OKC Real Estate Market

[oklip955]

Yep I understand. I had some projects scheduled with a friend who was a re modeler. Ok I was patient and waited, the day before he was to start, he had a major heart attack and had to get out of the business. Well 2 plus years I've been waiting on someone else to do the projects plus a detached 2 car garage. Still waiting and should me next on his list. No idea of the costs due to the lumber/material prices and sure hope I can still afford to do the work.

[Bill Robertson]

The fence installer told me he bought a few semi loads of lumber a few months ago and is installing at that price but when he has to buy more the price at todays cost would almost double. Steel fence posts are also about twice what they were last year.

[oklip955]

wow. You got lucky on this deal and not having to pay the higher price. I might now not be able to do a 2 car garage.

[Pete]

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived. (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

[DowntownMan]

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived. (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

Home in my neighborhood was just bought by a California family moving here. Bought house without seeing anything except pictures and offered 25k over asking price

[LocoAko]

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived. (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

Yeah. I guess we'll know soon enough with the census, although that may have occurred too early into the pandemic to catch this trend. It all still sounds extremely anecdotal to me. I had another person last night claim that people are flooding into Oklahoma because of lockdown policies in liberal states and I just don't know if this is a story people here are eager to tell themselves. I could see this being true if we're talking about Texas. Conversely, I know multiple people who have either left Oklahoma or plan to because of where it is now politically and where it is headed, and obviously we won't be hearing about those anecdotes by people selling homes to buyers here. I'd be shocked if there was any significance to this trend, as the little data we have on the subject re: CA doesn't even bear this out. It could just be poor memory, but I honestly felt like there was more momentum for attracting out of state folks to OKC about 5 years ago than there is now. *shrug*


Study: https://www.capolicylab.org/wp-conte...California.pdf

KEY RESEARCH FINDINGS
• We find no evidence of a pronounced exodus from the state.
• Drilling down, however, we find that net exits from the Bay Area have increased during the pandemic,
particularly in San Francisco, where exits in the second through fourth quarters of 2020 were 31%
higher than during the same period in 2019, and new entrances were 21% lower.
• Historically, the number of people leaving California tracks the number of people entering California,
but this pattern deviated in Q4 2020, when 267,000 people left the state and only 128,000 entered.
• Despite concerns about tax revenue impacts, there is little evidence that wealthy Californians are
leaving en masse

[dcsooner]

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived. (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

Agree, what you describe relative to license plates is overwhelming here in NC

[Bellaboo]

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived. (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

It happened in the early 1980's. Rust belt plates everywhere, and oil was good at the time. Not sure if the influx with the last oil boom was as great as back then ?

[SouthOfTheVillage]

I’ve seen tons of luxury vehicles driving around OKC with California Plates. And, no, these weren’t rentals.

[BoulderSooner]

california and ny are going to lose house seats for the first time ever

[Pete]

^

Well that proves it then!

SOME people are moving here as they always have. I completely reject the idea that people without family ties are moving here in large numbers.

And the growth rate of the city and state show that.

[Pete]

[gopokes88]

The south is really interesting. Oklahoma is basically average

[Jersey Boss]

ME, WV, & AR numbers surprise me.

[FighttheGoodFight]

Some of the prelim numbers in 2020 should Oklahoma with a 6.7% population increase since 2010. I hope that is not true as that would be below our 2000 to 2010 increase of 8.7%. We will know more in April went the final counts come out.

I expect to see big gains in Texas, North Carolina, Colorado, Oregon and Florida. Big loss for NY and medium loss for California.

Oregon will be interesting since their population was similar to ours. Not a super comparable state in any other fashion I guess.

[dcsooner]

Some of the prelim numbers in 2020 should Oklahoma with a 6.7% population increase since 2010. I hope that is not true as that would be below our 2000 to 2010 increase of 8.7%. We will know more in April went the final counts come out.

I expect to see big gains in Texas, North Carolina, Colorado, Oregon and Florida. Big loss for NY and medium loss for California.

Oregon will be interesting since their population was similar to ours. Not a super comparable state in any other fashion I guess.

Hate to be a downer, but Oklahoma for multiple reasons some of which I won't discuss for fear of rapid reprisal has become a lot less desirable as a relocation option over the last 15 years. I will however submit two reasons, the most partisan politics of any State I can think of that has no tolerance for alternative views and consistently is viewed nationally as simply backward and inept. Second, Oklahomas people and leadership (of course not all) are tolerant of mediocrity in almost ALL issues important to people, hence the States poor rankings by any measure to other more prosperous and growing States.

[Bunty]

Hate to be a downer, but Oklahoma for multiple reasons some of which I won't discuss for fear of rapid reprisal has become a lot less desirable as a relocation option over the last 15 years. I will however submit two reasons, the most partisan politics of any State I can think of that has no tolerance for alternative views and consistently is viewed nationally as simply backward and inept. Second, Oklahomas people and leadership (of course not all) are tolerant of mediocrity in almost ALL issues important to people, hence the States poor rankings by any measure to other more prosperous and growing States.

Yet, there are states, such as Kansas, that don't have as much of this reputation of backwardness and/or stubborn partisan politics, while not being able to draw as many new people as Oklahoma.

Fortunately not all of them, but too many rural counties try to hold back Oklahoma, while adding to their own detriment. I don't think they need to worry about too many people moving in and driving up home prices.

[Pete]

^

All are big retirement spots.

I know a bunch of people who have retired to Idaho, hence the #1 ranking.

[Jake]

A Tale of Two Dakotas.

[Pete]

^

If there is any appeal to a retiree, it's to those without much money. Those with more options choose rural Oregon, Florida, Maine and many other places.

And even with the "it's cheap here" approach, I think it's highly unusual for someone to retire here without family ties.

[GoGators]

You cant claim people are flocking to OKC from the coasts and also point out the dirt cheap cost of housing in OKC. Those two ideas cant exist together. That isn't how supply and demand work.

[SouthOfTheVillage]

You cant claim people are flocking to OKC from the coasts and also point out the dirt cheap cost of housing in OKC. Those two ideas cant exist together. That isn't how supply and demand work.

Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.

[Pete]

Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.

The energy industry is not nearly dominant as it once was, evidenced by OKC's continuous very low unemployment rate.

And any realtor will tell you the increase in prices has been towards the lower end of the scale. Expensive homes are much slower to appreciate.

[OKCRealtor]

Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.

OKC is much better diversified now than it used to be. I thought last year would be much worse given covid+energy bottom but in reality it had little effect on the housing market unless you happened to be directly impacted in the industry.

[GoGators]

Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.

The OKC housing market doesn’t really care what the O&G market looks like. Home prices have been showing us that since 2015. I would say the 10% (9,000 dollar) home value increase in the OKC market over the last year would easily be explained by the lower interest rates that came in March 2020. Half of a percent will save you that 9,000 dollars several times over.