<p>Average property values in Tulsa, OK have climbed from approximately $271,726 in January 2024 to a more substantial $289,500 by April 2024. This notable increase reflects robust interest in residential properties within the city. Read our <a href="https://www.realtytrac.com/resources/moderate-fluctuations-but-steady-property-sales-mark-tulsas-real-estate-scene/">previous report on OK</a>.</p>
<p>In a similar vein, per-square-foot value has seen a modest but steady growth, starting at $149 in January 2024 and pacing to $150 by the end of the first quarter.</p>
<p>Moreover, average sale prices have <strong>dropped 7%</strong>. Reaching a peak of $213,824 in September 2023, values declined to $199,828 in April this year. Correspondingly, average sale price per square foot achieved its highest value of $133 in September 2023, only to decline to $123.51 by April 2024.</p>
<p><span style="text-decoration: underline">Here is how the market looks when we compare May 2023 with April 2024:</span></p>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">May 2023</th>
<th class="sc-7568d94b-2 hTsliE">April 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$283.5K</td>
<td class="sc-7568d94b-5 eqHQXK">$199.8K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-29.51%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$206K</td>
<td class="sc-7568d94b-5 eqHQXK">$199.8K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-2.98%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">659</td>
<td class="sc-7568d94b-5 eqHQXK">869</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">31.87%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">4,230</td>
<td class="sc-7568d94b-5 eqHQXK">3,950</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-6.62%</span></td>
</tr>
</tbody>
</table>
<p>As you can see, the average home listing price is down just under 30% YoY.</p>
<p>Properties listed for sale have dropped too: from 1,379 listings in January 2024 to just 869 listings in April 2024. Sale activity, while fluctuating, peaked significantly in October 2023 with 4,640 sales, indicating a notable interest during that month. Yet, this figure tempered to 3,865 sales by March 2024, suggesting a variable buying pattern.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-25670" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/05/Tulsa-homes-for-sale-in-May-2024.png" alt="" width="1449" height="625" /></p>
<h2>The Comparative Landscape of Nearby Cities</h2>
<p>Looking at the trends of nearby cities, Jenks, for example, shows a higher-end market with an average value of $446,500 and a per square foot value of $171.50 in April 2024, surpassing Tulsa’s figures. Conversely, Glenpool’s more accessible market averages at $264,900, with per square foot values registering at $167, arguably offering more affordable housing options than Tulsa or Jenks.</p>
<ul>
<li>In <a href="https://www.realtytrac.com/market-trends/jenks-ok/">Jenks</a>, April sale prices hovered around the $309k-mark, well above the $217k in Glenpool.</li>
<li>Owasso and Broken Arrow weigh in with $291,714 and $257,475, respectively, reflecting a middle ground between the aforementioned locations.</li>
</ul>
<p>While Jenks saw higher per square foot sale values, Glenpool’s lower average sale value does not necessarily translate to cheaper price per square foot, as it stands at a competitive $145.50.</p>
<p>In April 2024, Broken Arrow saw 1,457 property sales—significantly more than the 227 home sales in Jenks, despite Jenks’ higher values.</p>
<p>In summary, the real estate landscape in Tulsa and its surrounding areas is characterized by upward trends in property values, a subtle rise in per square foot values, and a market climate marked by both seasonal fluctuations and localized variations.</p>


Market Reports

Tulsa Real Estate on the Rise: Average Values Climb to $289,500 in April 2024

A look at the rising trends in property values in Tulsa, Oklahoma, and its surrounding areas, with a snapshot report of market trends in nearby cities.

Tulsa Real Estate on the Rise: Average Values Climb to $289,500 in April 2024 - RealtyTrac

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RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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