Elk City Home Values Post Boom

Posted by Tyler Harrison on Friday, June 30th, 2017 at 11:22pm.

Everybody knows in Elk City our economy, for better or worse, is tied to the oil patch.  Luckily, our housing market has been extremely resilient in the wake of $40.00 per barrel oil.  Our Achilles heel- a lack of sufficient lots in which to build new construction homes- has been our saving grace.  We did not over build because we could not, leading to questions of home value.  So, what is your house in Elk City worth now, as opposed to 2 years ago?  Well, it is worth less, however, not that much less.  If you bought around 5 years ago you are more than likely still in the green, excepting one looming factor.  Is your home up to date?  Does it have shag carpet or gold fixtures?  Paneling or popcorn ceilings?  This major factor is what has changed the most, post boom Elk City.  Two homes side by side and built at the same time can have a large difference in value.  If your home is not up to date it is worth quite a bit less than its comparable counterpart with a new Joanna Gaines look; the home will demand $30 to $40 more per square foot than one the Brady Bunch decorated.  This has been a recent change in Elk City.  In the last 13 years, there was little price difference between the two, and the benefit of updating did not make financial sense.  In the current Elk City housing market, an up to date look is a key factor in selling.  If your house has not sold you may need to look in the mirror and ask whose house is fairest of all.      





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