Overview of the Commercial and Residential
Real Estate Market in Oklahoma
The Sooner State has four mountain ranges: the Arbuckles, Kiamichis, Ouachitas, and Wichitas. Oklahoma also has more man-made lakes than any other U.S. state and over one million surface acres of water. According to the U.S. Census, 610,613 of the state's 3,853,118 people live in Oklahoma City. The city has a median home value of $132,900 compared with a median home value of $112,800 for the state. Oklahoma City's median household income ($45,824) is just slightly above that of the state ($45,339). Tulsa has a population of 398,121, a median home value of $122,200, and a median household income of $41,241. Both cities have a homeownership rate just over 50 percent compared with 67 percent for the state.
Oil is a key part of Oklahoma's overall economy, but with a diverse range of other growing sectors, the state is able to weather cyclical downturns of the energy markets. Oklahoma City has one of the strongest job markets in the country. Generally affordable housing, a reasonable cost of living, ever-improving walkability of the city, and a good offering of performing arts make Oklahoma City an attractive place for educated millennials to start their families. This is good for the retail and office market near the downtown business district. The housing market fared better during the recent recession than many other parts of the country. Price increases do not look as impressive compared to many other areas because the state's home prices didn't dip as low. Demand for apartments has also remained steady.
Office Rental and Executive Suites in Tulsa, OK
How to Become a Realtor in Oklahoma
Protecting the public's interest in all real estate transactions is a top priority for the Oklahoma Real Estate Commission. It requires real estate agent applicants be at least 18 years old and have a reputation of good moral character. To obtain a Provisional Sales Associate (PSA) license, individuals must successfully complete 45 class hours of real estate courses. Once they have passed the necessary state exams, they will need to complete another 45 hours of real estate classes within their first license year. Agents with a PSA license can apply for a Sales Associate License at the end of their first PSA year. Sales Associates must complete 12 hours of continuing education classes every three years. Oklahoma has reciprocity agreements with eight states, although the requirements are different for each state. The commission's education department has more information on requirements for each of the states.