The Tulsa Real Estate Market: A Deep Dive | News from local businesses
Given demand and price appreciation, however, some wonder if “entry-level” housing options still exist in Tulsa. According to US Census data, the median price of homes in Tulsa in 1980 was $ 47,200, and by 2000 it had risen to $ 119,600.
Without adjustment for inflation, there was a 368.22% increase in the median home price from 1980 to 2021 in Tulsa.
But Brocks said homeownership is still possible, especially given current interest rates.
“If people looking to buy a first home know about the programs available to them, I think they can do it,” Brocks said. “Plus, interest rates could go up to half a percent, and they’ll still be lower than they were five years ago.”
Residents of Tulsa Harrison and Caroline Muegge bought their first home in June. After getting married in the summer of 2020, the couple moved to Tulsa from Stillwater and rented a duplex for a year.
They knew they wanted to eventually buy a house in Tulsa, but as newlyweds in their early twenties they expected to wait awhile. However, low interest rates and the availability of loans created an immediate window of opportunity.
“We knew we liked it here, and when we worked on the math… it made sense,” Harrison said. The couple realized that if they could handle their previous rent, they could handle a mortgage payment.