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North Evanston's Rising Home Values: A Resilient Housing Market in Tulsa
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
North Evanston, located in Tulsa, Oklahoma, is a dynamic neighborhood that has experienced significant shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The relationship between homeownership percentages and average home prices in North Evanston reveals some interesting patterns. In 2013, the homeownership rate was 47%, with average home prices at $37,760. As average home prices increased to $39,530 in 2014, homeownership dropped to 43%. This trend continued more dramatically into 2015, with homeownership falling to 33% while average home prices remained relatively stable at $39,174. The most significant drop in homeownership occurred in 2016, reaching 25% as average home prices rose to $40,944. However, from 2016 to 2022, there was a gradual recovery in homeownership, increasing to 41%, while average home prices surged to $86,965.
Federal interest rates have played a role in shaping homeownership trends in North Evanston. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which typically encourages homeownership. However, North Evanston experienced a decline in homeownership during this time, suggesting other local factors were at play. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership in the neighborhood actually increased, contrary to the general expectation that higher rates deter buyers.
Renter percentages and average rent prices in North Evanston have shown their own distinct trends. In 2013, 53% of residents were renters, with average rent at $746. The renter population peaked in 2016 at 75%, coinciding with a slight dip in average rent to $747. Despite fluctuations in the renter population, average rent prices generally trended upward, reaching $811 in 2022 when the renter percentage was 59%. It's worth noting that the neighborhood's population decreased from 1,051 in 2015 to 847 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, North Evanston's housing market continued to evolve. Average home prices rose to $95,187 in 2023 and further increased to $97,689 in 2024. This upward trajectory occurred despite a significant jump in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet home prices in the neighborhood continued to appreciate.
Looking ahead, predictive models suggest that average home prices in North Evanston may continue to rise over the next five years, potentially reaching around $110,000 by 2029. This projection is based on the steady upward trend observed since 2016. Average rent prices are also expected to increase, potentially reaching approximately $900 per month by 2029, following the gradual upward trend seen in recent years.
In summary, North Evanston has demonstrated resilience in its housing market. Despite periods of declining homeownership and population fluctuations, both home prices and rent have generally trended upward. The neighborhood has shown an ability to recover homeownership rates in recent years, even in the face of rising home prices and interest rates. These trends suggest a complex interplay of local and national economic factors shaping the housing landscape in this Tulsa neighborhood.
