Oklahoma Housing Market Analysis: The Last 16 Quarters in Data

Oklahoma home prices rose 16.1% across the 16 quarters from Q3 2022 through Q2 2026, according to the FHFA All-Transactions House Price Index for Oklahoma. The pace has cooled hard: year-over-year growth sits at 2.8% as of Q2 2026, versus 14.6% when this window opened. The statewide median listing price is $299,336, per Realtor.com median listing price data retrieved through FRED, and sellers are competing with 15,286 active listings, a count that has grown 75.2% over the same 16 quarters based on Realtor.com active listing count data. In short: prices are still grinding upward, but the shelves are far fuller than they were in 2022, and appreciation has slowed to a fraction of its old pace.

How Oklahoma Home Prices Have Moved

The FHFA index for Oklahoma stood at 344.9 in Q3 2022. By Q2 2026 it reached 400.6, a new high for the window. The climb was anything but even.

The strongest growth came right at the open. Q3 2022 posted a 14.6% year-over-year gain and Q4 2022 followed at 12.2%, the tail end of the pandemic-era run. Then the brakes came on through 2023: 9.0% in Q1, 6.1% in Q2, 5.4% in Q3, and 4.3% by Q4. Financing costs explain much of that deceleration. The Freddie Mac 30-year fixed mortgage average went from 5.62% in Q3 2022 to 7.30% in Q4 2023, and payment math like that thins out the buyer pool in a hurry.

2024 was a wobble rather than a rebound: 6.0% growth in Q1, then 3.9% in Q2, 4.2% in Q3, and 5.4% in Q4. Since then the trend has been a slow grind lower. The four quarters of 2025 came in at 3.8%, 4.5%, 2.8%, and 3.4%. The first half of 2026 printed 2.7% and 2.8%.

Two details are worth flagging. First, Oklahoma never posted a negative year-over-year quarter anywhere in this window. Growth slowed dramatically, but it never flipped negative. Second, the index itself did stall twice: it slipped from 389.8 in Q2 2025 to 389.2 in Q3 2025, then eased from 395.5 in Q4 2025 to 395.4 in Q1 2026, before pushing to that 400.6 high in Q2 2026. Flat quarters like those simply did not happen here in 2022.

What Homes Are Listed For

Here is the number that surprises most Oklahoma sellers: the statewide median listing price peaked three years ago. It hit $318,283 in Q2 2023 and has not been back since. As of Q2 2026 the median list price is $299,336, and the most recent monthly reading, July 2026, came in at $299,000.

The run-up into that peak was steep. The median was $280,190 in Q3 2022, already up 19.4% year over year, and the growth rate topped out at 26.4% in Q1 2023. Then the market gave ground in slow motion. Every quarter of 2024 posted a negative year-over-year change: 1.9% lower in Q1, 4.8% lower in Q2, 3.8% lower in Q3, and 1.9% lower in Q4. 2025 stabilized at essentially flat readings of 0.1%, 0.7%, 1.1%, and 0.8%. 2026 has slipped negative again, down 1.6% in Q1 and 1.9% in Q2.

Notice the tension with the section above. The FHFA index, which is built from transaction prices, kept setting new highs while the median listing price sat below its 2023 peak. The two series measure different things: one tracks what homes across the whole market actually trade for, the other reflects whatever mix of homes happens to be listed at the moment. That gap is a real feature of the current Oklahoma market, not a data error, and it is one reason a seller's individual result depends so heavily on the specific house.

How Many Homes Are on the Market

Inventory is the biggest structural change in this dataset. Oklahoma averaged 8,723 active listings in Q3 2022. By Q2 2026 that figure was 15,286, an increase of 75.2% over 16 quarters.

The buildup started fast. Q1 2023 listings ran 80.8% above the year before, the sharpest jump in the window, though that partly reflects how thin inventory was in early 2022. The count then kept climbing: past 11,000 in Q4 2023 (11,062), to 13,487 by Q3 2024, to 14,367 in Q4 2024, and on to a window high of 15,921 in Q4 2025. Q1 2026 pulled back to 14,642 before Q2 2026 rebuilt to 15,286, and the most recent monthly count, July 2026, stood at 16,382. The growth rate, meanwhile, has cooled sharply: after running 25% or higher year over year from Q2 2024 through Q2 2025, listing growth eased to 7.1% by Q2 2026. Inventory is still rising, just more slowly.

