Norman appreciation rates and housing market information

Norman housing market information

With 95,693 people, 41,541 houses or apartments, and a median cost of homes of $162,253, Norman real estate is some of the most expensive in Oklahoma, although Norman home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Norman, accounting for 59.81% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments (20.61%), duplexes, homes converted to apartments, or other small apartment buildings (10.59%), mobile homes or trailers (4.47%), and a few row houses and other attached homes (4.41%).

The most prevalent building size and type in Norman are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 51.74% owning, and 41.76% renting.

There is a lot of housing in Norman built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Norman built from 1940-1969 (28.85%). A lesser amount of the housing stock also hails from 1995 and later (12.41%), and some were built from 1939 and earlier (12.41%).

Norman home appreciation rates

Norman's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Norman during the period has been just 5.51%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Norman home appreciation rates, at 1.93%, have been at or slightly above the national average. In the latest quarter, Norman's appreciation rate has been 1.42%, which annualizes to a rate of 5.68%.

Relative to Oklahoma, our data show that Norman's latest annual appreciation rate is higher than 22% of the other cities and towns in Oklahoma.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norman differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norman - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Norman real estate investment or home purchase decisions.