Oklahoma City New Home Construction Market

Oklahoma City New Home Construction Market

The housing market has grown by leaps and bounds across the United States. That growth has been echoed in Oklahoma City. According to The Oklahoman, the new home construction market is hotter than ever in this area, with construction teams taking out permits for over 700 new homes in 2021. These new constructions aim to combat the housing crisis spreading across the US. Still, even with a plethora of new houses popping up on the market, the demand has increased with each passing month.

Oklahoma Suburbs With New Construction Booms

Oklahoma City has been witnessing a new construction surplus, with suburbs right outside the city itself seeing the most growth. Several developments have cropped up, with countless houses being planned in the surrounding areas. With areas like Crestwood, Westbrook Estates, and Chadbrook North all sporting new builds within commuting distance from Oklahoma City, it’s hard to imagine a housing shortage in the city. However, News 9 predicted a pressing problem with the new housing market: inventory. If trends from 2021 continue, the demand and competitive mortgage rates will keep demand high. This may cause another hectic year in 2022.

Perks of New Construction Homes

New construction homes are always popular with buyers for various reasons. First, in some cases, building a new home in the Oklahoma City area is cheaper than renovating an existing build, with median prices coming out close to 150K. With a turnaround price of over $400,000 to the right buyer, more and more investors are looking to invest in new construction models.

There are also the perks for the buyers themselves, namely updated interiors, customization, and brand-new appliances. Anyone who has struggled to update an old house knows the daunting task of replacing a furnace, old windows, or an HVAC system. New construction homes offer the comfort and security of knowing each piece of your home is brand new.

In new areas, for the most part, you will be in a new community with nice and appealing homes. New construction homes can also take advantage of areas that were previously unsuitable or not zoned for housing, with construction plans that adapt to the surrounding landscape. The neighborhoods can also become their own unique environment, an escape from the rest of the city.

What Trends to Track in the Upcoming Year

Housing insiders across all markets are watching the growing housing crisis with interest. While new construction homes are helping alleviate the ever-increasing housing pressures, there are still inventory issues facing the market. Projects are being approved at a staggering rate, and there are more houses on the market in the Oklahoma City area than ever before; the overall total of homes approved is equal to those in 2020. This means that there still isn’t enough supply to meet demand.

Finding the resources, you need and eager buyers has never been easier if you are trying to sell new construction homes or get approved for construction. If you’re selling a home, supply issues can come with perks. It can turn a market into a seller’s market. This allows for relatively safe property investment, stimulating the market itself. While it is unknown how long the market will stay this way, the increase in job flexibility and a growing need for housing will ensure home builders stick around.

While many housing developments are put forward by large companies, there’s also a rising number of property owners who have their own homes built. Building your own home can drastically cut costs and allow for customization. If you know what you are doing, you could choose to create your own home and save money.

Housing Design Trends in Oklahoma City

There is a growing trend of homes that combine the sleek lines of modernity with the comfort of older construction, with an increasing number of wooden accent designs on the exterior. With so many buildable plans available and fully built new construction homes, the housing design trends can be somewhat hard to track. However, clean lines, modern construction, and warm tones can be seen across almost all residences.

While the interior of new construction homes can be summarized as sleek, white, and minimalist, for those looking to design their own home, these blank slate designs allow for more customization, as well as avoid the constant trap of aging decorations that can be seen in existing constructions.

Overall, the average new construction home in the suburbs of Oklahoma City offers a 3-bedroom, two-bathroom floor plan, with some variation available depending on the price point. Any buyer with a growing family will find these houses spacious and wildly affordable. Thankfully, many of these new construction plans provide garage and storage options throughout the home.

With so many new construction homes available in the Oklahoma City market, it’s no surprise that first-time homebuyers and seasoned real estate professionals are in the market.