End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Oklahoma City, OK (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Oklahoma City, OK (Jan-Nov 2023)

Introduction:
In this report, we delve into the median sale price per square foot for newly constructed houses in Oklahoma City, OK, from January to November 2023. The data, sourced from Zillow, provides valuable insights into the dynamics of the real estate market in the region.

Analysis:

Table of Monthly Median Sale Price Per Square Foot (USD):

Trends and Relationships:

• The median sale price per square foot exhibits fluctuations throughout the year, with some months experiencing slight increases and others witnessing declines.
• There is a general upward trend in the median price from January to July, followed by a decrease in August, and then a fluctuating pattern in the subsequent months.
• The median price reached its peak in July at $180.00 per square foot.

Highs and Lows:

• The highest median price was recorded in July at $180.00 per square foot, while the lowest was observed in October at $171.66 per square foot.

Table of Monthly Percentage Changes:

Annual Average:
The annual average median sale price per square foot for newly constructed houses in Oklahoma City, OK, in 2023 is $176.71.

Quarterly Averages:

• Q1 (January-March): $176.68
• Q2 (April-June): $179.27
• Q3 (July-September): $176.57
• Q4 (October-November): $171.85

Closing and Ending Figures:

• The year concluded with a median price of $172.03 per square foot in November.

Analysis and Advice:
Based on the trends observed in 2023, it can be inferred that the market experienced fluctuations but maintained a relatively stable trajectory. The upward trend in the first half of the year indicates a favorable environment for sellers, with prices reaching their peak in July. However, the slight decline in prices from August onwards suggests a more balanced market, potentially favoring buyers.

For clients considering buying a new home, the latter part of 2023 may have presented opportunities with slightly lower prices compared to the earlier months. On the other hand, sellers may have found the first half of the year more lucrative, particularly in July when prices peaked.

Market Prediction for 2024:
Looking ahead to 2024, it is essential to consider various factors such as economic conditions, interest rates, and housing demand. Based on the trends observed in 2023, it is likely that the market will continue to exhibit fluctuations but maintain overall stability. Factors such as economic growth and changes in housing supply may influence price dynamics.

Overall, while 2023 presented both challenges and opportunities for buyers and sellers, a balanced market prevailed. It is advisable for clients to stay informed about market conditions and consult with real estate professionals for personalized advice based on their specific circumstances.

In conclusion, the real estate market in Oklahoma City, OK, showed resilience in 2023, with fluctuations in median sale prices