The best cities for investing in Oklahoma real estate often depend on a variety of factors including real estate market trends, average cost of properties, potential for return on investment, and the economic growth in those areas.
Let’s take a look at where to buy the most profitable investment properties, short-term rentals, and flip homes.
Best Cities in Oklahoma for Investing
Here are the 5 best cities for real estate investing in Oklahoma:
Oklahoma City
Oklahoma City, the state capital, is a hub of economic activity. The city has a robust job market, partly due to its diverse industry sectors that include energy, health, and aviation. Real estate in Oklahoma City has seen a steady rise in value, making it a prime location for long-term investments.
According to Zillow, the median home value has escalated consistently compared to the national average over the past few years, indicating a healthy growth trajectory.
1 bedroom rent: $942 (+1% YoY)
Median days on the market: 34
Median home price: $256,990 (+6.2%)
Homes sold above list: 18.6%
Rental market data | Housing market data
Tulsa
Tulsa, blending cultural richness with economic vigor, offers a distinct charm for real estate investors. Its expanding tech and finance sectors have bolstered the job market.
Real estate trends in Tulsa are impressive. Zillow reported a 10% year-over-year increase in median home values, averaging at $220,000 in 2024. The city’s commitment to urban development and revitalization projects makes it a hotspot for investors eyeing capital gains and robust rental markets.
1 bedroom rent: $830 (+6% YoY)
Median days on the market: 24
Median home price: $220,500 (+5.3%)
Homes sold above list: 19.1%
Rental market data | Housing market data
Norman
Norman is more than a college town. It’s a growing economic center with a robust job market in education, research, and healthcare. The demand for real estate, especially near the University of Oklahoma, remains high.
Zillow data indicates a 7% increase in median home values over the past year, with an average price of $205,000. The city’s rental market is equally vibrant, driven by a constant influx of students and academic professionals.
1 bedroom rent: $762 (+1% YoY)
Median days on the market: 20
Median home price: $227,500 (-8.1%)
Homes sold above list: 19.8%
Rental market data | Housing market data
Broken Arrow
Broken Arrow is known for its family-friendly neighborhoods and excellent public schools. It has become a magnet for residential real estate investment. Broken Arrow distinguishes itself with its rapidly expanding population and unparalleled quality of life. Both crucial factors attracting investors.
The city’s proximity to Tulsa amplifies its investment potential. Offering access to the economic opportunities of the larger Tulsa metropolitan area. This strategic position allows investors to leverage the diverse economic landscape of Tulsa, while also capitalizing on the unique community and lifestyle benefits that Broken Arrow provides.
Broken Arrow’s commitment to maintaining a high standard of living through well-planned infrastructure and community services further bolsters its attractiveness as an investment destination.
1 bedroom rent: $1,119 (+4% YoY)
Median days on the market: 23
Median home price: $274,000 (+9.6%)
Homes sold above list: 26.4%
Rental market data | Housing market data
Edmond
Edmond stands out for its high quality of life, affordable living, and rapid suburban growth. Its strong local economy and excellent school districts contribute to a steady demand for housing, both in rentals and home purchases.
This, combined with the city’s low crime rates, creates a secure and comfortable living environment for families and young professionals alike. Also, its proximity to Oklahoma City means that residents can easily access the broader job market and urban amenities while enjoying a small town atmosphere.
This unique combination of factors has positioned the small town of Edmond as a highly desirable location for real estate investment, attracting both local and out-of-state investors looking for stable and secure opportunities in a rapidly growing, market.
With median housing prices increasing 9% year-over-year, currently at about $275,000, Edmond represents a growing market for investors.
1 bedroom rent: $1,090 (+21% YoY)
Median days on the market: 24
Median home price: $325,000 (+0.6%)
Homes sold above list: 23.3%
Rental market data | Housing market data
Is Oklahoma good for real estate investing?
Investing in Oklahoma’s real estate market has become increasingly popular. The state’s combination of economic stability, low-cost housing, and a growing population offers the ideal environment for real estate investment. Further strengthened by the low cost of living and business-friendly environment.
Despite job growth and the stability in median real estate prices, the state finds itself in a seller’s market. The dynamics of the Oklahoma real estate market have positioned it as a beacon for investors.
