Oklahoma City ranks 10th for fastest-growing housing market in U.S.

OKLAHOMA CITY A new report ranks Oklahoma City as 10th among large U.S. cities with the fastest-growing housing market.

The city’s housing stock grew 16% in 10 years to more than 288,800 homes, according to research done by StorageCafe.

The storage unit listings company analyzed housing stock changes from 2013 to 2022 in nearly 4,100 American cities using the latest available data from the U.S. Census.

Locally, housing inventory growth has continued into 2024. The number of homes for sale was up 36% in February compared to February 2023, according to data from MLSOK, the multiple listing service of the Oklahoma City Metro Association of Realtors.

Currently, more than 6,700 residential properties are for sale in the Oklahoma City metro market, MLSOK Board President Angelena Harris said.

“More people in the Oklahoma City metro feel confident in their ability to sell their home and find a new one to buy,” Harris said. “This is demonstrated by the increase of 500 homes on the market in a single month.”

The StorageCafe study shows most of the large cities that have seen significant increases in housing inventory in the past decade are in the South.

The report notes common factors spurring the growth in these cities are strong job markets and diverse economies driven by high-paying sectors such as tech and scientific research; high living standards including cultural amenities, outdoor activities and education; and some of these locations still offer affordable housing options, drawing people seeking better value for their money.

Austin, Texas, ranks first nationally among large cities with a 23% housing inventory increase, fueled by its booming tech industry and reputation as a vibrant cultural hub, according to the report.

Oklahoma City’s population grew nearly as much as its housing stock over the 10 years included in the study, increasing 15% to 681,088 in 2022.

The latest Census data shows it is the 20th largest city by population, with 702,767 residents as of July 1, 2023. It had the 14th largest gain among all U.S. cities from 2022 to 2023.

The StorageCafe report attributes Oklahoma City’s population growth to “a strong job market that nurtures career growth and a lower cost of living than most other urban hubs.”

“This new-found popularity has also led to rising home prices. Median home values in Oklahoma City have soared by 48% over the same period,” the report states. “(While) median incomes have increased by 40%, reflecting the city’s economic vitality.”

Although housing inventory is increasing in the Oklahoma City metro area, the shortage of affordable housing continues to be a problem that is growing along with the population.

Construction Coverage in its most recent study of which U.S. cities are investing in more affordable housing reports the average cost of new housing units is the Oklahoma City metro is 15th highest at $276,692. The study used data from the U.S. Census and Zillow.

The report notes a recent Cato Institute housing affordability survey found that 87% of Americans are worried about housing costs.

Among the nation’s 55 largest metros with populations of 1 million or more, Construction Coverage reports Richmond, Virginia, has the lowest average cost per new housing unit ($167,003) followed by Austin ($176,303).

At the bottom of the list with the highest average cost ($327,619) is San Francisco.

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