Housing Trends in Durant, OK (Is it a good time to buy?)
After years of incremental changes, the US housing market continues its steady chug towards recovery. Home sales are going strong, according to a recent report from USA Today. Citing the latest forecast from Fitch Ratings, “…U.S. home prices are expected to rise 4.6 percent this year.” Among its predictions included today’s top 10 performing states in the real estate industry, which included Oklahoma, known for its affordable mortgage rates and lower home prices.
Durant, OK is a great choice for those who are looking to relocate to this lovely state. With a cost of living that is significantly lower than other US cities, Durant simply offers homebuyers more mileage for their money.
As of the first quarter of 2018, Zillow published $105,100 as the median home value in Durant, while median listing prices are currently tagged at $153,450. Most of the houses listed within this price range are detached, single-family homes that measure between 1,200 to 1,500 square feet, with 3 to 4 bedrooms.
The same data also reports Durant’s market health index based on projected home values, foreclosure rates, and home-selling pace. Compared to the rest of the region, Durant, OK is rated 5.0/10, suggesting a stable housing market. On its 5-year forecast, home values are expected to rise up to $109,000.
So, is it a good time to buy a house in Durant OK? Well, it sure looks it! Durant, OK is by far a favorable market for homebuyers. AreaVibes characterizes the data this way:
“The median home price in Durant is 43% lower than the national average. At $106,200, the median home price is 12% lower than (other cities in) Oklahoma. “
If you are wondering if buying a home in this area makes a good real estate investment, Zillow reports that home values have gone up to 12.6% from January 2017 to February 2018. There is 4.69% year-over-year appreciation rate for homes in Oklahoma, with an average 4.42% increase expected for the next five years, and around 3.24% in the following ten years. Those rates are so much better than the national average, where home values are expected to appreciate for only 0.01% in the next ten years.
For those already living or considering a move to Durant, the cost of living is 18% lower than the national average. Goods and services are 14% more affordable in Durant than elsewhere. Sales taxes are 12% lower, income tax is 78% lower, and most of all, housing costs are 38% cheaper than the national average.
Average mortgage payments are 26.6% lower, usually at $800 a month, in contrast to similar homes in other cities which can cost $1,200 or more a month. You can expect to pay at least 4.31% on a 30-year fixed mortgage.
If you’re looking to put down roots, you will be glad to find that most houses in Durant, OK are the single-family type (68.1%). There are also available apartment complexes (19.8%), apartment buildings (7.2%), and a few townhouses (2.4%).
Square footage also plays a big factor in the decision-making process. The average home size in Durant, OK provides enough space to grow as 32.5% of homes have 2 bedrooms, and 43.3% have 3 bedrooms.
Homes with character add to Durant’s small-town charm. Majority of the houses here were built from 1970 to 1999 (41.4%). There are older homes built from 1940 to 1969 (25%), and newer ones from 2000 up to the present (23%).
Durant, OK has all the amenities of comfortable city living. It continues to show a positive job growth and a thriving local economy. You should definitely consider Durant, OK if you’re planning a move to Oklahoma. Let us help you find your future home. Call or email us today.