Over the past few years, buyers, sellers, and real estate agents have witnessed a boom in the real estate market, especially in Tulsa.
Since the start of the COVID-19 pandemic, demand for homes has increased exponentially, as have prices, said Carrie DeWeese, agent for Chinowth & Cohen Realtors.
“Two weeks into the shutdown, I was appalled at how many people weren’t afraid to look at the houses – in fact, it almost got more people looking at the houses, which is the complete opposite of what what I thought was going to happen,” DeWeese said. overall housing market has increased in our region.”
A review of Tulsa County listings shows prices for the 10 most expensive homes sold in 2021 ranged from $2.4 million to $6.6 million. They included comedian Rodney Carrington’s home at 4717 E. 118th St. which sold for $4.7 million and Westhope, a Tulsa home designed in the late 1920s by famed architect Frank Lloyd Wright.
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The significant shifts in Tulsa’s real estate market can be explained by the law of supply and demand, DeWeese said.
“More and more people want a forever home — they want to stop renting and have a home they can decorate and make their own,” DeWeese said. “We also have a huge influx of people moving into the Tulsa area from other parts of the country. They like the economy of Tulsa, the scenery, the friendliness of Tulsans, so that’s another reason the market is the way it is – we have more buyers than houses.
DeWeese said cheaper homes are selling at an unprecedented rate in Tulsa.
“By far the highest percentage of transactions would be for homes under $200,000,” DeWeese said. “But if you have a house for sale that costs less than $600,000, you can also count on it flying off the market.”
The luxury housing market has also seen a significant shift in recent years, DeWeese said.
“We’re seeing buyers expecting more ‘fully move-in ready’ homes because buyers in this price range are incredibly busy and lead vigorous lives,” DeWeese said. “So an updated house that has all the amenities will always sell faster and for more money than a house that needs work.”
Some luxury sale rates are declining while others continue to rise, DeWeese said. More expensive luxury homes have also come on the market.
“We’re seeing a slight slowdown in luxury goods sales from $500,000 to $1 million, and a 20% increase in inventory above $1 million,” DeWeese said. “Nationally, the number of sales over $1 million is up 24% from the totals for the year through March 2021.”
DeWeese predicts that the Tulsa real estate market could begin to return to normal this fall.
“Coming into the fall – maybe by Labor Day – we’re going to start to see a slowdown, and we’ll have a more balanced market because we’ll have fewer people putting their homes on the market and fewer buyers” , DeWeese said. . “There should hopefully be a more fair and balanced market.”
Tulsa County’s Most Expensive Homes Sold in 2021
|Address||Sale price||Date of sale|
|1. 2103 E. 47th St.||$6,675,000||06/29/2021|
|2. 4717 E. 118th St.||$4,725,000||05/17/2021|
|3. 10427 S. Oxford Ave.||$3,900,000||12/18/2021|
|4. 2140 E. 30th St.||$3,800,000||05/14/2021|
|5. 2121 E. 29th St.||$3,000,000||08/26/2021|
|6. 2547 E. 26th pl.||$2,650,000||05/24/2021|
|7. 2440 E. 28th St.||$2,595,000||01/10/2021|
|8. 13997 S. Yale Ave, Jenks||$2,500,000||05/27/2021|
|9. 3704 S. Birmingham Avenue.||$2,500,000||10/11/2021|
|*ten. 2123 W. 91st St.||$2,430,000||10/12/2021|
*Does not include the sale of three adjacent parcels sold in December 2021 for $1,970,000 to an LLC.
Data compiled by Curtis Killman, Tulsa World
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