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APRIL 25, 2022 Larry Stein

(405) 713-1201 cell (405) 361-9307

More than 2,900 NEW HOMES in OK CO in 2021

“Lots of questions about the Oklahoma County real estate market including ‘How many houses were built in Oklahoma County last year?’ The answer is 2,969 homes were built in Oklahoma County last year in the hottest market in real estate in a long time,” said Oklahoma County Assessor Larry Stein.

“Then we thought we would look at the 1980-2022 time frame and found more than 106,937 homes have been built during those 42 years, a 59.31 percent increase in residential property,” Stein said.

“How much is all that property worth? The impact of inflation and demand for property over the years can increase the value of property dramatically. Market value is the result of when a willing buyer and a willing seller agree to a price on a parcel of real estate. The assessor’s office sets the market value of approximately 330,000 parcels of property each year. We calculated the total real estate value of homes in 1980 at $4.8 Billion, and a total value in 2022 of $48.6 Billion. This increase in market value of $43.8 Billion is the result of inflation and the increased demand for real estate in Oklahoma County. That’s a market value increase of 910 percent from 1980-2022,” Stein said.

This growth means Oklahoma County represents more than 22 percent of the entire State of Oklahoma’s property that is assessed for ad valorem purposes. The reliable growth of real estate values and ad valorem ensures law enforcement, education, technology centers and other essential county services are available in small and large counties statewide.

“There’s a difference between MARKET VALUE and TAXABLE VALUE—because of the exemptions and property tax savings plans proposed by assessors statewide, low income, middle income, retired citizens and disabled veterans owning property in Oklahoma County are saving more than $1 Billion every year in lower property taxes,” Stein said.

“Those buying property in the current market may spend a premium to purchase a house, substantially more in some cases than the house was valued at a few years ago. Even with record prices, the latest news from Bloomberg reports-----Oklahoma City is the SECOND MOST AFFORDABLE CITY to buy a home.

These Are the World’s Most Affordable and Least Affordable Cities to Buy a Home

Most Affordable Pittsburgh, PA, U.S. Oklahoma City, OK, U.S. Rochester, N.Y., U.S. Edmonton, AB, Canada St Louis, MO-IL, U.S. Oklahoma City and Rochester, New York, ranked second and third on the affordability list, the authors said. Sydney and Vancouver ranked among the least affordable. Read more at: https://www.bloombergquint.com/business/pittsburgh-most-affordable-for-housing-hong-kong-most-expensive