Oklahoma Real Estate Market Outlook

After decades of commercial growth, Oklahoma is facing a year of eroding markets. When the aviation industry suffered serious setbacks last year, its airline maintenance bases have cutback on its workforce that left thousands of mortgage payments of employees delinquent. The electronics and telecommunication sectors have also suffered the same fate and may continue to be so in 2009.

Home prices in Oklahoma are generally stable. The city’s economy is averting any major signs of the recession’s impact since its commercial landscape is heavily diversified. Government jobs remain secured and companies such Devon Energy and Chesapeake Energy are expanding their operations. The information technology sector contributes to the city’s revenues as well.

The local housing market isn’t yet affected by the general downturn. Oklahoma City was cited last year by Forbes Magazine as the most recession proof city in the country. That alone could allay deteriorating homebuyer confidence in the area. RealtyOutlook.com forecasts only a 2.5 percent drop in home values.

Lawton’s residential market significantly expanded during the 1960’s. It was an answer to the booming industrial sector of the city. Now a major granite resource, this small city is burdened by an enervated buyer confidence. Credit markets are also pulling their funds away from the community in response to the country’s slumping property market. The city’s progress is also deterred by a high number of crimes from street gangs. Expect home values to plunge by 2 percent in 2009.

Residents are proud to have Edmond named as one of the country’s best small cities in several publications. Its education system, cultural landmarks, recreational amenities and employment opportunities furnish a hyped image of the city. However, the same thing cannot be said about its real estate market. Edmond’s housing supply is consistently high because of a lower demand for single family homes and second units. RealtyOutlook.com forecasts a 2.5 percent drop in home values this year.

Tulsa is lucky to have vast oil fields that can support its local economy. The energy industry is fueling the growth of employment in the area but the declining gas prices are hurting the city’s revenues in some way. During the country’s real estate peak, Tulsa’s property market responded in a limited buying trend. It turns out that today’s recessionary economy would only cause a soft landing for home values in T-Town. RealtyOutlook.com expects home prices to drop by only 3.5 percent this year.