For a seller, this is the leverage line on the chart. When 8,723 homes were listed statewide, a buyer who lost one house had fewer fallback options, and sellers could push on price and terms. With more than 15,000 on the market, buyers can compare, wait, and negotiate harder on inspection items. That is not a prediction about where inventory goes next. It is a plain description of how the negotiating table has already shifted since 2022.

What Homes Are Worth in Oklahoma's Largest Cities

Statewide numbers hide a lot of variation, so here is the same window at street level. The table shows the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted estimate of the typical home value in the city proper (not the wider metro area), for Oklahoma's five largest cities as of Q2 2026, with the baseline each change is measured against.

Tulsa is the strongest of the five right now, with typical values up 2.8% year over year. Oklahoma City sits at the other end at -0.3%. The quarter-by-quarter city numbers, with the same up and down markers, are in the quarterly reports listed further down this page.

Sales, Supply, and Pending Deals

Prices tell you what homes are worth; transactions tell you whether anything is actually moving. Per the Redfin market tracker (all residential, not seasonally adjusted), completed sales in Oklahoma averaged 4,510 homes a month in Q2 2026 (up 1.6% from the same months a year earlier), with pending sales running 5,190 a month. The median sale price, what buyers actually paid, averaged $262,000, up 2.8% year over year. At the current sales pace the market holds 3.3 months of supply, which by the common rule of thumb is seller's market territory, and the typical home that sold went under contract in 45 days. Redfin figures for Q2 2026 reflect April and May, the months reported so far; year over year comparisons use the same months a year earlier.

*Partial quarter; see the note above. All change markers compare against the year-earlier baseline shown beneath them.

The Numbers, Quarter by Quarter

What This Means If You're Selling

More competition puts condition under a microscope

With 15,286 active listings against 8,723 four years ago, your house is being compared with far more alternatives than it would have been in 2022. Buyers touring a deep market get selective, and homes that need roofs, HVAC work, or cosmetic updates are usually the first to sit. If your house falls in that category, it is worth understanding how selling a house as-is actually works before spending money on repairs a buyer may never pay you back for.

The equity built since 2022 is real

The FHFA index shows Oklahoma values up 16.1% since Q3 2022, on top of whatever appreciation an owner captured before this window opened. The median list price sitting below its Q2 2023 peak does not erase that; it mostly reflects a changing mix of homes on the market and sellers pricing to a calmer environment. Anyone who bought in Oklahoma before or early in this stretch is very likely holding meaningful equity, and Oklahoma's steady, never-negative price path stands out when you set it against the national market numbers.

Slow appreciation is unforgiving on pricing mistakes

In 2022, annual growth of 14.6% could rescue an overpriced listing within months. At 2.8% growth, with list medians down 1.9% year over year, an aggressive price just sits, and every extra month on market happens in front of a growing pool of competing listings. Sellers who need certainty on timing have options beyond waiting it out. We buy houses across the state (see where we buy in Oklahoma), we put a written cash offer in front of you within 24 hours, and we can close in 2 to 3 weeks with no fees or commissions. If your house is in solid shape and your timeline has some slack, our Retail Buyer Program typically nets more than a typical cash offer. Either way, you decide with real numbers in hand instead of guessing what a slow market will do with your listing.

Quarterly Market Reports

Every quarter in this analysis has its own report page with that quarter's index reading, listing data, mortgage rate, and city values, including the quarters where the story was very different from today's:

• 2022: Q3 · Q4
• 2023: Q1 · Q2 · Q3 · Q4
• 2024: Q1 · Q2 · Q3 · Q4
• 2025: Q1 · Q2 · Q3 · Q4
• 2026: Q1 · Q2

Data and Methodology

• Price index: FHFA All-Transactions House Price Index for Oklahoma, series OKSTHPI, retrieved from FRED.
• Listing prices: Realtor.com Housing Inventory: Median Listing Price in Oklahoma, series MEDLISPRIOK, retrieved from FRED.
• Inventory: Realtor.com Housing Inventory: Active Listing Count in Oklahoma, series ACTLISCOUOK, retrieved from FRED.
• Mortgage rate context: Freddie Mac 30-Year Fixed Rate Mortgage Average, series MORTGAGE30US, retrieved from FRED.
• City home values: Zillow Home Value Index (ZHVI), all homes, smoothed and seasonally adjusted, city level, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Monthly series are averaged to calendar quarters.
• Data retrieved August 26, 2026. This page reports historical data; it is not a price forecast or investment advice.