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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 122,843 people, 2,089 houses or apartments, and a median cost of homes of $180,789, 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 62.17% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments ( 20.71%), duplexes, homes converted to apartments or other small apartment buildings ( 8.55%), and a few mobile homes or trailers ( 5.02%).
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 51.76% owning and 48.24% 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 2000 and later ( 26.10%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.39%). There's also some housing in Norman built before 1939 ( 3.93%).
Vacant housing appears to be an issue in Norman. Fully 11.78% 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.
Appreciation rates for homes in Norman have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 21.73%, which ranks in the top 40% nationwide. This equates to an annual average Norman house appreciation rate of 1.99%.
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 2.73%, 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 -0.75%, which equates to an annual appreciation rate of -2.95%.
Notably, Norman's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Oklahoma, our data show that Norman's latest annual appreciation rate is lower than 90% 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.
|$839,001 - $1,119,000||0.5|
|$559,001 - $839,000||2.1|
|$448,001 - $559,000||2.9|
|$336,001 - $448,000||6.4|
|$223,001 - $336,000||18.8|
|$112,001 - $223,000||50.3|
|$56,001 - $112,000||13.2|
|$0 - $56,000||5.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
2000 Q1 - 2018 Q4
|* 10 is highest|
|AGE OF Norman HOMES|
|2000 or Newer||26.1|
|1970 - 1999||49.6|
|1940 - 1969||20.4|
|1939 or Older||3.9|
|TYPE OF Norman HOMES|
|Small Apt. Buildings||8.5|
|SIZE OF Norman HOMES|
|5 or more bedrooms||2.68|