Tulsa Real Estate Market
August 28, 2008
During the second quarter, median home prices fell across the United States, however, in the Tulsa real estate market, as reported by the Greater Tulsa Association of Realtors prices went higher.
The report showed that in June, the Tulsa area median home price was at $135,000 which was a .7% higher than May at $134,900 and was higher than one year ago in June 2007 of 2.3% increase. In June of 2007, the median home price was $132,000.
What does this say for the Tulsa area? What makes Tulsa different than the rest of the country? Well, to be honest, homes throughout Oklahoma are not as expensive as other states and are more affordable for the working class. Not to say that there are not million dollar homes in the state, as there is a wide range of homes for all walk of life in the state of Oklahoma. Overall, Oklahoma did not feel the major real estate bubble burst as was felt across America.
Tulsa Homes Are A Good Buy
Tulsa, Oklahoma has fought the good fight and is now reaping the rewards in the Tulsa real estate market. There are condos, single family homes, golf homes, and any other type of home you can think of in the area all at reasonable prices. If you look at the median price of a home in the Tulsa area and compare it to lets say Atlanta Georgia you will soon realize that you can get more for your money in Oklahoma. The same size home and features would be triple the cost in Atlanta over Tulsa.
If the real estate bubble has burst, keep it quiet. Oklahoma and especially Tulsa is not feeling the full effect as of yet. Home sales may be a bit slow and they may stay on the market a tad longer than normal, however, homes are selling and sellers are getting their asking price.
Other states are noticing more home sales; however, this is due to the dramatic drop in the median price and the amount of foreclosures. Many sellers are selling their homes for far less than what their home is worth.
Summary
A look ahead for Tulsa. With housing prices going up and a strong economy in Oklahoma, means that overall Oklahoma is battling this market crisis pretty well considering what is happening around the country. Maybe others should look into what is different in Tulsa and learn how to make it through this crisis and come out winners.
4 Comments to Tulsa Real Estate Market
Comments
Nice to hear that the Tulsa market is fairing well just as the Houston real estate market. You would think other wise with many people’s perception of things.
You are correct about perception of market conditions. With all the bad news about the real estate market nationally, folks seem to think that the market is bad everywhere.
Every city and community is different as are their prospective economic conditions are. Local factors such as unemployment and rate of foreclosures make for stark contrasts in the overall real estate market conditions and economic climate.
I’m sure the Houston market is very similar to the real estate market here in Tulsa. We have experienced a very slow growth over the past decade unlike a lot of other areas around the country.
I have a builder/developer friend that is based out of Houston and their business is still holding steady.
James how is your business doing and do you ever come across any referrals for the Tulsa area? I would be happy to refer you any of our clients wanting to relo to Houston if you would do the same!
That’s a good sign, I think foreclosures are still pretty high though. I’m showing 1,560 active preforeclosures, and about 600 foreclosures in Tulsa County.
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