Welcome to today’s Real Estate news! In Oklahoma, the housing market is booming as more people choose to build new houses. With existing homes selling at a rapid pace, buyers are turning to the option of building their own homes for greater control and customization. Discover the economic advantages and challenges faced in the construction industry, and learn more about the benefits of building your own home here. Moving on to Washington County, home prices have seen a rise in May, reflecting a 3.4% increase from the previous month. Explore the market trends, median time on the market, and other statistics here. Additionally, find out about Prairie Surf Studios’ departure ahead of the OKC Thunder arena construction and the exciting plans for a new NBA arena. Get the details on this development and the ongoing discussions regarding studio relocation here. Lastly, discover Oliver Homes Inc., a family-owned business dedicated to making the dream of affordable homeownership a reality. Learn about their innovative construction techniques and attractive home designs, and find out why they are the right choice for your new home here. Explore the latest news and make informed decisions in the real estate market!
Oklahoma Housing Market Booming As More People Choose To Build New Houses
The housing market in Oklahoma is experiencing a surge in demand, with existing homes selling faster than realtors can list them. As a result, some buyers are turning to building their own homes as an alternative. The owner of Birch Co., Brett Davis, explains that in this seller’s market, buyers are compromising on location, quality, and cost when it comes to existing homes. Building a home offers more control and customization options, making it an attractive choice for many.
Beau Davis, who recently relocated from California to Bixby, shares his experience of deciding to build a home instead of buying. He highlights the economic advantages and the ability to create a home exactly as desired. Brett Davis emphasizes the challenges faced in the construction industry, such as fluctuating lumber prices and supply shortages. However, his company is proactively planning ahead by ordering materials in advance to combat inflation and shipping delays.
If you’re interested in learning more about the booming Oklahoma housing market and the benefits of building your own home, click here.
Washington County homes for sale were listed at higher prices in May
An analysis of data from Realtor.com reveals that the median home price in Washington County increased to $234,600 in May, marking a 3.4% rise from the previous month. However, compared to May 2023, the median home list price experienced a 13% decrease. The median home size in Washington County was 1,865 square feet, with a price per square foot of $118, reflecting a 6.9% increase from May 2023.
Listings in Washington County had a median time on the market of 34 days, outperforming the national median of 44 days. In May, around 64 new listings were added, indicating a 15.8% decrease from the previous year. It’s important to note that these statistics only pertain to houses listed for sale, not those that were sold.
If you’re interested in learning more about the housing market in Washington County and its recent trends, click here.
Prairie Surf leaving studio ahead of OKC Thunder arena construction
The Oklahoma City Council has voted to terminate the lease agreement with Prairie Surf Studios at the former Cox Convention Center. The decision, approved by a 7-to-2 vote, will expedite the demolition of the site in early 2025 to make way for the construction of a new NBA arena with a target completion date of 2028.
The original lease, approved in December 2020, aimed to develop the state’s film and TV industry while determining the future of the old venue. However, after city residents approved funding for the new arena, the lease was not extended beyond 2025. In exchange for vacating the facility earlier than planned, the city is waiving approximately $675,000 in rent, utility, and security payments for this year.
Prairie Surf co-founder Matt Payne expressed support for the council’s decision and confirmed ongoing discussions with the owners of the OKC Thunder team regarding assistance in relocating the studios. Despite the accelerated timeline, Prairie Surf remains open for business and hopes to accommodate productions until the end of the year.
To learn more about Prairie Surf’s departure and the upcoming OKC Thunder arena construction, click here.
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Oliver Homes, established in 1948, is a second-generation, family-owned business dedicated to making “The American Dream” of affordable homeownership a reality. With over 70 years of experience, Oliver Homes applies innovative construction techniques and offers functional and attractive home designs. Serving Maryland, Pennsylvania, and West Virginia, they have helped thousands of local families achieve their dream of owning a new home.
To learn more about Oliver Homes and discover the top 10 reasons to choose them for your new home, click here. Contact Oliver Homes today and take the first step towards achieving “The American Dream!”