Oklahoma Is Holding Its Ground in Affordability and Homebuilding: Can Governor Stitt Build on That Strength?

Oklahoma’s housing market remains one of the most balanced in the nation—affordable for buyers and active for builders, even amid national cost pressures.

The Realtor.com® State-by-State Housing Report Card gave the Sooner State a C+, reflecting steady affordability and moderate construction. The report, part of the Let America Build campaign, grades states on how well they balance new homebuilding with affordability. For Oklahoma, the numbers point to a stable market that’s performing above average but still facing long-term supply challenges.

In an effort to spur on action, President Donald Trump recently put pressure on homebuilders to increase construction nationwide, given the issues with construction in the country. In a post on his Truth Social platform in early October, he accused major builders of hoarding lots to prop up prices—likening them to OPEC, which restricts oil output to maintain high prices.

“They’re my friends ... but now, they can get Financing, and they have to start building Homes. They’re sitting on 2 Million empty lots, A RECORD,” Trump wrote. He urged Fannie Mae and Freddie Mac to intervene and “get Big Homebuilders going” to “restore the American Dream.” 

Oklahoma’s “C+” grade explained

Realtor.com’s analysis gave Oklahoma a total score of 58.4, placing it comfortably in the top half of the rankings. The state’s median listing price was $297,540 in 2024, paired with a median household income of $63,261. The Realtors Affordability Score came in at 0.77, one of the stronger marks nationwide, showing that many listings remain accessible to typical earners.

Oklahoma accounted for 0.9% of all national housing permits in 2024 while making up about 1.2% of the U.S. population, giving it a permit-to-population ratio of 0.75. That’s below the ideal level but close to equilibrium, signaling that builders are keeping pace with modest population growth. The state’s new construction premium—the difference between new and existing home prices—was 33.4%, suggesting that new homes, while more expensive, remain within reach for many buyers.

Realtor.com economists say Oklahoma’s affordability resilience stems from its steady pace of construction and accessible land costs. Still, limited infrastructure investment and construction labor shortages could slow progress if the state doesn’t expand its housing pipeline.

How Oklahoma compares regionally

The Realtor.com New Construction Insights shows that new construction continues to play a vital role in keeping affordability within reach nationwide. The median new-home price held at $450,797, nearly flat year over year, while resale prices rose 2.4%. That brought the national new construction premium to just 7.8%, the lowest in the dataset’s history.

Regionally, the South dominates the national housing landscape, accounting for most of the country’s new listings and affordable homes. Oklahoma fits squarely within this pattern—stable prices, active builders, and room to grow.

“New builds continue to become more available and more affordable to the American homebuyer despite subdued single-family construction trends,” said Realtor.com senior economist Joel Berner. “Southern states are leading the way by showing how steady permitting and cost-effective building can keep prices under control”.

Markets like Oklahoma City and Tulsa exemplify this approach, with local builders focusing on midrange and entry-level homes that meet the needs of working families.

“America is short more than 4.7 million homes, and every new home built helps close that gap while fueling local economies," says Shannon McGahn, executive vice president and chief advocacy officer at the National Association of Realtors®.

"NAR research shows that the U.S. has faced a persistent housing shortage for more than a decade, driving up prices and limiting options for buyers. Expanding housing supply creates jobs, supports small businesses, and affords families the opportunity to build generational wealth.”

Governor Stitt’s housing and growth agenda

Since taking office in 2019, Governor J. Kevin Stitt has drawn attention for his legislation and public comments on housing in Oklahoma.

In 2020, he signed SB 1713, a bill that prevents cities and counties from regulating purely aesthetic building design—restrictions the Oklahoma Home Builders Association (OkHBA) and the Oklahoma Realtors Association argued would unnecessarily increase housing costs.

Fast-forward to 2024, when Gov. Stitt signed House Bill 3089, aimed at providing financial grants to construct or retrofit homes to better withstand tornadoes, windstorms, and hail. Known as the Strengthen Oklahoma Homes Act, the program authorizes the Oklahoma Insurance Department (OID) to offer grants to homeowners who meet specific eligibility requirements, including owning and occupying a single-family primary residence. The funds help homeowners meet safety standards developed by the Insurance Institute for Business and Home Safety (IBHS).

Around the same time, Gov. Stitt appeared on CBS’ Face the Nation. Asked about the nationwide housing shortage—including in Oklahoma—he emphasized deregulation: “Permitting reform, make it easier [for] developers, make it easier for people to develop and build houses, get rid of regulations. That’s the free-market principles that we believe in.”

More recently, Gov. Stitt and First Lady Sarah Stitt have faced scrutiny over a different kind of housing initiative: plans for a new five-bedroom home on the Governor’s Mansion grounds. The couple has raised $6 million in private donations to build a new residence for current and future first families. But Oklahoma Senate Minority Leader Julia Kirt told Oklahoma City’s KFOR  that if taxpayers will be responsible for the home's ongoing maintenance, the public should know who donated and have a voice in whether the project moves forward.

This article was produced with editorial input from Dina Sartore-Bodo and Gabriella Iannetta.