Why Oklahoma City and Tulsa Are the Most Undervalued Luxury Real Estate Markets in America Right Now
Let me say something that might surprise you coming from someone who has spent thirty-one years selling luxury real estate in Oklahoma. The two best kept secrets in American real estate right now are sitting right here in our own backyard, and the rest of the country is just beginning to figure that out.
When buyers from California, Florida, Texas, and New York start asking me about Oklahoma City and Tulsa, they almost always say the same thing. They cannot believe what their money buys here. And honestly, neither can I sometimes, and I have been doing this for over three decades. The combination of land, square footage, finishes, location, and lifestyle that a million dollar budget commands in Oklahoma City or Tulsa does not exist anywhere else in America at this price point. Not even close.
"I have sold luxury homes in this market for thirty-one years and I will tell you without hesitation that what a buyer gets for their money in Oklahoma City and Tulsa compared to any coastal market is not even a fair comparison. We are not just affordable. We are extraordinary value at every price point." — Wyatt Poindexter, Managing Partner, The Agency Oklahoma City & Tulsa
Oklahoma City has quietly transformed itself into one of the most dynamic and livable cities in the entire country. The downtown renaissance that began more than a decade ago with the MAPS projects has produced a city with world class dining, a thriving arts district, a professional NBA franchise in the Oklahoma City Thunder that has become one of the most exciting teams in basketball, and an infrastructure that continues to attract corporate relocations and high net worth individuals from markets where the cost of living has simply become unsustainable. The luxury market here has responded accordingly. Home values in communities like Nichols Hills, Gaillardia, Edmond, and the surrounding areas have appreciated significantly, yet they remain dramatically underpriced compared to comparable properties in Dallas, Denver, Nashville, or Austin. A ten million dollar estate in Oklahoma City would cost thirty million dollars or more in many of those markets. The land alone would be worth more than the entire property here.
Tulsa tells a similar story with its own distinct character. With its stunning Art Deco architecture, one of the finest collections of that style anywhere in the world, a revitalized downtown, a thriving arts community centered around the Philbrook and Gilcrease museums, and rolling hills that give the city a natural beauty that surprises first time visitors, Tulsa has become a destination that sophisticated buyers are discovering in increasing numbers. The Tulsa Remote program attracted hundreds of remote workers from across the country over the past several years, and many of them stayed, fell in love with the city, and upgraded into the luxury market as their careers and wealth grew. The result is a luxury segment in Tulsa that is genuinely underserved relative to demand, which is precisely why The Agency made the decision to establish a full presence there.
"Tulsa is one of the most beautiful and culturally rich cities in America that most of the country has never fully discovered. That is changing fast, and the buyers who recognize that now and move into this market before the rest of the country catches up are going to look back on this moment as one of the best real estate decisions they ever made." — Wyatt Poindexter, Managing Partner, The Agency Oklahoma City & Tulsa
What makes both of these markets especially compelling right now is the timing. The remote work revolution permanently changed where Americans choose to live, and the data shows clearly that mid-sized cities with low taxes, high quality of life, affordable luxury, and growing economies are the primary beneficiaries of that shift. Oklahoma City and Tulsa check every single one of those boxes. Oklahoma has no estate tax, property taxes that are among the lowest in the nation relative to home values, and a cost of living that allows buyers to live at a level of luxury in Oklahoma that would require two or three times the budget in a coastal market.
The buyers who are moving here from California are not downsizing. They are upgrading. They are selling a modest home in Los Angeles or San Francisco and arriving in Oklahoma City or Tulsa with the ability to buy the finest estate in the market, with land, with privacy, with space for a guest house and a pool and a five car garage, and still have money left over. That is not a small thing. That is a life changing realization for families who assumed luxury living was always going to require a coastal zip code and a coastal price tag.
"The buyers relocating to Oklahoma from coastal markets are not coming here for a compromise. They are coming here because they finally realized they can have everything they always wanted in a home, the land, the finishes, the privacy, the lifestyle, without the traffic, the taxes, and the cost of living that was slowly draining everything they worked for. Oklahoma is not the consolation prize. Oklahoma is the answer." — Wyatt Poindexter, Managing Partner, The Agency Oklahoma City & Tulsa
The luxury market in both cities is also benefiting from something that no amount of marketing can manufacture, which is genuine momentum. New restaurants, new developments, new corporate headquarters, new cultural institutions, and a growing population of young professionals and entrepreneurs are reshaping both cities in real time. The energy in Oklahoma City and Tulsa right now feels like the energy that cities like Nashville and Austin had fifteen years ago, before the rest of the country discovered them and prices reflected that discovery.
The difference is that Oklahoma City and Tulsa are not Nashville or Austin. They are not going to price themselves out of reach overnight. The land is here. The infrastructure is here. The quality of life is here. And the value, for now, is still extraordinary. But the window of opportunity that exists in both of these markets right now is not going to stay open forever. The buyers who recognize what is happening and move with conviction are the ones who will look back on this moment and know they got here at exactly the right time.
If you are considering a luxury purchase or sale in Oklahoma City, Tulsa, Grand Lake, or Carlton Landing, or if you are relocating from another market and want to understand what your budget can truly accomplish here, I would love to have that conversation.
Wyatt Poindexter | Managing Partner | The Agency Oklahoma City & Tulsa | 405-417-5466 | www.OKLuxuryHomes.com | 31 years of selling Oklahoma's finest estates and homes | Elite Guild Member of The Institute of Luxury Home Marketing | One of the top 5 luxury realtors in all of Oklahoma for over 15 years | #1 Realtor in Oklahoma by Volume
