OKC MAPS PROJECTS – 25 YEARS
Downtown Residential Market Recent growth in the number of residential units in the study area was described in an earlier section of the report (see Figure 15). Approximately 2,700 housing units (55.3% gain) were added in the study area between tax years 2009 and 2017, reaching a total of 7,635 units. Residential Property Valuation Changes . Figure 43 summarizes changes in housing market valuations in the study area at two-year intervals in the 2009 to 2017 period. Properties include single- and multi- family as well as owner- and renter-occupied properties. The surge in housing development is highly visible in the overall valuation of residential property in the study area. In 2017, approximately $815 million in taxable residential property was located within the study area, more than doubling in value (106% gain) from $395 million in 2009. Residential property now comprises 20.9% of the $3.91 billion in total property valuation across all property types. The share of total valuation traced to residential property increased slightly from 19.4% in 2009 to 20.9% in 2017. Gains in the study area are even larger measured by square footage, rising from 17.5% of total taxable space in the study area in 2009 to 20.0% in 2017 (see Figure 44). Nearly 2.9 million square feet of residential space was added between 2009 and 2017 – a 47% increase. Relative to all property types, residential experienced far faster growth in total square footage and a slightly faster pace of valuation increase. Valuations per square foot surged along with new development in the area from a reported $64 in 2009 to $91 in 2017, a 41% increase. This trails the overall 64% gain in value per square foot across all property types in the period. The highest residential valuations per square foot are found in tract 1017 (Heritage Hills, $127) and tract 1091 (Automobile Alley to Cox Center, $121). These two tracts are not the leaders in new housing unit construction but instead reflect renovations of existing units and broadly rising property values. The leading tracts by number of new units added - tracts 1025 (St. Anthony Hospital) and tract 1038 (Bricktown and Deep Deuce) reflect differing price behavior. Tract 1025 continues to have a relatively low value per square foot at $71 in 2017. Conversely, the average value per square foot of residential property in Bricktown and Deep Deuce (tract 1038) reached $107 in 2017. Based on assessment data, very little residential property by either unit count or value is located in four of the 14 study area tracts – 1027 (north OU Health Center, 5 units), 1036.02 (Police Department and Municipal Court, 31 units), 1037 (Union Station, 33 units), and 1040 (south of I-40 to Oklahoma River, 89 units). Value per square foot for residential property in each of these tracts falls below $30, with an average of about $20 across the four tracts.
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