Home Values Are Surging in Broken Arrow, Oklahoma

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.

In Broken Arrow, a city of about 108,500 residents in Oklahoma’s Tulsa County, home values are rising even faster than they are nationwide. The typical single family home in Broken Arrow was worth $196,328 as of January 2021, 10.1% more than what it was worth one year ago.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, over the last one-year period, Broken Arrow’s population increased by 0.9%.

Nationwide, the typical home value is about 4.3 times higher than the median household income of $62,843. In Broken Arrow, housing is generally more affordable. The typical single-family home value is about 2.7 times higher than the local median household income of $73,119.

Here are the three communities with populations of at least 35,000 in Oklahoma where home values climbed the most in the last year.

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