Lawton, OK – The Lawton real estate market is showing signs of change as the latest data reveals a rise in both home prices and the time properties are staying on the market.
According to updated figures from Parks Jones Realtors, there are currently 433 homes listed for sale in the area, with an average asking price of $217,922. This marks a notable increase from previous years, as homes are now spending an average of 75 days on the market—30% longer than this time last year.
Over the past 12 months, 1,482 homes have been sold in Lawton, with the average sale price sitting at $194,724. This suggests that while asking prices are on the rise, the final sale prices are somewhat lower, highlighting a shift in buyer expectations and negotiation dynamics.
Additionally, mortgage rates have seen a slight uptick this week. Bankrate reports that the average mortgage rate has risen to 6.91%, a factor that could influence both prospective buyers and sellers as the market continues to evolve.
Experts suggest that while the increase in days on the market and asking prices may indicate a more cautious approach by sellers, buyers are still actively engaging in the market, albeit with more careful consideration given to financing costs and home values. As mortgage rates continue to fluctuate, both buyers and sellers will need to adapt to the changing dynamics of the Lawton housing market in the coming months.
