Oklahoma’s housing market has been anything but steady in recent years. The pandemic unleashed a rush of middle-income buyers looking for space, value, and a sense of stability. Many found it—in suburbs, small towns, and even rural areas—only to be met later by rising prices and higher interest rates. From 2020 to 2024, homebuying patterns shifted in big ways: city vs. country, bigger homes vs. downsizing, starter homes vs. forever homes. Behind the numbers is a story of how everyday Oklahomans adapted, adjusted, and sometimes stretched to make homeownership work in a changing world.
Statewide Surge in Home Purchases (2020–2022)
In 2020 and 2021, low mortgage interest rates and pandemic-related lifestyle changes ignited a homebuying surge across Oklahoma. Statewide home sales jumped as families rushed to take advantage of 30-year mortgage rates that fell below 3% – the lowest on record. Oklahoma’s homeownership rate briefly spiked to about 71% in 2020 (from around 69% in 2019).
This wave of buyers, coupled with a limited supply of homes for sale, pushed prices sharply upward. The typical Oklahoma home value rose from roughly $140,000 at the end of 2019 to about $153,700 by the end of 2020. By the close of 2021, it climbed further to approximately $174,700. In percentage terms, Oklahoma home values were rising at about 15%–18% per year during 2020–2021.
Factors Behind the Buying Frenzy
Record-low interest rates made monthly mortgage payments more affordable, effectively boosting buyers’ purchasing power. Pandemic stimulus savings and remote-work opportunities enabled more first-time buyers to enter the market or allowed existing homeowners to purchase larger properties.
At the same time, the number of homes on the market dwindled – by April 2021, Oklahoma had only around a 1.6-month supply of homes for sale. For comparison, a balanced market typically has about 6 months of supply, and Oklahoma had over 6 months’ supply back in 2010…