Tulsa Real Estate Rides Seasonal Wave: Property Values Dip to $272K in Early 2024

Overview of Tulsa’s Real Estate Market

Tulsa’s real estate market is marked by notable shifts that reflect the ebb and flow of housing demand and economic factors. In the mid-year months of 2023, Tulsa’s property values soared to an average of approximately $300,000 before descending to an average of around $272,000 by the onset of 2024. This pattern suggests a seasonal influence, with a strong market in the summer mitigated by a cooler winter season.

Read the report from Tulsa real estate trends from February this year.

Property sale prices in Tulsa also experienced a peak, with the average highest sale price reaching roughly $214,000 in September 2023 yet retracting to about $194,000 as of March 2024. The fluctuations in the sale prices appear less pronounced when compared to the broader changes in average property values. This could be indicative of a sustaining interest in purchasing within the city despite overall market adjustments.

Now let’s consider results on a per square foot basis—an important measure for determining property value density. The average per square foot value has seen relatively minor fluctuations, evidencing a more stable aspect of the market. Starting with properties, the average per square foot value hovered around $150 by March 2024, and for properties sold, it was about $120 during the same period.

To provide further insight into the market, we’ll look at the sales volume in Tulsa. In March 2024, 3865 properties changed hands. Despite variations in property values and sale prices, Tulsa maintains a robust turnover, signaling a market with active buyers and sellers.

Comparative Analysis with Nearby Cities

Tulsa’s real estate market contrasts intriguingly with those of nearby cities.

• In March 2024, Jenks, Oklahoma, presented higher average property values and per square foot values than Tulsa, at approximately $398,000 and $169, respectively. The sale prices in Jenks were also substantially higher, averaging about $302,000. With just 44 properties on the market, Jenks appears to offer a more upscale residential environment as suggested by its higher price points.
• Moving to Catoosa, we see this trend continue with an average property value of around $350,000 and a per square foot value of approximately $157. The average sale price was nearly $198,000, and once again, the number of properties available was relatively small, with 14 properties listed.
• Owasso stands out with the highest average property value among the surveyed areas, close to $425,000, and a per square foot value of approximately $166. Its average sale price was around $282,000, a figure that surpasses Tulsa’s average sale price significantly. Owasso’s market composed of 100 properties hints toward a demand for higher-end housing with corresponding attributes.
• In contrast, Glenpool offers more modestly priced properties compared to Tulsa. With an average property value of about $240,000 and a per square foot value of $162, Glenpool’s average sale price of around $217,000 is closer to, yet still above, Tulsa’s average. However, with only 27 properties on the market, Glenpool’s lower property values may indicate a smaller, potentially less competitive market.

When contrasting these cities, it becomes evident that Tulsa’s real estate market is diverse, nestled between the higher-value markets of Jenks, Catoosa, and Owasso and the more affordably priced properties of Glenpool.

Conclusion

The real estate market in Tulsa, Oklahoma, exemplifies the volatile nature of housing markets, with a range of factors contributing to the fluctuating average property values and sale prices. Compared to its neighboring cities, Tulsa offers a middle ground in terms of both property values and sale prices. The trends observed suggest a pattern influenced by seasonal and economic factors and display how local markets can vary even within a close geographic area.

The balance of high turnover and the shift in prices reflect a city that is responsive to the broader real estate climate while maintaining a sense of stability suggested by its less variable per square foot values. Property values are a reflection not only of the homes themselves but also of the local economy and desirability, which in Tulsa’s case, remains relatively vibrant despite short-term trends.

From a real estate perspective, understanding these trends and how they play out across different localities is paramount for buyers, sellers, and investors alike. As the market heads into the rest of the year, all eyes will be on Tulsa to see how it continues to evolve within the greater tapestry of the Oklahoma real estate landscape.