Many property values soar while other sink in Tulsa neighborhoods. The Tulsa County Assessor’s Office used their records to determine the average percentage change in value for single family residential subdivisions in Tulsa. Only single family-sized homes built before 2005 were used in the gathering of information to be analyzed.
The 2010 market in the Tulsa metro area experienced the worst home sales in the past decade throughout the state. Some neighborhood market values within the city have increased 20-30%, while the analysis indicates other areas have felt the pinch like most of the nation. Since 2006, the World’s analysis shows that overall home prices in Tulsa County have increased by an average of 8%. Many midtown neighborhoods and those north of the Tulsa fairgrounds have seen the biggest jump in property values, according to the data gathered from the Assessor’s office.
Ranked No. 1 in the country in increased average market value since 2006 is the Weaver Addition in the Yorktown neighborhood. This area increased in value an average of 39% from 2006 to 2010. Another neighborhood seeing strong growth in values is the upper middle class area of Greater Oakview Estates. This area was developed in the 1950s and has homes that were built on large lots. Some ranch style and newly built two-story homes have seen a 24% increase since 2006 as well.
Subdivisions south of I-44 have shown increases of 10-16% in value and homeowners living east of US 169 have seen modest increases in value ranging from 1-5%. Homes north of Admiral Boulevard have experienced stable to negative growth since 2006. This is attributed to an inordinate number of sales due to foreclosures. A historic area, which encompasses several platted additions, in Brady Heights has seen values increase by 3% since 2006. The residents there have been improving the neighborhood block by block. West of the Arkansas River has seen modest growth in the Redfork area, with average increases of 10-15% in value.
Many neighborhoods have seen increases in market values over this four year period but have slowed in recent years. The Assessor’s Office appraises one-fourth of the neighborhoods in the country every four years. They use visual inspections that allow them to see the changes to properties they would not be caught through a review of building permits.
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