Tulsa Housing Market Trends in 2023: An Overview
The Tulsa housing market is experiencing a significant increase in home prices, but it remains a balanced market with relatively stable demand and supply. This report provides an overview of the Tulsa Housing Market Trends in 2023, including home prices, sales trends, and popular neighborhoods. Let's take a closer look at the findings of the report and the key takeaways for home buyers, sellers, and real estate investors.
Home Values in Tulsa, OK
In January 2023, the median listing home price in Tulsa, OK, was $227.3K, representing a 10.9% year-over-year increase. The median listing home price per square foot was $134, and the median home sold price was $205K. The sale-to-list price ratio was 98.13%, indicating that homes in Tulsa, OK, sold 1.87% below the asking price on average in January 2023.
Median Listing Home Price vs. Median Home Sold Price
The median listing home price in Tulsa, OK, was $227.3K, while the median home sold price was $205K. This shows that homes in Tulsa are being sold below the listed price, indicating a buyer's market. The chart below shows the median listing home price and median home sold price trend over the past year. Sale-to-List Price Ratio: 98.13%
Median Days on Market
On average, homes in Tulsa, OK, sell after 60 days on the market. The trend for median days on market in Tulsa, OK, has gone up since last month and slightly up since last year. The chart below shows the median days on market trends over the past year. These 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.
Best Neighborhoods in Tulsa, OK
Tulsa has several neighborhoods, each with its own unique characteristics and appeal. Some of the best neighborhoods in or around Tulsa, Oklahoma are:
1. South Peoria
- Median Listing Home Price: $182.5K
- Listing Price Per Sq Ft: $121
- Affordable Condos
- Affordable 2-bedrooms
2. Brookside
- Median Listing Home Price: $400.5K
- Listing Price Per Sq Ft: $226
- Above Avg. High Schools
- Quick Turnover
3. Maple Ridge Historic District
- Median Listing Home Price: $575K
- Listing Price Per Sq Ft: $252
- Historic Homes
- Family Friendly
Key Takeaways for Home Buyers and Sellers in Tulsa, OK
According to Redfin, the Tulsa housing market is highly competitive, with homes receiving an average of three offers and selling in about 25 days, up from 17 days last year. However, the median sale price of a home in Tulsa was $210,000, a 10.5% increase from the previous year, indicating a strong seller's market. There were 273 homes sold in Tulsa in January 2023, down from 416 in January 2022. The sale-to-list price ratio for all home types was 96.9%.
Homes in Tulsa are generally selling for just under the asking price, indicating that buyers can negotiate for a lower price. The top-rated schools in Tulsa, OK, include Jenks High School, Bixby North Elementary School, and Union High School. Families looking to buy a home in Tulsa should consider neighborhoods with affordable homes, good school districts, and family-friendly amenities. Some of the top neighborhoods in Tulsa for families include Brookside, Midtown, and Owasso.
Brookside is known for its charming and walkable streets lined with boutiques, restaurants, and cafes. The neighborhood also offers easy access to the Arkansas River and has several parks and green spaces, making it an excellent choice for families who enjoy outdoor activities.
Midtown is another popular neighborhood in Tulsa, located just north of downtown. It features historic homes and tree-lined streets, as well as a variety of restaurants, shops, and entertainment options. The neighborhood is also home to several parks and museums, including the Philbrook Museum of Art.
Owasso is a suburb located just north of Tulsa and offers a more suburban feel. It has highly-rated schools, including Owasso High School, and a variety of shopping and dining options. The neighborhood also has several parks and recreational areas, including the popular Centennial Park.
Overall, Tulsa is a great place to raise a family, offering a low cost of living, excellent schools, and plenty of family-friendly activities. With a variety of neighborhoods to choose from, families can find the perfect home to suit their needs and budget.
Tulsa Housing Market Forecast 2023-2024
The Tulsa housing market has shown impressive growth over the past year, with the average home value reaching $183,557, a 9.3% increase from the previous year. This growth is reflected in the Zillow Home Value Index (ZHVI), which measures monthly changes in property-level Zestimates, capturing both the level and home values across a wide variety of geographies and housing types.
As of December 31, 2022, the percentage of sales over the list price was 26.7%, and the percentage of sales under the list price was 51.5%. The median days to pending as of January 31, 2023, was 17 days, which indicates a fast-moving market. Tulsa has several neighborhoods with different median ZHVI values.
One-Year Market Forecast
The market forecast for the next year is positive, with the current growth trend expected to continue. However, various factors such as economic conditions, interest rates, and pandemic-related restrictions can affect the housing market's future trends. Zillow offers a range of services to help buyers and sellers navigate the Tulsa housing market. As of the time of writing, there are several homes for sale in Tulsa with prices ranging from $264,990 to $575,000.
The Tulsa housing market is experiencing a period of growth, with the average home value increasing by 9.3% in the past year. The market is currently in favor of sellers, with a high percentage of sales over the list price and fast median days to pending. The future looks bright, with a positive one-year market forecast, but external factors can affect the market's trends. Overall, Zillow provides valuable information and services for anyone interested in the Tulsa housing market.
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
