Tulsa, Oklahoma—often overshadowed by larger metropolitan areas—is making a name for itself in the real estate market, particularly in its suburbs. Known for its cultural richness, history, and diverse industries, Tulsa has become a magnet for families and retirees alike.
Why are people flocking to the Tulsa metropolitan area? What makes people look for new homes in Tulsa? Let’s take a look.
The Appeal of Tulsa
Tulsa offers a blend of big-city amenities and small-town charm, making it an attractive location for people of all ages. With its affordable cost of living, vibrant arts scene, and expanding tech industry, the city is experiencing a surge in population and a boom in real estate development. Factors such as excellent schools, public parks, and a low crime rate add to its allure.
Tulsa also has a vibrant metropolitan area and community life. Events and conventions are common. Bars, nightclubs, and music venues are also popular in Tulsa, making it a great place for younger or older people to move to.
The Growth Trajectory
Census data shows that Tulsa continues to experience positive growth. According to local real estate data, home prices in these suburban areas have seen a steady annual increase of around 4-5%, outpacing the national average.
Situated southeast of Tulsa, Broken Arrow is one of Oklahoma’s fastest-growing suburbs. This is a trend that’s been accompanied by a dynamic expansion in its real estate market.
Offering a mix of housing options, from single-family homes to multi-unit apartments and upscale estates, Broken Arrow has become attractive for families, professionals, and retirees. One of the significant lures of this suburb is its highly rated public school system, which has been an essential factor in driving real estate growth.
Home values have been on a consistent upward trajectory, outpacing both the state and national averages. Adding to Broken Arrow’s self-sufficiency and appeal are the new commercial hubs and shopping centers in constant development.
Located just north of Tulsa, one of the most significant driving factors behind Owasso’s growth is its strategic location. It offers the peace of suburban life with the convenience of a quick commute to downtown Tulsa. For those who want to raise a family in a smaller town while still having access to larger city amenities, Owasso is an ideal home.
Excellent schools, ample parks, and a strong sense of community further bolster Owasso’s appeal, making it not just a satellite of Tulsa but a compelling destination for real estate investment and homeownership.
Local authorities are staying ahead of this growth by investing in infrastructure and community services, ensuring that Owasso remains a well-balanced and desirable place to live.
Located south of Tulsa, Bixby has gained recognition as one of the most desirable suburbs in the region thanks to its top-notch schools and recreational facilities. A surge in new residential developments in Bixby guarantees that both young professionals and families can all find a place to call home.
This growth in the residential sector is complemented by the emergence of new commercial spaces, making Bixby increasingly self-sufficient.
Property values have consistently risen, indicating a strong, long-term investment potential for homebuyers and investors alike. To accommodate this robust growth Bixby continues to offer a high quality of life while managing its expanding population effectively.
Jenks, situated southwest of Tulsa, has rapidly emerged as one of the most sought-after suburbs in the greater Tulsa metropolitan area. Known for its top-rated schools and its family-oriented community vibe, Jenks has become a focal point for real estate development and investment.
In recent years, this suburb has seen a surge in both residential and commercial projects, including master-planned communities and retail spaces. The growth isn’t just quantitative but qualitative as well, with home values showing a consistent upward trend.
Proximity to the Arkansas River and a plethora of recreational opportunities, from parks to shopping districts, have also contributed to making Jenks a desirable location. This has contributed to a large number of new construction homes in the Tulsa metro being located here.
The local government is proactive in managing this growth, focusing on infrastructure improvements and sustainable development to accommodate the burgeoning population. All these factors make Jenks not just an extension of Tulsa’s growth but a booming real estate market in its own right.
There have been several years over the last ten where Jenks has been the fastest-growing town in Oklahoma. This is often due to the allure that Jenks has to families who want a small-town, rural feel.
The Role of Infrastructure
The expansion of the Tulsa suburbs is in part facilitated by significant improvements in infrastructure. Highway expansions, new public transit options, and investment in amenities like parks and shopping centers have made suburban life more accessible and enjoyable.
This is fueling further growth in real estate. As the population of the metro area continues to increase, you can expect more growth in the infrastructure around Tulsa. There are more new construction homes in Tulsa and its metropolitan area than ever before.
Challenges and Opportunities
While the growth is overwhelmingly positive, it also brings challenges such as congestion and strain on public services. Planners and local authorities are already working on sustainable development plans to accommodate the influx of new residents without compromising on the quality of life.
Tulsa’s real estate market, especially in its suburbs, is an evolving landscape. For investors, homeowners, and renters, the growth presents a wealth of opportunities. For city planners and local governments, it provides a chance to build well-rounded, thriving communities. One thing is clear: Tulsa’s real estate market is not just growing. It is thriving, and its suburbs are leading the way.
Frequently Asked Questions
Are home prices dropping in Tulsa?
As of August 2023, the average home in Tulsa is selling for 6.5 – 7% more than it did last year. This trend is set to continue for several years, with no interruption expected.
How much does it cost to build a new home in Tulsa?
Among the cheapest places to build a home, the price per square foot of a new construction home in Tulsa averages around $130 per square foot. This excludes the cost of land, utilities, and other factors.
Where are new homes in Tulsa being built?
There are dozens of new developments underway in Tulsa and even more in the suburbs. These developments often focus on areas around the perimeter of the city. New homes in Tulsa are also focused on the metropolitan area.
How much does it cost to build a house in Tulsa, OK?
Tulsa, OK, is 25% cheaper than the national average for building new homes. You can expect between $100-200 per square foot on average. Designer or luxury homes will have a higher price, as is true of every real estate market.
Is Tulsa a Buyer’s or Seller’s Market?
The market in Tulsa is balanced, but sellers will find it nice because most houses sell for their full price and quickly. Buyers like it because there are a lot of houses for well below the national average in cost.
What is the Housing Trend in Tulsa?
Current trends indicate that housing in Tulsa and its suburbs remains affordable, but prices will continue to increase. As more demand enters the market, you can expect to see prices increasing at a faster rate.
Is Tulsa a Growing City?
When it comes to population growth, Tulsa and Oklahoma, as a whole, are growing faster than the national average. Every year Tulsa experiences higher than 1% growth, with thousands of people moving to Tulsa from all over the country.