Tulsa Housing Market Rebounds With 12% Increase In New Home Construction

The Tulsa housing market has rebounded strongly in 2024 after some declines in recent years. The Home Builders Association of Greater Tulsa explains why home construction is up this year compared to the last couple of years and where many new homes are currently being built.

Q: What’s happening with new home construction in Green Country this year?

A: New home construction is on the rise in Green Country, especially in Tulsa. Housing starts have increased by about 12% in 2024, with around 2,700 new homes built so far, compared to about 2,400 in 2023.

Q: How does this year’s increase compare to previous years?

A: This year’s increase of 12% marks a sharp turnaround from 2023, when housing starts were down 17%, and 2022, when they were down 15.8%.

Q: What does the phrase “housing starts” mean?

A: A housing start refers to the number of new construction permits issued by municipalities in Northeast Oklahoma. It tracks the beginning of new home construction projects.

Q: Why is new home construction up this year compared to last year?

A: The rise in new construction can be attributed to the strong economy right now. Jeffrey Smith, CEO of the Home Builders Association of Greater Tulsa, explains that the costs of construction materials and labor have leveled out, allowing builders to proceed with more confidence.

Q: Where are most new homes being built in the region?

A: In October, Broken Arrow led the region with 130 new housing starts. Suburban areas like Broken Arrow are strong in housing starts because they offer large tracts of land, especially on the east and southern sides of the city. Other areas like Tulsa, Bixby, and Wagoner are also seeing increased construction.

Q: When does housing typically start to rise in the region?

A: Housing starts often picks up in late fall. Smith said homes started at this time are typically completed by the spring or early summer when buyers are most active.