Edmond, OK · Member since 2017 · 4 posts · 0 votes
The Oklahoma City area seems to be booming, and the suburb of Edmond is definitely part of that. However, when I look at the charts on Zillow, Trulia, they say that home prices dropped quite a bit over the last 3 years and are now rebounding. That doesn't seem to match the reality around me, but I haven't looked at reliable numbers. I know you can't make major decisions based on those Zillow, Trulia charts, but are they completely worthless, or only partially worthless? Where can I get some better numbers on average home prices, etc.?
From my perspective, Edmond seemed to suffer more than others from the falling oil prices in 2015. I have homes in both OKC and Edmond, and our Edmond property values and rent prices dropped or stagnated more so than Oklahoma City. So the charts might not be completely worthless. They probably do accurately reflect the price conditions.
From my perspective, Edmond seemed to suffer more than others from the falling oil prices in 2015. I have homes in both OKC and Edmond, and our Edmond property values and rent prices dropped or stagnated more so than Oklahoma City. So the charts might not be completely worthless. They probably do accurately reflect the price conditions.
This matches my impression of what has happened in Edmond - steady appreciation from 2012 through 2015, then a downturn starting in early 2016, and now it has started to pick up again.
This is a good discussion! I live in Oklahoma City and am looking at getting started, but I've noticed Zillow showing a price decline that started in 2015 or last year. I know the oil shock had to have an affect on the housing market, but unemployment hasn't really gone up and there continues to be more building going on (good and bad thing) as well as new commercial developments metro wide. Personally, I think OKC Metro has a lot of potential as a city for long term investing.
In the long-term, you can't go wrong investing in our state's top markets, as long as you don't overpay to begin with. IMO, these markets would include Edmond, Norman, Moore, Jenks, Bixby, Broken Arrow, Owasso and parts of Tulsa & OKC. There's some other good suburbs as well, especially for those looking to invest under $100K per property, but these are the hottest markets, where even if they drop a little based on oil prices or other issues, will continue to go up in value over time at a regular rate and will always maintain a good rental rate. At least in these markets even if oil drops significantly, you can still generate a good rental rate.
At least these markets are not like other oil boom areas in smaller communities in Oklahoma and Texas where there's short-term oil booms, and that's the only real industry. You can pick up some great foreclosure deals when oil goes down in these areas, set on them renting cheap in the short-term until oil goes back up again, and then rent can double, or even triple. If you time it right you can make good money doing this, but its a gamble for sure. I purchased one in West Texas last year that had previously sold for $95,000 two years earlier, and when oil went down, I got it from foreclosure for under $20,000. Set on it renting it for 6 months until oil went back up some, and then sold for a nice profit.
Excellent EXCELLENT perspectives here. I myself have a "good vibe" about property values in Edmond, but your insights are worth a lot more than that: I really appreciate them.
Hi guys, I haven't followed the OKC market for a few years, but here is a link to Oklahoma home data, from the Oklahoma Association of Realtors. http://okrealtors.com/housingdata/
Anyone can look up actual numbers from state realtor association sites, but to be fair, Zillow is pulling data directly from the MLS now, so their data is more useful than it used to be. Here is the link to the Tulsa data: