Tulsa Real Estate Market Named to Top 10 List for 2014
The Tulsa real estate market continues to heat up and is gaining recognition in the process as Trulia recently named the city as having a top 10 housing market with one in every eight homes sold in the area being the result of new construction.
Local real estate agents were ecstatic as they met at the annual Real Estate Economic Summit sponsored by the Home Builders Association of Greater Tulsa recently to discuss the honor and what it means for the health of the Tulsa housing market as a whole.
The event was held at the Forest Ridge Country Club in Broken Arrow and celebrated the fact that not only did Tulsa’s market grow significantly in 2013, but that Trulia’s top 10 projection is for 2014 so more good news is on the way for area home buyers and sellers.
Helping matters is new home construction, which is replenishing a diminished inventory. According to the Tulsa World, nearby home construction is set to be ahead of 2013 in terms of pace and home prices still continue to increase. On a national basis, home prices are 17.3 percent below their peak in April 2006 but in Tulsa, they are till unchanged compared to the same time period.
Home prices grew significantly in Tulsa for most of 2013, but that was due in part to a low inventory and feverish demand among prospective buyers. This trend could fluctuate some in 2014 as inventory is expected to level out, but demand is expected to rise along with it, which should also benefit home prices and sales activity.
The Tulsa market also benefits from a strong local economy and employment outlook. There are bountiful job opportunities in the Tulsa metro area and, as a result, more interested buyers are moving into the area. If you’d like to learn more about Tulsa real estate for sale, contact us today!