Oklahoma City Real Estate: Midwestern Migration
Moving in today’s market is risky; the flagging economy, teetering housing prices and an uncertain future combine to make this a difficult time to pick up and go.
That risk is evident as more Americans are staying put, forgoing the moving process until the economy straightens out. When people do move, they do so to buy a new home or move into a better neighborhood.
In the past 10 years the South has experience the most growth and market prosperity. People moved there for the climate, affordable housing prices, and high quality of living. This migration drove the market; property developments began—neighborhoods, condos, apartments buildings and commercial spaces—to house many of the transplants. But as soon as they began to arrive in numbers, warranting the developments, the economy nosedived. Many of the properties now sit on the market, stagnant.
Similar trends happened in the west in the early 1990’s and in the northeast in the 1980’s. But those markets soon broke too, as the regions grew saturated with overdevelopment and high market prices.
The Midwest has remained unscathed when it comes to housing migration. But in other parts of the country, with land scarce and jobs hard to come by, with expensive home prices and a high cost of living, many people are reconsidering what the Midwest has to offer.
Oklahoma is one of seven states last year to post housing gains. The state had a price increase of 1.4 percent, or better. The rest of the nation struggled to keep afloat. Those who are seeking out better neighborhoods, with ample land and a pleasant way of life are encouraged to visit Oklahoma City, where the real estate market, along with the culture and character, are alive and well.
Michael Russell writes about a variety of subjects, including real estate, environmentalism, an architecture. This article discusses Oklahoma City real estate trends. To learn more about Oklahoma real estate, visit The Real Estate Book.
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