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: A Seller's Market
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. July 2023 brings with it a mix of trends and dynamics, shaping the real estate landscape in Tulsa, OK. Let's dive into the latest data and insights to get a comprehensive view of what's happening in the Tulsa housing market.
Tulsa, OK Housing Market Overview
Before we delve into the details, here's a quick snapshot of the Tulsa, OK housing market as of July 2023:
- Median Listing Home Price: In July 2023, the median listing home price in Tulsa was $267.5K, reflecting a notable 7% year-over-year increase.
- Median Price Per Square Foot: The median listing home price per square foot stood at $146.
- Median Sold Price: Homes in Tulsa had a median sold price of $242.5K.
Seller's Market in Tulsa
One of the key takeaways from the July 2023 housing market in Tulsa is that it's a seller's market. This means that the demand for homes is outpacing the available inventory. The sale-to-list price ratio stands at an impressive 100%, indicating that, on average, homes in Tulsa sold for the asking price. This competitive environment highlights the need for buyers to act swiftly and decisively when pursuing properties in Tulsa.
The Pace of Home Sales
On average, homes in Tulsa are spending approximately 34 days on the market. This is a valuable metric to monitor, as it can provide insights into the level of demand and competition within the market. It's worth noting that the trend for median days on the market in Tulsa has decreased since the previous month, indicating a potentially faster pace of sales. However, compared to the previous year, the median days on the market have seen a slight uptick, suggesting a nuanced market dynamic.
Tulsa's Diverse Neighborhoods
Tulsa boasts a rich tapestry of neighborhoods, each with its unique character and appeal. Here are some notable highlights:
- Maple Ridge Historic District: This neighborhood stands out as one of the most prestigious in Tulsa, with a median listing home price of $930K. It offers a blend of historical charm and modern amenities, making it an attractive choice for discerning buyers.
- Downtown Tulsa: For those seeking affordability, Downtown Tulsa presents an appealing option, with a median listing home price of $117.5K. It's a vibrant and evolving area with potential for growth and investment.
With 121 neighborhoods in Tulsa, there's a diverse range of options to explore, catering to various preferences and lifestyles.
July 2023 paints a compelling picture of the Tulsa housing market. With rising home prices and a seller's market, buyers need to be well-prepared and proactive in their approach. The pace of sales is showing signs of change, and Tulsa's neighborhoods offer a wide array of choices for those seeking their ideal home. Whether you're a buyer or seller, staying informed about these trends and dynamics is essential for making sound real estate decisions in Tulsa, Oklahoma.
Tulsa Housing Market Forecast 2023-2024
Anticipating the future trends of the Tulsa housing market is crucial for both prospective buyers and sellers. Let's explore the latest data and forecasts to gain insights into the housing market's trajectory in Tulsa, Oklahoma.
Current Market Data
As of July 31, 2023, Zillow provides the following key data points for the Tulsa housing market:
- Average Home Value: The average home value in Tulsa stands at $195,024, reflecting a significant 5.2% year-over-year increase. This signals healthy growth in home values.
- Days to Pending: Homes in Tulsa typically go pending within a swift timeframe, averaging around 7 days. This indicates a market with high demand and quick property turnover.
- Median Sale to List Ratio (June 30, 2023): The median sale price compared to the list price shows a competitive market with a ratio of 1.000.
- Percent of Sales Over List Price (June 30, 2023): A significant portion of sales (36.3%) is happening above the list price, underlining robust demand.
- Percent of Sales Under List Price (June 30, 2023): Approximately 39.8% of sales are occurring under the list price, indicating opportunities for buyers.
Tulsa MSA Housing Market Forecast
Looking beyond the immediate future, let's examine the housing market forecast for the Tulsa Metropolitan Statistical Area (MSA), which encompasses the broader Tulsa region. Here's the forecast data:
- Base Date: July 31, 2023
- August 31, 2023: 0.4% growth
- October 31, 2023: 1.3% growth
- July 31, 2024: 6.8% growth
This forecast provides valuable insights into the expected growth in the Tulsa MSA housing market. While there may be short-term fluctuations, the forecast indicates overall positive growth over the specified time frames.
Are Home Prices Dropping in Tulsa?
Based on the available data and the forecast, home prices in Tulsa are not dropping. The average home value has experienced a significant 5.2% year-over-year increase, indicating a healthy upward trend. Additionally, a substantial portion of sales is happening above the list price, emphasizing strong demand in the market.
While real estate market conditions can vary, the data and forecast for Tulsa suggest that the housing market is currently experiencing growth rather than a decline in home prices.
It's important for individuals interested in buying or selling homes in Tulsa to stay informed about market trends and forecasts, as these insights can guide decision-making and help seize opportunities in the dynamic Tulsa housing market.
Factors contributing to this positive forecast may include a robust local economy, population growth, and a relatively affordable cost of living compared to other regions. However, it's essential to keep in mind that real estate markets are subject to various factors and can be influenced by national and global economic conditions, interest rates, and other unforeseen events.
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 5.2% to reach $195,024. 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
