Is Oil City, LA 71061 a buyer’s or seller’s market?
Oil City is a seller’s market. With about 3.2 months of supply and 0% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Oil City housing market right now
In the three months ending August 31, 2026, 0% of homes in Oil City, LA 71061 sold above their list price, the typical home went under contract in 78 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 4 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold faster (167 days then) and the median sale price fell 40% to $212,358. Overall, Oil City is more competitive than a year ago, so tougher for buyers.
Within Caddo Parish, homes here sell more slowly than in 68% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.
Nearby, Mooringsport 71060 (60% sold over asking) and Shreveport 71118 (23% sold over asking) are even more competitive.
Run the numbers for 71061
Nearby markets
Belcher 71004Seller’s market $86 /sq ftBethany 71007Seller’s market $152 /sq ftGilliam 71029Seller’s market $107 /sq ftGreenwood 71033Balanced $77 /sq ft Browse all markets →Towns like Oil City nearby
Find towns like Oil City in other states →Where Oil City is
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Questions about Oil City real estate
Is Oil City a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Oil City, LA 71061 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Oil City?
The typical home went under contract in 78 days in the latest three months.
Do homes in Oil City sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 93.7% of the list price.
What are property taxes in Oil City?
About 0.62% of a home’s value a year in Caddo Parish, or roughly $2,480 on a $400,000 home.
What is the median home price in Oil City?
The median sale price was $212,358 in the three months ending August 31, 2026, about $142 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology