Current Real Estate Market Trends:
Average price per square foot for Oklahoma City OK was $68, a decrease of 5.6% compared to the same period last year. The median sales price for homes in Oklahoma City OK for Feb 10 to Apr 10 was $119,000 based on 34 home sales. Compared to the same period one year ago, the median home sales price increased 20.9%, or $20,550, and the number of home sales decreased 96.5%.
The average listing price for homes for sale in Oklahoma City OK was $199,604 for the week ending May 12, which represents an increase of 0.5%, or $945, compared to the prior week. Popular neighborhoods in Oklahoma City include Quail Creek and Mesta Park, with average listing prices of $287,562 and $202,293.
History of Oklahoma City:
The state capital and seat of Oklahoma County, is the largest city in Oklahoma. It is located in the central part of the state on the North Canadian River.
Oklahoma City sprang into being almost overnight. On April 22, 1889, the U.S. government opened the territory for settlement, and there was a rush across the border line to stake claims. A sprawling tent city sprang up near the Santa Fe railroad tracks, and within a short time Oklahoma City was a bustling town of 10,000. The city was incorporated in 1890 and replaced Guthrie as the state capital in 1910. Oil was discovered in the city in 1928, and petroleum production became a mainstay of the city’s economy.
Oklahoma City is the wholesale and distributing center for the state, and the city’s stockyards are the largest stocker and feeder cattle market in the world. Following the decline of the energy sector, Oklahoma City is fostering a private entrepreneurial environment and a more diversified economy. Within the service sector, health services are projected to grow, followed by retail trade and business services. Nearby Tinker Air Force Base, one of the world’s largest air depots, is a major city employer.
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