According to data pulled in September 2023, Oklahoma property values rose by 44.89% in the last five years and the median home price held steady at $234,000. About 25.1% of properties, were sold above their asking price. Showcasing the competitive edge and demand within the market.
In 2024, the real estate market in Oklahoma is expected to remain vibrant with stabilizing mortgage interest rates potentially encouraging more buyers to enter the market. This anticipated increase in home buyers, coupled with a continued shortage of supply, suggests that the Oklahoma market may further tilt in favor of sellers.
With homes spending an average of only 23 days on the market before being sold, the quick turnover rate emphasizes the high demand and the attractiveness of Oklahoma’s real estate market for both investors and prospective homeowners.
These trends underscore the promising investment opportunities in Oklahoma. Especially as the state continues to draw interest due to its economic resilience and demographic growth.
5 Best Cities in Oklahoma to Fix and Flip Properties
Success in the Oklahoma fix and flip market heavily depends on timely and efficient renovations, understanding of the local market, and the ability to buy properties at a price point that allows for profit after renovations. Here are the best cities in Oklahoma for house flipping:
Oklahoma City
Oklahoma City is a promising location for real estate investment due to its affordable real estate, economic diversity, consistent population growth, booming local economy, pro-business environment, infrastructure development, cultural and entertainment offerings, and educational institutions.
The downside is that real estate investors have to be patient to find good deals. The combination of a popular real estate market and low days on the market makes it slightly more difficult to find good deals.
Tulsa
Tulsa offers affordable real estate and a diverse economy. Making it one of the best cities in Oklahoma for real estate investing. Due to its aerospace and healthcare industries, Tulsa experiences less inventory on the market from the stable local demand.
Edmond
Edmond is another city worth considering for investment due to its good infrastructure, highly ranked school system, low crime rates, and closeness to Oklahoma City. The combination provides consistent demand for high quality real estate.
Norman
Norman, home to the University of Oklahoma, has a high quality of life and close proximity to OKC. Making it an attractive city for real estate investors who want to buy, fix, and flip properties. Especially considering its large student population.
The student population is always looking for renovated homes and that’s where fix and flippers step in. There is lots of old inventory and properties that are in need of renovations, especially after college students.
Broken Arrow
Broken Arrow is a desirable investment location due to its growing population, high quality of life, and proximity to Tulsa. The median sale price of homes in Broken Arrow stands at $275,000. Broken Arrow will benefit from the migration trend of moving from the big cities to Oklahoma’s smaller towns.
5 Best Cities in Oklahoma for Rental Properties
If you’re in the market to buy a rental property in Oklahoma, these are the cities to consider: Broken Arrow, Edmond, Norman, Tulsa, and Oklahoma City.
Oklahoma City
Oklahoma City often tops the list due to its strong job market, fueled by sectors like energy, healthcare, and aviation. The city’s diverse economy and growing population creates steady demand, which is ideal for those who want to invest in real estate.
Tulsa
Tulsa’s affordable housing market combined with a strong job market, especially in the energy and technology sectors, makes it an attractive city for rental investments. The city’s cultural attractions and universities, like the University of Tulsa, also add to the demand for rental housing.
Tulsa is also considered one of the best markets to invest in a Airbnb investment property. It’s a tourist hotspot, has a rich cultural heritage and has a steady demand for short term rentals.
Norman
Home to the University of Oklahoma and known for its historic downtown, Norman continues to have a high demand for rental properties. Specifically from students, faculty, and university staff. The progressive city is located South of the Oklahoma City metropolitan area, which makes it appealing for commuters, further bolstering the rental market.
Stillwater
Located in Central Oklahoma and home to the Oklahoma State University, Stillwater offers a robust rental market centered around the university community. College towns can be great for a rental property due to the constant influx of students needing housing, as well as faculty and staff.
Edmond
Known for its excellent public schools and high quality of life, Edmond attracts families and professionals. While property prices might be higher compared to other Oklahoma cities, the demand for quality rentals is also strong. This can lead to higher rental rates and potentially better returns for investors.
In each of these cities, certain neighborhoods or areas might be more advantageous for a rental property than others. Factors like proximity to major employers, public schools, public transportation, retail spaces, and local amenities can influence the desirability and profitability of rental properties.
With a host of promising cities, a positive market outlook, and a growing recognition on a national level, it’s no wonder that Oklahoma has some of the best cities for investing real estate.