Snapshot Of The Tahlequah Housing Market - A Case Study
Got a house to sell? Thinking of buying? The Midwest has, for all intents and purposes, accumulated a reputation as a stable housing market.
Since the 2008 Great Recession, the Midwestern realty market has not only survived, but thrived. And we aren’t just saying this as Middle Americans—have a look at what Realtor.com, and The Wall Street Journal have to say about the region.
Looking ahead at the new year and decade, we will be examining the reasons why Tahlequah’s realty prospects are looking fit for an encore of the “Roaring Twenties”.
What’s the median value of an American home?
Let’s start with the basics: what is the median value of a home in Tahlequah as compared to the rest of the nation? Zillow.com reports that the median value of an American house thus far in 2020 is $244,054.
Business Insider reports that the current median value of homes in the state of Oklahoma rests at $128,934. Zillow.com has the median listing value for Tahlequah sitting even lower, at $108,652.
According to Zillow.com
|Median Listing Price|
Listed is not the same as sold, and here’s why
The easy critique of housing markets in the Midwest is the difference in listed prices versus what the properties actually sell for. Generally speaking, the largest factor behind disparities between listed and sold prices derive from how long the homes have been sitting on the market.
Speaking to The Washington Post, Compass real estate agent and president of the Greater Capital Area Association of Realtors, Koki Adasi, warns that:
“It’s essential to get accurate information about a home’s features. Agents take into account any renovations, the square footage and number of bedrooms and bathrooms, as well as the ages of the mechanical systems, roof, appliances and windows. They look at recent sales, pending sales and active listings of similar homes.”
The Post also warns against only using online estimates like the ones we used earlier from Zillow.com and Realtor.com. Brett West, a real estate agent with McEnearney Associates goes further, stating in the WP article that,
“People are swayed by those online estimates and don’t realize that they don’t include the finishes and fixtures, the condition or specifics of your home.”
Tahlequah a Buyers or Sellers Market?
The next thing we need to determine is what kind of market Tahlequah is set to become in the near future. For newcomers in the realty sector, this means finding out whether or not Tahlequah has a buyers or sellers market.
According to Realty.com, a buyer’s market exists when there are more homes for sale than there are buyers, which gives potential home buyers (especially those looking for starter homes) more clout in the market.
Looking at what we already know, the median listing price for America as a whole is $244,054. Comparing Business Insider’s median listing numbers for the state of Oklahoma ($128,934), with Zillow’s report for Tahlequah ($108,652), allows us to comfortably conclude that the city can be placed within a buyer’s market.
To further corroborate with us, Zillow.com reports that based on their numbers, Oklahoma as a whole is decisively a “Very Hot” buyer’s market. They were able to determine this rating based on three metrics: price cuts for home listings, their time on the market, and the ratio of list-to-sale.
This comes as no surprise, seeing as how Oklahoma median list prices are $135,402 lower than the national median, and Tahlequah is a full $20,000 under that.
Under the purview of just starter homes, that means prospective buyers could be looking at a 4 bed, 3 bathroom, 2,785 square foot home in Tahlequah for roughly the same price as a 3 bed, 2 bathroom, 2190 square foot home of similar value elsewhere in Oklahoma.
Land and People: Tahlequah Attractions
Home buying is inextricably linked with looking at the quality of the land the property sits on and the people who live in and around the location.
Being the capital of the Oklahoma Cherokee Nation, Tahlequah boasts a Native American cultural heritage that extends beyond superficial designations, and manifests itself ubiquitously in the land and people itself. Examples of this include street signs written bilingually in both English and Cherokee, or the fact that 30% of Tahlequah’s residents identify as Native American.
Being roughly 40 miles from the Oklahoma-Arkansas border, Tahlequah also enjoys relatively close proximity and access to the Ozark National Forest.
Excellence in Education
Another important factor to consider before any family sets down roots is the quality of education. According to Greatschools.org, which features scores aggregated from parent reviews and ratings, Tahlequah offers above average middle schools and high schools.
Beyond that, the city’s history of higher education continues on in the form of Northeastern University, which has roots stretching back to 1851, making it Oklahoma’s oldest institution of higher learning.
The Time is Now
If you’re a new buyer interested in low cost, and high ROI real estate, 2020 is going to be a bumper year. But this home buying gravy train can’t go on forever, as The Wall Street Journal warns,
“Many Midwestern markets have heated up so quickly they are now experiencing some of the downsides of a hot market: shortages of inventory and rising prices that are blocking first-time buyers from entering the market.”
This year, real estate in Tahlequah is up for grabs, with some of the lowest starter home listing prices found anywhere else in the entirety of America. Whether you’re a buyer, or seller with eyes on investing in a “red-hot” buyer’s market: get you one.
Article published on March 2nd, 2020 10:00 am by Harvest Marketing Co, an independent marketing company hired to write helpful content for the citizens of Cherokee County on behalf of Bank Of Cherokee County. Bank of Cherokee County is an equal housing lender - member FDIC.