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 | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,999 | $127,500 | $242,182 |
| Price Trend (Annual %) | -8.8% | 5.5% | 8.2% |
| Median Gross Rent | $827 | $979 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garvin County is about 33% lower than in Oklahoma. Rent is about 15% lower than the Oklahoma average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Garvin County: home prices fell about 8.8% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
Median rent in Garvin County rose about 38.5% between 2015 and 2023, from $598 to $827. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Garvin County.
Buying the median-priced home in Garvin County costs roughly 8.6 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 Garvin County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,999 | $127,500 | $242,182 |
| Median Household Income | $56,513 | $63,953 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garvin County fell about 26.8%, while median household income rose about 56.2% 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 | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.4% | 57.6% | 58.2% |
| Rental Rate | 26.4% | 29.9% | 31.3% |
| Vacancy Rate | 17.2% | 12.5% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Garvin County has a homeownership rate of 56.4%, lower than the Oklahoma average of 57.6%. Its housing vacancy rate is 17.2%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Garvin County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1976 | 1980 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Garvin County was built around 1976. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garvin County, Oklahoma.
What is the median home price in Garvin County, Oklahoma?
The median home price in Garvin County, Oklahoma is $84,999, lower than the Oklahoma average of $127,500.
What is the average home price in Garvin 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 Garvin County, Oklahoma?
The median gross rent in Garvin County, Oklahoma is $827 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Garvin County in 2020?
In 2020, the median gross rent in Garvin County, Oklahoma was $665 per month.
What is the price-to-rent ratio in Garvin County, Oklahoma?
The price-to-rent ratio in Garvin County, Oklahoma is about 8.6, meaning it would take roughly 8.6 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 Garvin County.
Are home prices or rent rising faster in Garvin County, Oklahoma?
Home prices and rent are moving in opposite directions in Garvin County: home prices fell about 8.8% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Garvin County, Oklahoma?
56.4% of households in Garvin County, Oklahoma own their home, lower than the Oklahoma average of 57.6%.
What is the vacancy rate in Garvin County, Oklahoma?
The housing vacancy rate in Garvin County, Oklahoma is 17.2%, higher than the Oklahoma average of 12.5%.