Market Overview
Home Prices in Velma, OK
The median home value in Velma, OK is $182,736 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.2% compared to a year ago and down 0.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Velma are priced55% below average. Velma is part of the Duncan, OK metro area.
Over the past five years, Velma home values have risen by approximately34.7%, reflecting strong long-term appreciation in this market.
Price History
Velma Home Price Trend
2020
$118,780
$119K
—
2021
$135,666
$136K
+14.2%
2022
$161,513
$162K
+19.1%
2023
$165,192
$165K
+2.3%
2024
$176,323
$176K
+6.7%
2025
$175,407
$175K
-0.5%
2026
$182,736
$183K
+4.2%
City Comparison
Velma vs. National Median
🏠 Velma
$182,736
National Median
$410,000
At $182,736, homes in Velma cost 55% below the national median of $410,000. This makes Velma a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Velma?
20% Down Payment
$36,547
on $182,736
Monthly P&I
$953/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,210/mo
incl. taxes & insurance
Income Needed
$48,400
gross annual (30% rule)
10% Down Option
$18,274
+ PMI applies
Loan Amount (20% dn)
$146,189
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Velma, OK?
The median home value in Velma is $182,736 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.2% year-over-year.
How much have home prices changed in Velma?
Over the past year, home values in Velma have increased by 4.2%. Over five years, prices have risen approximately 34.7%.
How much do I need to earn to buy a home in Velma?
To comfortably afford the median home price of $182,736 with a 20% down payment ($36,547) at today's rates (6.8%), you'd need a gross annual income of approximately $48,400. This assumes keeping total housing costs at or below 30% of gross income.
How does Velma compare to the national average home price?
The national median home value is approximately $410,000. At $182,736, homes in Velma are 55% below the national average.
What metro area is Velma part of?
Velma is part of the Duncan, OK metropolitan area. Home prices and market conditions can vary across the broader metro region.