Elgin, OK—73538
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elgin, OK
As of Oct '25, the median home price in Elgin, OK is $291,000, with a year-over-year change of 5.2%. This indicates that home prices in Elgin, OK are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $291,000 | 5.2% |
| Single Family | $291,000 | 5.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $139,000 | 6.1% |
3 Bed | $240,000 | 5.7% |
4 Bed | $325,000 | 5.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elgin, OK
As of July '25, Rentcast reports the average rent in Elgin, OK is $1,780, with a year-over-year rent change of -5.8%. Per bedroom, the median rent as of July '25 in Elgin, OK is 2-bedrooms: $1,080, 3-bedrooms: $1,740, 4-bedrooms: $2,130. The most common rental property sizes in Elgin, OK are 2-bedroom and 3-bedroom, accounting for 47.8% and 32.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,780 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $975 | $1,080 |
| 3 Bed Rent | $1,750 | $1,740 |
| 4 Bed Rent | $2,100 | $2,130 |
% of Rental Stock
Property Listings — Elgin, OK
As of Oct '25, Realtor.com reports that the median days on market for a home in Elgin, OK is 67. This is a increase of 54.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $362,000 | 14.0% |
Listing Count | 56 | -10.0% |
| Listings as % of Homes | 2.3% | -10.0% |
Days on Market | 67 | 54.0% |
Demographics — Elgin, OK
As of the latest ACS Survey released in 2023, Elgin, OK has a population of 6,920, which has increased by 15.1% over the past 5 years. Elgin, OK is a popular place for families, as children make up 33.4% of the population. The area has a moderately educated workforce, with 32.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,920 | 15.1% |
% Under 18 | 33.4% | 15.6% |
% Seniors | 10.5% | -1.9% |
% WFH | 8.4% | 25.4% |
% w/ College Degree | 32.8% | 4.5% |
As of the latest ACS Survey released in 2023, Elgin, OK is a predominantly white area, with 71.0% of the population identifying as white. The white population has grown by 3.0% in the last 5 years. The second most common race or ethnicity in Elgin, OK is hispanic, making up 13.2% of the population. Foreign-born residents account for 3.3% of the population in Elgin, OK, and this percentage has decreased by 25.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 71.0% | 3.0% |
% Black | 1.7% | -75.4% |
% Hispanic | 13.2% | 18.9% |
% Asian | 1.3% | -43.5% |
% Foreign Born | 3.3% | -25.0% |
Mortgage and Risk — Elgin, OK
According to HUD data as of 2023, there were 188 mortgage originations in Elgin, OK, of which 37.0% of loans were conventional mortgages. The average loan-to-value was 87.0%, with 67.0% above 90% LTV (very high). This implies large mortgage risk in Elgin, OK. Investor activity is low, as 5.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 188 |
% Conventional Loans | 37.0% |
% Government Loans | 63.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Elgin, OK
Elgin, OK lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | 0.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,080 |
| 2 Bedroom | $405 | $975 | $1,380 |
| 3 Bedroom | $180 | $1,750 | $1,930 |
| 4 Bedroom | $220 | $2,100 | $2,320 |
Affordability — Elgin, OK
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $291,000 |
| Median Household Income | $83,900 |