Norman, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norman Neighborhoods Since 2000




Norman, OK Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Norman Housing Market Information

With 120,284 people, 44,911 houses or apartments, and a median cost of homes of $176,834, 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 63.10% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments ( 20.78%), duplexes, homes converted to apartments or other small apartment buildings ( 8.71%), and a few row houses and other attached homes ( 3.77%).

The most prevalent building size and type in Norman are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.03% owning and 47.97% renting.

There is a lot of housing in Norman built from 1970 to 1999 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 between 1940-1969 ( 23.17%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.12%). There's also some housing in Norman built before 1939 ( 3.91%).

Vacant housing appears to be an issue in Norman. Fully 11.84% of the housing stock is classified as vacant. Left unchecked, vacant Norman homes and apartments can be a drag on the real estate market, holding Norman real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Norman Home Appreciation Rates

In the last 10 years, Norman has experienced some of the highest home appreciation rates of any community in the nation. Norman real estate appreciated 18.42% over the last ten years, which is an average annual home appreciation rate of 1.70%, putting Norman in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norman definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Norman appreciation rates have trailed the rest of the nation. In the last twelve months, Norman's appreciation rate has been 3.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norman were at 0.33%, which equates to an annual appreciation rate of 1.34%.

Relative to Oklahoma, our data show that Norman's latest annual appreciation rate is lower than 60% 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 2000, to assist you in making the best Norman real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$176,834

Norman, OK HOME PRICES

Value Range
> $1,118,000 0.6
$839,001 - $1,118,000 0.5
$559,001 - $839,000 2.9
$447,001 - $559,000 2.5
$336,001 - $447,000 5.3
$224,001 - $336,000 20.4
$112,001 - $224,000 46.3
$56,001 - $112,000 15.5
$0 - $56,000 6.0

Very High for OK
High for Nation

Value Relative to Nation Value Relative to State
39.2476268604242 3.92749244712991

Number Of Homes And Apartments:
44,911

Norman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
59.76% 2.75% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$921 / per month

Homeownership Rate

Homeownership
Owners 52.03
Renters 47.97
Vacant 11.84

Housing Market Details

 

Age of Homes

AGE OF Norman HOMES
2000 or Newer 22.1
1970 - 1999 50.8
1940 - 1969 23.2
1939 or Older 3.9

Types of Homes

TYPE OF Norman HOMES
Single-Family 63.1
Townhomes 3.8
Small Apt. Buildings 8.7
Apt. Complexes 20.8
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Norman HOMES
No Bedroom 2.21
1 Bedroom 11.09
2 Bedrooms 24.83
3 Bedrooms 44.37
4 Bedrooms 15.36
5 or more bedrooms 2.15