In a national study of the health of city real-estate markets, Tulsa was ranked No. 262 in terms of foreclosure rates. Tulsa ranks 258th overall and 59th among large cities.

In WalletHub’s “Best Real Estate Markets,” Tulsa was above 200 in five categories. Tulsa was No. 42 in terms of home price as a percentage of income and No. 99 in job growth rate.

Here is how Tulsa ranked:

Health of Tulsa’s Real-Estate Market (1=Best; 150=Avg.):

  • 252nd – Share of seriously underwater mortgages
  • 122nd – Median days on the market
  • 225th – Median home-price appreciation
  • 99th – Job growth rate
  • 262nd – Foreclosure rate
  • 125th – % of delinquent mortgage holders
  • 42nd – Home price as % of income
  • 217th – Maintenance costs as % of income
  • 227th – WalletHub’s “States that are recovering the quickest from covid-19” score

The median existing-home price is up a record 23.6% compared to last year. To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 18 key factors. The data set ranges from median home-price appreciation to job growth.

Does this mean it is a good time to buy a house in Tulsa?

“It is always potentially a good time to buy a personal residence,” said Meagan McCollum, Ph.D. – Chapman Assistant Professor of Finance, Collins College of Business – University of Tulsa. “The home that you live in can be thought of in terms of both consumption and investment. You are deriving value from living in your home and using the amenities that it provides (consumption) as well as any future financial return (investment).

“You should not let personal fears of short-term housing price fluctuations dissuade you from a desire to purchase a home, as long as the purchase is affordable to your household, and you plan to reside in the home for at least 3-5 years. The question of “is now a good time to buy” is a very personal one that requires an honest evaluation of your household’s budget and preferences.”

The Chinese coronavirus pandemic has affected the housing markets.

“The pandemic has certainly accelerated the home buying plans of some households,” McCollum said. “Both the desire to have more space in case of lockdowns and having a spare room to set up as an office as remote work continues in many white-collar jobs has driven some buyers to decide to buy sooner and bigger than they may have otherwise.

“Improved household balance sheets, as many households have been able to save more and spend less on the restaurant, entertainment, and travel purchases in 2020, combined with record-low rates have put homeownership within reach for more potential buyers, even as prices boom across the US. In the coming months, I think we will start to gain more clarity on buyers’ longer-term preferences. For example, will remote work continue for many indefinitely, shifting preferences towards larger homes more permanently?”

Foreign investors are affecting prices and availability.

“Foreign buyers were sharply down last year, but recently, many are showing renewed interest in US markets,” McCollum said. “The usual suspects, like California, Florida, Texas, Arizona, and New York/New Jersey should be on the lookout for increased foreign buyer activity.

“Since the domestic real estate market boomed last year, even with the lowest number of foreign transactions in 10 years, I would expect a pick-up in international buyers to put price pressure on some US markets. However, it may not be widely felt to the extent that these buyers focus on urban core markets, like NYC, which did not see the same boom as the rest of the country in 2020.”

With rising inflation, an increase in interest rates would affect the housing market.

“It seems unlikely that the Federal Reserve will increase rates in the immediate future,” McCollum said. “The Fed has taken a measured approach to rates and is being cautious, knowing the damage that could be done if they raise rates prematurely. I would expect that rate increases would be more likely in mid-2022, but of course, this is dependent on overall economic conditions next year.”

Millennials hesitate at buying a first house.

“More Millennials have been getting into the housing market, but many are still sitting on the sidelines,” McCollum said. “For those who are interested in homeownership, but have not yet entered the market, one common holdup is becoming qualified for a mortgage. For borrowers that lack sufficient credit history, Fannie Mae has recently enacted changes that will allow lenders to consider rental payment history as part of a loan application. This type of change has the potential to open the door to homeownership for many Millennials.”

Lowest Share of Seriously Underwater Mortgages

  1. Daly City, California and San Mateo, California
  2. Baton Rouge, Louisiana; Chico California; Peoria, Illinois; Columbus, Georgia; Norfolk, Virginia

Lowest Median Days on the Market

  1. Virginia Beach, Virginia
  2. Lincoln, Nebraska

Highest Median Home-Price Appreciation

  1. Richmond, California; Oakland, California; Hialeaf, Florida; North Las Vegas, Nevada; Grand Rapids, Michigan
  2. Erie, Pennsylvania

Lowest Foreclosure Rate

  1. Madison, Wisconsin; Grand Prairie, Texas; Overland Park, Kansas; Pembroke Pines, Florida; Salem, Oregon
  2. North Las Vegas, Nevada; Moreno Valley, California; Hartford, California; West Covina, California; Cleveland, Ohio

Lowest Percentage of Delinquent Mortgage Holders

  1. Santa Monica, California
  2. Laredo, Texas; Portsmouth, Virginia; Brockton, Massachusetts; Springfield, Massachusetts

Lowest Home Price as Percentage of Income

  1. Toledo, Ohio
  2. Santa Barbara, California

Lowest Maintenance Costs as Percentage of Income

  1. Durham, North Carolina
  2. Flint, Michigan

For the report, visit: wallethub.com/edu/best-real-estate-markets/14889