Each time someone decides to purchase a home there’s an average of over $88,000 of economic growth spurring from homes selling into the cities and towns where the homes are sold. In fact, in Oklahoma, it’s around $55,000 of economic growth added into the economy in a positive direction.
According to NAR, the National Association of Realtors, they calculated the total economic impact of real estate-related industries on the state economy, as well as the expenditures that result from a single-home sale. This includes aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance. The average positive economic impact of the sale of just one home in the U.S. is $88,416.
In fact, home sales will help our economy recover as it generates income for various industries. So how does this affect us locally? Well, let’s take a look at the Tulsa County market. If you’d like to learn about the Creek County market instead, I’ll link the article here for you to read more about it.
Now Tulsa County is substantially bigger than Creek County and when we look at Jenks, Bixby, and Glenpool, areas that are concentrated in Tulsa County, the numbers are substantially larger as well. I won’t be covering them in this article but if you would like more information specifically about your house and your neighborhood, I would be glad to do a quick video detailing your home. Now, let’s get back to Tulsa County and view how the housing market is doing there.
In Tulsa County, the housing market is strong since the inventory is low. June housing stats are mirroring what we’re seeing across the United States. Low inventory and high buyer demand, occurs, especially in lower-priced homes. Currently, Tulsa County’s average days on the market is 30 days, which is down 7% from this time last year. The average sales price in Tulsa County is up by over 7% from this time last year at $234,463. The 1,373 new listings in June put Tulsa County inventory at a 2.85 months supply which is down over 44% from this time last year. With a healthy housing market having a five to six months supply of homes for sale.
Closed sales are now up over 49% from this time last year which makes it clear that with average prices going up and the amount of inventory going down, selling your Tulsa County home right now could be a great choice. Sellers often have a lot of power because of this and can choose the offer that benefits them the most. Buyers are having to compete for homes and we’re seeing multiple offers going at or above asking price, especially in the lower price point homes.
If you live in Jenks, Bixby, or Glenpool, and you’ve been on the fence about selling you home, right now might be the perfect time to do so. With high buyer demand and low inventory, it is a great time to consider selling your home to take advantage of your strong equity and historically-low interest rates.
The Tulsa County housing market needs more homes on the market to meet buyer demand. So if you’re thinking of selling or buying in Bixby, Oklahoma 74008, Jenks, Oklahoma 74037, or Glenpool, Oklahoma 74033, or you simply want to explore your options, I’m here to be your guide, your real estate expert, and representative.
Here are a few tips to consider on how to maximize the value of your home and how to get the best possible price and terms.
- Set and offer a deadline date to request the highest and best terms prior to reviewing the offers
- Have a strong counter offer that protects you and your best interests.
Any questions or concerns, always reach out to us at Homes by Sabrina, as we would love to serve you.