Building Costs Per Square Foot in the State of Oklahoma, USA

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Oklahoma 802 E Lockheed Drive Midwest City OK73110 - 3 Bed and 3 Baths with Attached Garage on Gross Floor Area 1,627 sqft - Built in 2019 - Price $254,900 (2)

Newly Built Home in Oklahoma 802 E Lockheed Drive Midwest City OK73110 – 3 Bed and 3 Baths with Attached Garage on Gross Floor Area 1,627 sqft – Built in 2019 – Price $254,900 (2)

Residential Construction Market Analysis in the State of Oklahoma, USA

Building costs are 5% below the national average in the state of Oklahoma, and equivalent to the states of Florida, Maine, Vermont and West Virginia. Oklahoma is widely known as one of the largest farming cities in the United States. Its past as a large indigenous population preserves its close contact with nature by its inhabitants. It’s a state with a good state university, football teams you can root for, and the perfect place to have an all-American life.

However, in this article, we will focus on the Oklahoma real estate market, mainly residential construction. So get ready to read all about home values, how long they take to sell, what’s in store for the future, and what the real estate market in Oklahoma looks like right now.

Oklahoma State Construction Outlook

Whether you are looking to buy a property for your family or to invest and sell, the main cities where it is preferable to search for properties for sale in Oklahoma are the capital and Tulsa. Located in the center of the state, Oklahoma City, OKC, the state’s capital and largest city, has a population of over 1.3 million.

Construction in Oklahoma or The Sooner State is fairly traditional, with many manufactured homes made of wood or with wood planks on the exterior walls. Brick and concrete houses also abound but don’t expect to see bold designs or very modern architecture. The latter is only found in Tulsa or Oklahoma City, where there are also some fairly new buildings.

Most of the rest of the state is rural, so the houses vary from ranches to small wooden houses and have a very strong sense of community. You can also find towns like Stillwater and Enid with less than 50,000 inhabitants and a fairly rural lifestyle, but which still offer a wide variety of properties for sale.

If you are looking for a life with a 9 to 5 office job, then the capital or Tulsa is the place to live. If you have knowledge or work experience in the world of agriculture, then the outskirts can be a great choice to have a quieter life.

Oklahoma State Housing Market Analysis and Forecast

Within Oklahoma, the prices and the possibilities of selling property vary quite a bit. For example, homes generally stay on the market longer in Elk City, so you can take your time and possibly find a better deal, while Guymon sells an average of 15 days faster than the rest of the world. state, so you’ll need to move quickly if you want to beat the competition.

Contrary to what most people believe, Oklahoma offers several targeted assistance programs for its buyers. The Oklahoma Housing Finance Agency (OHFA) offers its OHFA GOLD program and OHFA DREAM program to eligible homebuyers. Both programs offer 3.5% down payment assistance for first-time and repeat buyers.

Summer is the time when there are more houses listed (it is expected that this 2022 will be more than 6000), while in winter this number decreases greatly (during the winter of 2022 there were only a few more than 4000 listed). In Oklahoma, houses remain on the market for 64 days before the sale is official, which is quite slow compared to northern or western states, but a large number compared to southern states.

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Oklahoma City properties are among the most expensive in Oklahoma, although Oklahoma City home values are not comparable to the most expensive properties in the United States because they are really low. In 2021 the properties increased their value by 17.5%, although the number is expected to drop to 15% during 2022.

Oklahoma State Average House Price (Median Home Price)

The value of a median home in Oklahoma is $170,000 if you take into account properties with 3 bedrooms, two bathrooms, a garden, a kitchen, and a living room. You can find much larger properties, with a greater number of square meters and with more rooms starting at $300,000, which is much cheaper in other states since we are talking about properties that would be considered luxury homes.

If you are looking to buy for the lowest price, then you should use the Oklahoma seasonal market trends to your advantage. In Oklahoma, June has historically seen the most homes for sale. Searching this season could give you more options and a higher chance of finding your dream home. On the other hand, February gives you the fewest options in Oklahoma, but prices are usually lower and you can still find good properties.

Proposed Residential Building Projects in the State of Oklahoma

A trend in the residential construction market in Oklahoma is the construction of large houses, although not necessarily luxury ones. They are houses designed for the rural population of the state, which is usually large families, so they need a large number of rooms and a park for children to play.

