Oklahoma’s Most Expensive ZIP Codes in 2024: A Deep Dive into Luxury Real Estate
The Oklahoma real estate market, like many across the nation, has experienced significant growth since the onset of the pandemic in 2020. While the pace of growth has moderated since 2023, home values remain at historic highs, creating a dynamic landscape for both buyers and sellers. Analyzing data from Zillow’s Home Value Index and the U.S. Census Bureau, we delve into the most expensive ZIP codes in Oklahoma, uncovering the factors driving their exclusivity and exploring the demographic and economic trends shaping these affluent communities. This analysis considers both the latest monthly home values from November 2024 and a 12-month average of median home values, providing a comprehensive perspective on the state’s luxury real estate market.
Arcadia’s Reign: ZIP Code 73007 Claims the Top Spot
The crown jewel of Oklahoma’s luxury real estate market is ZIP code 73007, nestled in the picturesque town of Arcadia, northeast of Oklahoma City. This area boasts a charming small-town atmosphere, complemented by secluded homes and a high median household income of $154,250, significantly exceeding the state average. The area’s appeal has propelled remarkable growth in home values. From a pre-pandemic median value of $380,388 in November 2019, the median home value in 73007 surged by 34.1% to reach $510,145 in November 2024. While the year-over-year growth has stabilized at a modest 0.4%, the overall appreciation underscores Arcadia’s desirability as a premier residential destination.
Edmond’s Ascent: ZIP Codes 73025 and 73034 Secure High Rankings
Edmond, once a quiet suburb of Oklahoma City, has transformed into a thriving city in its own right, boasting two of the state’s most expensive ZIP codes. ZIP code 73025, encompassing northwest Edmond, claims the second spot on the list, characterized by an even higher median household income of $176,808 compared to Arcadia. This area experienced a dramatic 40% increase in median home value from November 2019 to November 2024, reaching $479,343. Further south, ZIP code 73034, also in Edmond, secures the fifth position, distinguished by a mix of established and newly developed neighborhoods. With nearly a quarter of households earning $200,000 or more annually, the area reflects robust financial stability, supporting a median home value of $399,497 in November 2024. Edmond’s continued growth and attractive amenities solidify its place as a sought-after location for affluent families.
Oklahoma City and Tulsa: Urban Enclaves of Luxury
Beyond the suburban allure of Arcadia and Edmond, Oklahoma City and Tulsa also contribute to the state’s high-end real estate landscape. Southeast Oklahoma City, represented by ZIP code 73173, ranks third in terms of home values, offering attractive developments conveniently located near Will Rogers World Airport. While its median household income of $141,180 is slightly lower than the top two ZIP codes, it still surpasses the state average, contributing to a 29% increase in median home value since 2019, reaching $422,662. In Tulsa, ZIP code 74137, situated in the southern part of the city, secures the fourth spot, offering a suburban ambiance within the urban core. With almost a quarter of households earning $200,000 or more per year, and a median home value of $413,534, this area represents Tulsa’s contribution to Oklahoma’s luxury real estate market, demonstrating a 40.2% appreciation since 2019.
Affordability and Income Sustainability: A Key Differentiator
A crucial aspect of Oklahoma’s luxury real estate market is the relative affordability compared to other high-cost regions of the country. While six-figure incomes are often insufficient to support rising home prices in many areas, Oklahoma’s expensive ZIP codes demonstrate a degree of income sustainability. The relationship between median household incomes and home values in these areas suggests a greater balance than what is observed in some coastal markets, making these communities attractive to high-income earners seeking value and a desirable lifestyle.
Looking Ahead: The Future of Oklahoma’s Luxury Market
The Oklahoma luxury real estate market stands at a pivotal point. While the rapid growth of the past few years has tapered off, values remain strong, indicating a sustained demand for high-end properties. The factors contributing to this demand, including strong local economies, attractive amenities, and relative affordability, are expected to continue shaping the market in the coming years. As Oklahoma continues to attract businesses and residents, these affluent communities are poised for continued growth and development, solidifying their position as desirable destinations for those seeking a luxurious lifestyle. Further analysis and monitoring of market trends will be crucial to understanding the long-term trajectory of Oklahoma’s luxury real estate sector and its role in the state’s overall economic landscape.
