All signs point to ongoing growth in Tulsa for the remainder of 2021. Housing experts are optimistic with both the local and national market showing no signs of slowing. This week, join us as we examine the metrics and sentiment supporting the continued strength of real estate investing in Tulsa.
Across the United States, housing and real estate in general has seen increased sales and appreciation of property due to scarcity. According to Realtor.com, the pandemic added some uncertainty to the normally cyclical market in 2020, causing buyers to outpace sellers. This imbalance was accentuated by historically low mortgage interest rates that made homeownership more affordable.
Realtor.com lists out other positive indicators within the national market. Real estate boasts a low average mortgage rate of 3.2%. Additionally, price appreciation is up by 5.7%, and existing home sales are up by 7%. Homeownership overall across the United States sits at 65.9%.
Tulsa in Focus
In an interview with Accent Realtor’s Paul Wheeler, FOX23 learned that houses are spending about 50% less time on the market than the previous year. Wheeler agrees with Realtor.com that the frenzy in real estate is due to a low inventory, “stellar” mortgage interest rates, and increased demand for homes.
Realtor.com backs up these sentiments with raw numbers. In Tulsa, the median list price is up 8.7% year over year at $224.5k. The median sales price isn’t far off at $209.5k. They reiterate that it’s currently a seller’s market with most homes selling for the approximate asking price during the month of April. The median time on the market for houses in Tulsa is 48 days. At the time of writing this blog, there are 1,878 homes for sale and 290 for rent.
If anyone is considering investing in real estate in Tulsa, now is a great time to begin. With a drought in supply and prices rising quickly, those who are slow to jump on the bandwagon will be left behind. Tulsa mimics the national trends of growth, and everyone expects the numbers to grow even more favorably throughout 2021.