What Will The Oklahoma Real Estate Market Look Like In 2023?

As you begin to make your plans for 2023, you will want to know what kind of market you will be looking at when it comes to buying or selling a home. 2021 saw a market that was dramatically favorable to sellers in the spring and summer and then it shifted to a calmer market in the fall. When we look to predict the market in early 2023, we look at the two historic market indicators of supply and demand.

Home Inventory (Supply)

For the first time in a long time we saw the number of homes available on the market drop in December. The climb had been steady since February, but this is a sign that the market is heating up in terms of buyer activity. Inventory is still at 2.3 months which is well below market equilibrium.

Buyer Activity (Demand)

One of the most common metrics we use to determine demand is the average number of monthly showings per listing. You can see that this has dropped off a cliff since its peak in April of 2022, but in December that number ticked up for the first time since last spring. We saw significantly more buyer traffic in December than we have for the past few months.

What Does It Mean For You?

All signs point to a very competitive market as we move toward the spring. It is unlikely we are going to see record appreciation like we have over the past couple of years, but low supply is going to keep the market in the seller’s favor. If buyers want to maximize their opportunity, they need to move early in the year before Spring Break.