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

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 previous report on OK.

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.

Moreover, average sale prices have dropped 7%. 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.

Here is how the market looks when we compare May 2023 with April 2024:

As you can see, the average home listing price is down just under 30% YoY.

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.

The Comparative Landscape of Nearby Cities

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.

• In Jenks, April sale prices hovered around the $309k-mark, well above the $217k in Glenpool.
• Owasso and Broken Arrow weigh in with $291,714 and $257,475, respectively, reflecting a middle ground between the aforementioned locations.

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.

In April 2024, Broken Arrow saw 1,457 property sales—significantly more than the 227 home sales in Jenks, despite Jenks’ higher values.

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.