Tulsa, Oklahoma
Invest in Tulsa, Oklahoma With Invest.net
Welcome to Tulsa, Oklahoma! This city mixes rich history with modern comforts. It’s famous for its lively arts scene and the popular Tulsa Mayfest. Don’t miss unique spots like the Center of the Universe, either. Living here offers a great lifestyle and solid investment chances, too.
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Tulsa Real Estate Market Trends and Statistics for Real Estate Investors 2024
Home Prices in Tulsa
Tulsa's housing market in 2024 continues to be dynamic and competitive. The median listing price for a home sits at $275,000. On the flip side, homes are selling for around $218,800 on average. Most houses stay up for grabs for about 55 days before finding new owners. Tulsa's housing market is hot right now. There's high demand, but not many homes for sale, making it a seller's market. Most houses are selling close to their asking prices with a sale-to-list price ratio of 98.39%. This balanced scene offers good chances for both buyers and investors, keeping things steady and growing. In a seller's market, homes often sell close to their asking prices. This happens because demand is higher than supply. A stable economy and low inventory fuel this competitive scene. Strong buyer interest makes Tulsa a hot spot for real estate investors.
Tulsa Rents and Rental Market
Tulsa's rental market is pretty affordable and has lots of choices. In 2024, the average rent for an apartment sits at $1,075. That's a bit lower than it was before. Renting a single-family home costs more thought—about $1,809 each month. Looking for cheaper spots? Check out Northside or Maxwell neighborhoods where rents are around $599 on average. Tulsa's rental market is pretty hot right now. The returns are solid, which makes it a great spot for investors. Also, it's affordable and offers good potential profits. Renters and property investors both find Tulsa appealing.
Tulsa Population Trends
Tulsa's been growing steadily over the years. By 2024, it's expected to have about 416,697 people living there. The city is pretty diverse and has a median age of around 35.6 years old with an average household size of roughly 2.38 people per home. Tulsa's got a lot of young professionals and families. They add to the city's lively culture and economy. The booming local economy, affordable living, and rich cultural scene make Tulsa a great place for newcomers.
Population Growth in Tulsa
Tulsa's population is on the rise. In 2023, the metro area hit 791,000 people—a bump of 1.02% from last year. What's driving this growth? Economic opportunities and affordable living play big roles. Programs like Tulsa Remote also help by attracting remote workers to move here with cool incentives. Tulsa's economy is pretty diverse. It covers energy, healthcare, and tech sectors. This mix keeps drawing new people to the city. All these factors together make Tulsa a lively place that's constantly growing and evolving as a metro area.
Tulsa Employment Trends
Tulsa’s job scene is buzzing and on the rise. In 2024, there’s been a big boost in jobs across different fields. Construction has shot up by an impressive 15.6%. Manufacturing isn’t far behind, with a solid growth of 7.1%. The unemployment rate is down to just 3.2%, showing that Tulsa’s job market is doing really well.
Major contributors to this growth are the initiatives from the Tulsa Regional Chamber. They focus on keeping businesses, helping them grow, and attracting new ones. These trends show that Tulsa’s economy is strong and it’s becoming a hot spot for jobs.
Job Growth in Tulsa
Tulsa’s job market is on the rise. Over the past year, jobs grew by 2.7%. Looking ahead, there’s a forecasted growth of 29.5% in the next decade—pretty solid but just under the national average of 33.5%. In November 2023 alone, Tulsa added about 3,400 new jobs—a good sign for employment trends!
Major Employers in Tulsa
Tulsa’s economy thrives thanks to some big companies. Major employers in the area include:
- American Airlines: Running a big maintenance and engineering base, it offers lots of well-paying jobs. It’s key to the local economy.
- BOK Financial Corporation: A regional financial services company with over 5,377 employees. It plays a big role in the financial sector.
- Williams Companies: A top employer in the energy field. Employs about 4,000 people and boosts economic growth with its big role in natural gas processing and transport.
- Helmerich & Payne, Inc.: This company focuses on drilling services. It has around 4,030 employees and plays a key role in supporting both local and national energy sectors.
- ONEOK: ONEOK is another big employer in the energy sector. It’s crucial to Tulsa’s economy, with a strong focus on natural gas and lots of employees.
These employers don’t just offer jobs. They help keep Tulsa’s economy stable and growing, too.
Noteworthy Buildings and Developments in Tulsa
The Gathering Place
The Gathering Place in Tulsa is a famous 66.5-acre park by the Arkansas River, thanks to the George Kaiser Family Foundation. It opened its doors in 2018 and holds the title of being the largest private gift ever given to a community park in U.S. history, worth $465 million.
This lively spot has something for everyone: Chapman Adventure Playground for kids, Williams Lodge for relaxing moments, and sports courts galore! Don’t forget about those beautiful gardens and trails waiting to be explored.
Nationally recognized, it snagged the title of “Best City Park” from USA Today in both 2021 and 2024. The Gathering Place really boosts Tulsa’s community vibe, supporting social connections, economic growth, and environmental health.
Tulsa Arts District
The Tulsa Arts District sits right in downtown Tulsa. It’s a lively spot packed with art galleries, music venues, restaurants, and bars. Some must-see places are the historic Cain’s Ballroom and the iconic Tulsa Theater—both are cultural gems!
The district is buzzing with the First Friday Art Crawl. Every month, thousands come to check out its wide range of art. This lively arts scene boosts local real estate, too. It draws in residents and investors who want a vibrant, culture-filled place to live or invest in.
BOK Center
The BOK Center sits right in downtown Tulsa. It’s a top spot for sports, concerts, and all kinds of entertainment. It can hold more than 19,000 people! Since opening its doors in 2008, it’s seen some big names like Madonna, Iron Maiden, and Carrie Underwood hit the stage.
The venue is a big win for Tulsa’s economy. Events like the Big 12 Wrestling Championship pull in thousands of visitors and bring about $2 million each year. The BOK Center keeps hosting major events, thanks to its prime spot downtown. It’s clear this place is key for both the city’s wallet and culture.
Brady Theater
The Brady Theater, now called the Tulsa Theater, is a historic spot in Tulsa. It was built back in 1914 as a city auditorium and convention hall. It has quite a past. During the 1921 Tulsa Race Massacre, it was used by the National Guard to detain Black men rounded up during that tragic event.
Back in 1930, the famous architect Bruce Goff gave its interior a makeover. He turned it into an elegant Art Deco gem. Today, the Tulsa Theater is still buzzing with life. It hosts concerts, plays, and events that bring so much to Tulsa’s cultural scene.
Ongoing and Upcoming Developments
There are a bunch of new projects that will shake up the real estate scene. The Tulsa Housing Authority has some big plans in motion, like River West and 36N developments. These efforts aim to bring almost 1,000 affordable and market-rate homes over the next few years.
The city is buzzing with new construction homes. The median listing price is around $275,000, which shows that the real estate market here is really active! These new developments are set to boost Tulsa’s housing scene, making it a hot spot for both investors and residents.
