How is the Tulsa housing market doing? In this article, we will delve into the current prices, trends, and forecasts for 2023. Tulsa, Oklahoma, is a city brimming with opportunities and a vibrant real estate scene. Whether you're a prospective buyer, seller, or simply interested in understanding the dynamics of the market, this comprehensive overview will provide valuable insights into the housing landscape of Tulsa.
From rising prices and market trends to predictions for the future, join us as we uncover the fascinating world of Tulsa's housing market in 2023. Tulsa, OK's housing market is experiencing significant growth with rising median listing home prices. The seller's market conditions indicate strong demand and limited supply, making it an opportune time for sellers.
Tulsa Housing Market Update
The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Tulsa, OK is a vibrant city with a thriving housing market. In April 2023, the median listing home price in Tulsa was $249K, indicating a significant 10.7% increase compared to the previous year.
The median listing home price per square foot stood at $140, providing potential buyers with a useful metric for evaluating property values. Additionally, the median home sold price in Tulsa was recorded at $222.8K, reflecting the overall demand and value of homes in the area.
Median Listing Home Price vs. Median Home Sold Price
A closer look at the market reveals an interesting trend in the relationship between the median listing home price and the median home sold price. According to the data, homes in Tulsa, OK were sold at a sale-to-list price ratio of 100% in April 2023. This means that, on average, homes were sold for approximately the asking price. The chart below visually represents this relationship.
Seller's Market in Tulsa, OK
The housing market in Tulsa, OK is currently favoring sellers. This means that there are more potential buyers than there are available homes for sale. The high demand and limited supply create a competitive environment, often resulting in properties being sold quickly and at or near their listing prices.
Median Days on Market
Understanding the average number of days a property stays on the market is crucial for both buyers and sellers. In Tulsa, homes sell after an average of 50 days on the market. The chart below illustrates the median days on market trend in Tulsa. The median days on market in Tulsa, OK has increased since last month, suggesting a slightly longer selling time. However, when compared to the previous year, the increase is still relatively minor. This trend highlights the importance of timely decision-making for buyers in order to secure desired properties in a competitive market.
Tulsa Housing Market Forecast 2023-2024
The Tulsa housing market has shown remarkable growth and resilience in recent years, making it an attractive destination for both buyers and sellers. With the average home value currently standing at $191,984, representing a notable 7.4% increase over the past year, the market is witnessing a positive trend in property values. This upward trajectory suggests favorable conditions for sellers looking to capitalize on their investments.
One of the key factors driving the growth of the Tulsa housing market is the high demand for homes. Properties in Tulsa are going pending in as little as 8 days, indicating a strong buyer interest and a competitive market. This swift pace highlights the need for buyers to act quickly when they find a property that meets their requirements.
When considering the Tulsa housing market, it's crucial to examine the key takeaways. Typical home values in Tulsa currently sit at $191,984, showcasing steady appreciation over the past year. With a 1-year value change of +7.4%, homeowners can be optimistic about the continued appreciation of their properties.
Moreover, the median sale to list ratio of 0.985 indicates that homes are often selling close to their listed price, demonstrating a balanced market where both buyers and sellers can find mutually beneficial terms. While 22.5% of sales in Tulsa are happening over the list price, indicating a competitive landscape, a significant majority of sales, 58.3%, are occurring under the list price, providing opportunities for buyers to negotiate favorable deals.
One-Year Market Forecast
Looking ahead, the Tulsa MSA housing market forecast for 2024 shows promising signs. The projected growth rate of 2.6% suggests that property values are expected to continue appreciating in the coming year. This forecast underscores the market's stability and the potential for homeowners to experience a solid return on their investment.
Hence, the Tulsa housing market presents a favorable landscape for both buyers and sellers. The consistent rise in home values, coupled with high demand and a relatively short time to pending, reflects a market that is poised for growth. Whether you are considering buying or selling a property in Tulsa, the current market conditions and the positive forecast for 2023-2024 provides an encouraging outlook.
Should You Invest In Tulsa Real Estate Market?
If you're considering investing in real estate, Tulsa could be a good option to explore. Here are some of the top reasons why investing in Tulsa real estate could be a wise choice, as well as potential drawbacks to keep in mind.
Top Reasons to Invest in Tulsa Real Estate:
- Strong Market Growth: Over the past year, the Tulsa housing market has shown impressive growth, with the average home value increasing by 9.3% to reach $183,557. The current median sale to list ratio indicates a strong seller's market, and the median days to pending is relatively fast, indicating a high demand for homes.
- Affordable Prices: Compared to other major cities, Tulsa offers affordable real estate prices, making it an attractive option for investors seeking high rental yield and positive cash flow.
- Diverse Economy: Tulsa's economy is diverse, with a mix of industries that includes energy, healthcare, and aerospace. This diversity helps to create a stable job market, which can lead to increased demand for housing and potential appreciation in property values.
- Favorable Rental Market: Tulsa's rental market is strong, with a high demand for rental properties and relatively low vacancy rates. This creates an opportunity for investors to generate passive income through rental properties. The massive student market in Tulsa can be a good investment opportunity due to the presence of multiple colleges and universities in the area, including the University of Tulsa, Oral Roberts University, Oklahoma State University, and Spartan School of Aeronautics. With a diverse student population, investing in real estate aimed at students can create a stable portfolio, as returns and overall property values are not tied to the popularity of just one school.
- Tax Benefits: Oklahoma offers several tax incentives for real estate investors, including low property taxes and exemptions for certain types of properties.
Potential Drawbacks to Keep in Mind:
- Weather Conditions: Tulsa is located in “Tornado Alley,” which means it is prone to severe weather conditions, including tornadoes and hail storms. This can lead to damage to properties and increased insurance costs.
- Dependent on Oil Industry: While Tulsa's economy is diverse, it is still heavily dependent on the oil industry, which can be volatile and subject to fluctuations in global oil prices.
- Limited Appreciation Potential: While Tulsa's real estate market is growing, it may not appreciate as quickly as markets in larger cities with stronger job growth and population growth.
- Limited Investment Options: While there are opportunities to invest in residential properties, the options for commercial real estate investment may be more limited in Tulsa.
Overall, investing in Tulsa real estate could be a good option for investors seeking affordable prices, strong rental demand, and a stable job market. However, investors should carefully consider the potential drawbacks and risks associated with investing in the region, including severe weather conditions and dependence on the oil industry.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Tulsa, OK is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Sources:
- https://www.zillow.com/home-values/20859/tulsa-ok/
- https://www.redfin.com/city/35765/OK/Tulsa/housing-market
- https://www.realtor.com/realestateandhomes-search/Tulsa_OK/overview
