Building Costs Per Square Foot in the City of Tulsa (OK), USA

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Residential Construction Market Analysis in the City of Tulsa (OK), USA

Newly Built House in Tulsa 111 E Young Street OK74106 - 3 Bedrooms and 2 Baths with 2 Attached Garages on Gross Floor Area 1,455 sqft - Built in 2022 - Price $284,000 (15)

Newly Built House in Tulsa 111 E Young Street OK74106 – 3 Bedrooms and 2 Baths with 2 Attached Garages on Gross Floor Area 1,455 sqft – Built in 2022 – Price $284,000 (15)

Building costs are equivalent to the national average in the City of Tulsa in Oklahoma. If you are a young person looking to spread your wings and stop living with mom and dad, if you are a young adult looking for a forever home to raise a family, or if you are an elderly person and need a home to retire to, then Tusla has it all.

This Oklahoma city located in the southern United States has a construction outlook diverse enough to accommodate all those dreamers, and several new projects will give even more places to live.

If you fall into any of the categories mentioned above, or simply came across this article, we still invite you to read the information that we will list below. From a more in-depth description of the construction outlook and upcoming residential construction projects to an analysis of the state of the real estate market, current values, and what to expect. All that about Tusla you will find here.

Tulsa (OK) Construction Outlook

Oklahoma City may be the state capital, but Tusla has been the center of attention in Oklahoma for decades. Its metropolitan area has more than one million inhabitants, so it is always growing and is expected to grow even more.

With the arrival of techno-league companies and start-ups that are choosing Tusla as the place to attract new employees and business opportunities, there was a boom in the arrival of new inhabitants.

Despite this population density, the Tusla, Oklahoma construction outlook retains the spirit of a small town. Southern charm is never lost, even with the buildings trying to fill the Tulsa skyline. These buildings have an architectural style typical of the 70s and 80s and are not as modern as those you might find in other cities.

Single-family homes are the real stars of Tulsa’s construction outlook. This is the best city in Oklahoma to raise a family, and its middle-class suburbs are perfect. They have brick and cement houses, with more than 2 rooms, a garden, and garage space. The better the school district in the area, the nicer the houses in the area will be.

Tulsa (OK) Housing Market Analysis and Forecast

The Tulsa, Oklahoma real estate market represents stable numbers, and the last really low spike in property values ​​took place in January 2018. These last 4 years have been completely stable, with some spikes caused by the national context (inflation growing) and global (the COVID-19 pandemic).

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This 2022 the real estate market released good numbers, with an increase in property values ​​in general of 25% annually. There was a 30% drop in the number of properties sold this month, compared to October last year (this year there were 433 and in October 2021 there were 611).

Some experts claim that this is because there are fewer properties listed for sale, so there is nothing to worry about. It is not that there isn’t any public interest in buying properties in Tusla, but that there are fewer listings and therefore fewer sales.

The average time that properties spend listing before being sold is 12 days. This number was the same in the fall months of 2021, and the trend is repeating itself this year. In the summer months, the average is less than 10 days, while in winter it rises to 15, and this trend has been repeating itself exactly in the last 5 years. This does not mean that the properties take so little time to sell, but it is an average number.

Tulsa (OK) Average House Price (Median Home Price)

The median home value in the city of Tulsa, Oklahoma, is $246,000, 23% more than the average value at the beginning of the year. Compared to October 2022, there was also a significant 21% increase, as properties cost $199,000 on average.

You do not have to forget that the median home value is obtained from the value of all residential properties listed for sale, so in reality, this price can vary depending on the type of property, the place where it is located, and the state it is in.

Single-family homes have a median value of $260,000 in Tusla, representing an annual increase of 25%. Compared to October 2021, there was also a significant increase as properties of this type had an average value of $208,000.

In the case of condo/co-op properties, their average value is $108,000 and there was a 0.23% drop in value during 2022. Surprisingly, in October of last year, they had the same average value, which shows some stability in the values ​​of these properties. Although they had high and low peaks, these were exactly the same in all months when compared to 2021.

Proposed Residential Building Projects in Tulsa (OK)

In Tusla, several residential construction projects are expected to be ready shortly. One of those that stands out is located at 11th and Lewis, and it is a project whose investment exceeds $600 million.

Maybe you are wondering, what kind of project can need so much investment? Well, honestly it is a real architectural beast. This building will not be that tall, but will occupy a large number of hectares, and will have residential apartments (from one to three rooms), as well as shops and restaurants. He thinks that it will have more than 200 residential apartments, so a very large movement of new people is expected to live in the area.

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In addition, the old hotel known as the Wyndham Hotel is being finished and being converted into homes for the elderly. It is thought that what used to be the hotel rooms in East Tulsa may now serve as cheaper housing for the elderly who need it or who choose to live there as a retirement home.

In downtown Tulsa, there are other building projects. For now, there are no new skyscrapers in sight, but they will be buildings of a good size, exceeding 15 floors. These buildings will have residential apartments and an exclusive office sector.

Newly Built House in Tulsa 8322 W 61st Street S OK-74131 - 4 Bedrooms and 3 Baths with 3 Attached Garages on Gross Floor Area 2,707 sqft - Built in 2022 - Price $464,000 (4)

Newly Built House in Tulsa 8322 W 61st Street S OK-74131 – 4 Bedrooms and 3 Baths with 3 Attached Garages on Gross Floor Area 2,707 sqft – Built in 2022 – Price $464,000 (4)

Building Costs Per Square Foot for Single Family Homes in the City of Tulsa (OK), USA

Building costs are equivalent to the national average in the City of Tulsa in Oklahoma.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in The City of Tulsa ranges from $344.89 per sqft to $528.70 per sqft, with the average being $407.02 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in The City of Tulsa ranges from $209.61 per sqft to $321.30 per sqft, with the average being $247.36 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in The City of Tulsa ranges from $135.50 per sqft to $205.81 per sqft, with the average being $158.64 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in The City of Tulsa ranges from $98.89 per sqft to $151.65 per sqft, with the average being $116.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in The City of Tulsa ranges from $80.27 per sqft to $122.93 per sqft, with the average being $94.65 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in The City of Tulsa ranges from $63.31 per sqft to $97.04 per sqft, with the average being $74.68 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.


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