The Tulsa real estate market is booming! Why? It's an affordable market with very high demand caused by its growing population. The city's growth is fueled partly by its strong economy and the Tulsa Remote program, which pays remote workers to move to the city. And it appears to be working. Demand is so high in Tulsa that most homes go under contract in four days and sell for the full asking price. It's keeping real estate agents and brokerages very busy.
Tulsa's affordability, growth, and demand should put it on any real estate investor's list.
Tulsa is in eastern Oklahoma, about 106 miles northeast of Oklahoma City and 113 miles west of Fayetteville, Arkansas. It's known for its natural beauty and art deco architecture. Real estate investors can find nearly every property type in Tulsa's homes for sale. They include everything from condos and townhouses to single-family homes and foreclosures to new construction.
The Tulsa area is home to many great neighborhoods and suburbs for real estate investors to consider. They include Bartlesville, Brookside, Midtown, Muskogee, and Sand Springs.
Tulsa is an affordable market with strong demand for rental properties.
According to Realtor, the median listing price in Tulsa is $129 per square foot with a median sale price of $229,000. Zillow's Home Value Index reports a 20% change since last year. The median rent in Tulsa is $1,500 per month.
Tulsa has a solid rental market that creates steady demand for rental properties. In fact, 43% of households in Tulsa are occupied by renters.
Tulsa's affordability, appreciation, and rental market potentially yield great returns for real estate investors.
Tulsa is the second largest city in Oklahoma, behind Oklahoma City. It's nearly three times the population of Norman, the third-largest city, and grows at a rate of 1.18% yearly. Tulsa is also the county seat of Tulsa County.
Tulsa used to be the world's oil capital but now boasts a diverse economy. Tulsa's primary industries are aerospace, energy, health care, technology, and manufacturing. Saint Francis Health System, American Airlines, Tulsa Public Schools, and Hillcrest HealthCare System are the largest employers. Tulsa is also home to 15 colleges and universities. They include Oral Roberts University, the University of Tulsa, and Spartan College of Aeronautics and Technology. These companies and colleges provide stable jobs that help fuel the city's growth and economy. In fact, the unemployment rate is just 3.1%, half of the national average.
The Tulsa real estate market offers homebuyers and real estate investors affordability, demand, above-average home price appreciation, and a strong economy. They combine to create a tremendous investment opportunity.