Only in Tulsa and Oklahoma City are their current building projects, and they are not the giant buildings you would see in other big cities like NYC or Chicago. They are buildings with a maximum of 10 floors but can accommodate a large number of people. They are quite traditional buildings, but with a more modern aesthetic than what you are used to seeing in other parts of Oklahoma.

In the areas near the Oklahoma State University, there are some condominium projects or small buildings, since the university campus does not have the capacity to accommodate all the students, making it a perfect situation for investors.

Oklahoma 10594 Seaside LN Elgin OK73538 - 4 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 2,000 sqft - Built in 2022 - Price $334,000 (1)

Newly Built House in Oklahoma 10594 Seaside LN Elgin OK73538 – 4 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 2,000 sqft – Built in 2022 – Price $334,000 (1)

Building Costs Per Square Foot for Single Family Homes in the State of Oklahoma, USA (NATIONAL ESTIMATOR)

Building costs are 5% below the national average in the state of Oklahoma, and equivalent to the states of Florida, Maine, Vermont and West Virginia.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Oklahoma ranges from $327.65 per sqft to $502.27 per sqft, with the average being $386.67 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 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Oklahoma ranges from $199.13 per sqft to $305.24 per sqft, with the average being $234.99 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 ranges from $128.73 per sqft to $195.52 per sqft, with the average being $150.71 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 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Oklahoma ranges from $93.95 per sqft to $144.07 per sqft, with the average being $110.87 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 ranges from $76.26 per sqft to $116.78 per sqft, with the average being $89.92 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 ranges from $60.14 per sqft to $92.19 per sqft, with the average being $70.95 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.

List of 16 Metropolitan Areas/Cities in Oklahoma – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 733 municipalities and 621 special districts grouped into 77 counties in the state of Oklahoma. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

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The percentage deviation of building costs from the National Average for each metropolitan area in Oklahoma is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Oklahoma:

Oklahoma Average -5% (-5% less than X)

  • Durant 747 -11%
  • Adams 739 -10%
  • Lawton 735 -8%
  • Muskogee 744 -8%
  • Shawnee 748 -8%
  • McAlester 745 -7%
  • Poteau 749 -7%
  • Pryor 743 -6%
  • Enid 737 -4%
  • Norman 730 -4%
  • Clinton 736 -3%
  • Oklahoma City 731 -3%
  • Ardmore 734 -1%
  • Ponca City 746 -1%
  • Tulsa 740-741 0%
  • Woodward 738 5%

The Metropolitan Area List above as well as the Bar Graphs below indicates that Durant is the cheapest city to build a private home in the state of Oklahoma, and Woodward is the most expensive city to build a home. Building costs are -11% below the national average in Durant and 5% above the national average in Woodward.

Cheapest Places To Build in Oklahoma:

Durant is the cheapest place to build at -11% below the national average, followed by Adams City at -10% below the national average. The third cheapest places to build a house are Lawton, Muskogee and Shawnee at -8% below the national average, followed by McAlester and Poteau at -7% below the national average. The fourth cheapest place to build is Pryor City at -6% below the national average, followed by Enid and Norman at -4% below the national average.  The fifth cheapest place to build a home is Clinton and Oklahoma City at -3% below the national average. Construction costs in Ardmore and Ponca City are -1% below the national average. Building costs in Tulsa are equivalent to the USA average.

Expensive Places To Build in Oklahoma:

If anything between 5% and 10% is considered expensive, then there is one such metropolitan area in Oklahoma. Building costs in Woodward are 5% above the US average.

More Expensive Places To Build in Oklahoma:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Oklahoma.

Very Expensive Places To Build in Oklahoma:

The most expensive places to build a house in Oklahoma are those 15% above the national average. There is no such metropolitan area in Oklahoma.

Oklahoma State Average Costs:

Private home building costs in the state of Oklahoma are -5% below the national average. Building cost rates in the metropolitan areas of Pryor, Enid and Norman are closer to the Oklahoma state average by a deviation of 1%. Residential development costs in Tulsa are equivalent to the national average. Woodward is the most expensive city to build a home in the state. Oklahoma is one of the cheapest states to build a home in the United States, at number 8 in the national ascending costs scale.


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