73491, Velma, OK

The home equity and home prices in the 73491 zip code of Velma, OK are reflective of the overall market conditions in the area. The average price for a single-family home in this zip code was $119,000 as of September 2017. This is significantly lower than the statewide average price of $174,900 and is also below the national average price of $217,200. In addition, the median home value in this zip code was only $64,000 which is significantly lower than both the statewide median value ($107,500) and national median value ($177,600).

There are several factors that may be contributing to these low prices. First, Velma is located in an economically depressed region of Oklahoma. As a result, there are a limited number of homes for sale and those that are available tend to be more affordable. Second, Velma has experienced significant population decline over the past few years which has led to a decrease in demand for homes. Finally, Velma has been hit particularly hard by the housing crisis which may have caused some homeowners to default on their mortgages or sell their homes at a below-market price.