Moderate Fluctuations but Steady Property Sales Mark Tulsa’s Real Estate Scene

The Tulsa real estate market showcases modest fluctuations in property values, with notable seasonal influences. Sold price per square foot remains fairly stable, and neighboring cities generally exhibit higher property values. While factors like economic conditions and local developments play a role, understanding this market requires deeper investigation.

authorWritten by Manuel MartinezFeb 16, 2024

In the last 12 months, the Tulsa real estate market witnessed moderate fluctuations in property values. Average home prices shifted slightly from month to month.

Tulsa Oklahoma Market Reports
Tulsa Oklahoma Market Reports

Despite these minor variations, the average sold price per square foot remained relatively stable, approximately in the low to mid 120s.

Tulsa Oklahoma Market Reports Price Per Sq Ft
Tulsa Oklahoma Market Reports Price Per Sq Ft

The number of properties sold annually is fairly steady with a slight upward trend noticeable in the cooler winter months, particularly from November to January. Contrarily, a slight slump can be observed in the number of properties sold during the fall season (August to October).

Trends In Nearby Cities

In addition to Tulsa, our data also sheds light on the real estate market trends of the nearby cities such as Jenks, Catoosa, Owasso, Broken Arrow, and Glenpool.

Here’s an overview of the trends:

  • Jenks witnessed higher property value which is averagely above $350,000. This average is generally higher than what Tulsa’s market shows. Furthermore, the sold price per square foot is also relatively higher in Jenks compared to Tulsa.
  • The real estate market in Catoosa stands out with a broad range in the average property values throughout the year. The market witnessed significant rise and fall in the average values, indicating a possibly unstable market or the influence of a few luxury properties that tend to skew the average prices.
  • Owasso‘s market trends showed similarities with Jenks as it maintained high average property values. However, what keeps Owasso market’s consistent is its sold price per square foot value, consistently hovering around low 150s.
  • Broken Arrow real estate sector showed a moderate average property value. An interesting pattern observed was the slight ascent in the average sold price per square foot over the years.
  • Out of all the nearby cities included in this analysis, Glenpool seemed to have the lowest average property values. However, a substantial increment was noticed in January 2024.

Average home sales over the past 6 and 12 months is lower than the values of homes for sale. In other words, homes are being listed at a slightly higher price than what they are selling for.

Submarket Trends

Specific zip codes in the Tulsa area displayed significantly higher median list prices and median values per square foot. This points towards more affluent or sought-after areas in the Tulsa real estate market. For instance, zip codes 74105 and 74137 have a high median value, suggesting these are upscale areas, in high demand.

General Observations

The Tulsa real estate market along with its surrounding areas seems to be quite stable despite the moderate fluctuations in property values and sold prices per square foot. The nearby cities primarily showcase higher property values in contrast to Tulsa, an indication of varied locality preferences, community economies, or types of properties available therein.

Overall, these data-driven observations provide a snapshot of Tulsa’s real estate market and its neighboring cities. It’s essential to remember that real estate markets are multifaceted and these trends can be influenced by multiple factors including economic conditions, interest rates, and local developments. However, to gain an in-depth understanding of the market, a detailed analysis is needed, which takes into account all these elements.

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