Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cherokee County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $129,934 | $127,500 | $242,182 |
| Price Trend (Annual %) | 5.1% | 5.5% | 8.2% |
| Median Gross Rent | $803 | $979 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cherokee County is about 2% higher than in Oklahoma. Rent is about 18% lower than the Oklahoma average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cherokee County, up about 5.1% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Cherokee County rose about 38.5% between 2015 and 2023, from $580 to $803. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Cherokee County.
Buying the median-priced home in Cherokee County costs roughly 13.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cherokee County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Cherokee County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $129,934 | $127,500 | $242,182 |
| Median Household Income | $53,773 | $63,953 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cherokee County rose about 7.5%, while median household income rose about 75.6% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cherokee County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.4% | 57.6% | 58.2% |
| Rental Rate | 28.3% | 29.9% | 31.3% |
| Vacancy Rate | 17.4% | 12.5% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Cherokee County has a homeownership rate of 54.4%, lower than the Oklahoma average of 57.6%. Its housing vacancy rate is 17.4%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Cherokee County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1986 | 1980 | 1978 |
| Median Number of Rooms | 5.2 | 5.5 | 5.5 |
The typical housing unit in Cherokee County was built around 1986. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cherokee County, Oklahoma.
What is the median home price in Cherokee County, Oklahoma?
The median home price in Cherokee County, Oklahoma is $129,934, higher than the Oklahoma average of $127,500.
What is the average home price in Cherokee County, Oklahoma?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cherokee County, Oklahoma?
The median gross rent in Cherokee County, Oklahoma is $803 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Cherokee County in 2020?
In 2020, the median gross rent in Cherokee County, Oklahoma was $678 per month.
What is the price-to-rent ratio in Cherokee County, Oklahoma?
The price-to-rent ratio in Cherokee County, Oklahoma is about 13.5, meaning it would take roughly 13.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cherokee County.
Are home prices or rent rising faster in Cherokee County, Oklahoma?
Both home prices and rent are rising in Cherokee County, up about 5.1% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cherokee County, Oklahoma?
54.4% of households in Cherokee County, Oklahoma own their home, lower than the Oklahoma average of 57.6%.
What is the vacancy rate in Cherokee County, Oklahoma?
The housing vacancy rate in Cherokee County, Oklahoma is 17.4%, higher than the Oklahoma average of 12.5%.