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Edmond, Oklahoma: Rising Home Values and Resilient Ownership in a Growing City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Edmond, Oklahoma, is a thriving city located in the heart of the state, known for its excellent schools and high quality of life. This analysis examines the trends in homeownership, average home prices, and average rent prices in Edmond from 2013 to 2022. Over this period, the city experienced fluctuations in homeownership rates, a steady increase in average home prices, and a significant rise in average rent prices.
The homeownership rate in Edmond showed some variability between 2013 and 2022. In 2013, the homeownership rate stood at 73%. It decreased to 65% in 2017, before rising again to 73% by 2022. Concurrently, average home prices in Edmond demonstrated a consistent upward trend. In 2013, the average home price was $215,648. By 2022, it had increased to $327,018, representing a substantial 51.6% growth over the decade. This trend suggests that despite rising home prices, Edmond residents maintained a strong preference for homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.09% to 0.4%. During this period, homeownership rates in Edmond fluctuated between 66% and 73%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped to 65% in 2017 but then rebounded to 70% by 2019. This resilience in homeownership rates, even as interest rates increased, indicates a strong local housing market and continued demand for homes in Edmond.
Renter percentages in Edmond inversely mirrored the homeownership trends, ranging from a high of 35% in 2017 to a low of 27% in 2022. Average rent prices showed a marked increase over the same period. In 2013, the average rent was $838 per month. By 2022, it had risen to $1,318, representing a 57.3% increase. This significant rise in rent prices occurred alongside Edmond's population growth from 87,002 in 2013 to 96,304 in 2022, suggesting increased demand for rental properties in the area.
In 2023 and 2024, Edmond's housing market continued its upward trajectory. The average home price reached $340,411 in 2023 and further increased to $343,009 in 2024. This represents a 4.1% and 4.9% increase from 2022, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, the 5-year forecast for Edmond's housing market suggests continued growth. Average home prices are predicted to maintain their upward trend, potentially reaching around $380,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Edmond's housing market has demonstrated remarkable resilience and growth over the past decade. Despite fluctuations in homeownership rates and significant increases in both home prices and rent, the city has maintained a strong preference for homeownership. The consistent population growth and rising property values indicate Edmond's continued attractiveness as a residential destination. As the city moves forward, balancing affordable housing options with the growing demand will be crucial for maintaining its appeal to both homeowners and renters.
