Hello, West Norman! It's been a year of slight but solid improvement in the West Norman housing market!
The highlights of the 2024 market include 1) interest rates stabilized and even began the trek downward, 2) home sales increased, and 3) home values increased.
Looking at the data below, we can finally answer the question: Was 2024 a Buyer's or Seller's market in West Norman?
Let's dig into the details about each of these:
The Interest rate has reversed its crazy upward trend that started in 2022 and has started stably but slowly moving downward. The average rate for 2024 was down 0.09% compared with 2023. More impressively, the peak this year was 0.5% lower than the peak last year.
I expect rates to continue the trend of moving slowly downward this coming year, making payments slightly more affordable.
West Norman's total number of homes sold in 2024 increased slightly (1.3%) from our 10 year low we hit last year:
SOURCE: OKC Metropolitan Association of Realtors
The big winners in West Norman are the homeowners in the $400k - 900k price bracket. This market segment had a 10% increase in the number of sales this year as compared with last year. That’s a great increase in that price range!
- $400k - $900k: 10% increase in number of sales
- 89 in 2024
- 81 in 2023
- 107 in 2022
- 79 in 2021
- 10 year average: 65
I expect these improving trends to continue, with even more West Norman homes selling in this coming year.
The increased market activity that I expect should continue to make it easier to upgrade your home if you’d like!
West Norman’s median home values had a solid increase this year.
SOURCE: OKC Metropolitan Association of Realtors
With the exception of the insanity of 2020-2022, our market normally ranges between 1 and 6% appreciation each year.
Last year was pretty stagnant with the median home value only increasing by 1.6% up to $320,000.
This year was much stronger with a 2.9% increase in value up to $329,250. That translates to $9,250 in home value increase for the median home in West Norman, which is a nice bump in home value for most homeowners.
I expect home values to continue increasing steadily around 3% this coming year, putting more money back into West Norman homeowner's pockets!
SOURCE: OKC Metropolitan Association of Realtors
11 out of 12 months in 2024 were a seller’s market (below 6 months of inventory), so as a whole 2024 was clearly a seller's market.
The one exception was last January, but it quickly reversed.
The overall ratio of buyers and sellers was more balanced than the previous year, but we needed some more inventory coming out of the previous white-hot market. West Norman's average inventory for the whole year increased from 2.9 months of inventory in 2023 up to 3.75 months of inventory in 2024.
I expect 2025 to be another solid seller's market, although I think we will move towards a balanced market unless interest rates start to drop.
Because of this, I expect listings to finally be back to the 2019 pace of typically taking 25 - 30 days to sell.