Tulsa Real Estate Market Update: Why Steady is Good News

Tulsa home prices went up almost 4% this year, but homes are taking longer to sell.

How can both of those things be true at the same time? I am Jennie Wolek with The Wolek Group at Keller Williams Realty, and I am breaking down our latest September market update so you know exactly what the numbers actually mean for you.

Whether you are thinking about buying, selling, or you are just curious about what your home is worth right now, here is the headline: Tulsa County is a steady, balanced market right now. It is not crazy, it is not cold. It is steady—and honestly, that is good news for almost everyone.

Home Prices Are Still Rising

Let's start with what everyone wants to know first: the prices.

The median sales price in Tulsa County for September was $289,000. That is up 3.55% from September of last year. When we look at the entire year-to-date, the median sales price is $290,000, which is up almost 4% over last year.

If you have been wondering whether your home is still gaining value, the answer is yes! We are seeing sustainable, steady growth, which is exactly what we want to see.

Inventory & Supply: Who Has the Advantage?

To understand who has the advantage in negotiations, we look at inventory. We ended September with 2,540 active homes on the market, which is up about 2.2% from last year.

The key metric here is the Months Supply of Inventory, which currently sits at 3.42 months. This means if no new homes came on the market, it would take about three and a half months to sell everything currently listed.

Generally, anything under four months still leans toward a seller's market, while five to six months is considered perfectly balanced. We are in a sweet spot where sellers still have a slight edge, but buyers finally have real choices!

What This Means for Sellers

The median days on market has ticked up slightly to 22 days, and sellers are getting about 98.95% of their list price. Homes are still selling, but buyers are taking a little more time to make decisions, and there is a little more room to negotiate.

If you are thinking about selling, pricing is everything right now. Buyers have options, and they are doing their homework. Homes that are priced right from day one and show beautifully are going under contract fast. Homes that are overpriced are sitting. Do not chase the market—price it to win!

What This Means for Buyers

If you are a buyer, this is a really good window of opportunity! You have more homes to choose from than you have had in recent years, a little more time to decide, and more negotiating power.

As we head into the fall and holiday season, we typically see fewer buyers out looking. However, the buyers who are out there are very serious. If you are a seller on the fence, that lack of competition can absolutely work in your favor.

Real estate is hyper-local, and every neighborhood tells its own story. If you want to know what is happening on your specific street, reach out to The Wolek Group today! We are here to help.