

Oklahoma City (OK) Housing Market Analysis and Forecast

The Oklahoma City real estate market is one of the cheapest in the entire United States. While it is a city that saw an almost 18% increase in property values, it remains super affordable compared to other cities in the region.

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It is expected that during 2023 property values ​​will continue to increase, by at least 10%, so if you are hesitating, we recommend that you take the leap and take action this winter. Do not forget that the values ​​are expected to drop by 5% momentarily during the winter months, so you are in the ideal context.

During the summer of 2022 properties took an average of 15 days to be sold, which is a much better average than any other city in the country. In part, this is because there was little supply and high demand, so the properties sold quickly.

Oklahoma is an ideal state for people who want to live a more relaxed lifestyle, which is why Oklahoma City is becoming an attractive destination for people from all over the country who are looking to relocate.

In Oklahoma City Metro, values ​​will most likely increase by 15% between now and October of next year, making it the part of the city that has a better trend in the real estate market.

Oklahoma City (OK) Average House Price (Median Home Price)

In October 2022 the median home price is $257,000 in Oklahoma City. Still, it peaked at $266,000 over the summer. Unlike other cities, values ​​are not expected to drop much during the winter, it may reach $250,000 but it is a city with a lot of demand, so experts do not believe that values ​​will drop more than that.

It is important to keep in mind that the median home price is made based on all the properties that are listed for sale in Oklahoma City, so in reality, you will be able to find higher or lower prices. The most determining factors are the state of the property and the area in which it is located. For example, if you have a good school district, it is more likely to be in a more expensive area.

Oklahoma City is not a city that has many luxurious houses, so the average price is quite stable. Some cities have luxury neighborhoods and say that the average ends up being disproportionate to reality.

So that you have more accurate numbers, we will explain them to each one below. The median single-family home value is $260,000 and is up 15% this year. Townhouse values ​​are at $139,000, are at an annual low, and are expected to drop a little more during the winter months, though they will most likely rise again next year. In the case of condo/co-op properties, it is $125,000 with an annual increase of 8% but a drop compared to summer values.

Proposed Residential Building Projects in Oklahoma City (OK)

Oklahoma City has a host of residential projects that are going to be the talk of the town for years to come. Currently, it is becoming a pole of attraction for new inhabitants, especially those who come from Texas, so real estate agents know that they have to come up with modern projects.

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In the commercial district, some building projects will exceed 20 stories and will add to the skyline of Oklahoma City, which today is quite empty. These buildings will be mostly residential, with large windows, giving them a modern look as you might see in the famous World Trade Center.

On the outskirts of the city, you can find many townhouses under construction. These are quaint homes, in some cases with a 50’s aesthetic, to appeal to people who are looking for the all-American way of life.

In the areas near the Oklahoma City university campus, there are some small buildings of no more than 10 stories and condominiums under construction. These are intended to be rented and for university students to temporarily live there.

Newly Built House in Edmond 13501 Creek View Drive, Oklahoma OK73025 – 4 Bedrooms and 4 Baths with 3 Attached Garages on Gross Floor Area 3,030 sqft – Built in 2022 – Price $495,000

Newly Built House in Edmond 13501 Creek View
Drive, Oklahoma OK73025 – 4 Bedrooms and 4
Baths with 3 Attached Garages on Gross Floor
Area 3,030 sqft – Built in 2022 – Price $495,000

Building Costs Per Square Foot for Single Family Homes in the City of Oklahoma (OK), USA

Building costs are -3% below the national average in the City of Oklahoma in Oklahoma.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Oklahoma City ranges from $334.54 per sqft to $512.84 per sqft, with the average being $394.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Oklahoma City ranges from $203.32 per sqft to $311.66 per sqft, with the average being $239.94 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Oklahoma City ranges from $131.44 per sqft to $199.64 per sqft, with the average being $153.88 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Oklahoma City ranges from $95.92 per sqft to $147.10 per sqft, with the average being $113.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Oklahoma City ranges from $77.86 per sqft to $119.24 per sqft, with the average being $91.81 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Oklahoma City ranges from $61.41 per sqft to $94.13 per sqft, with the average being $72.44 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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