Norman, OK Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norman, OK Housing Market Trends

With a population of 124,880, 47,913 total housing units (homes and apartments), and a median house value of $210,607, 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 63.32% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments ( 21.63%), duplexes, homes converted to apartments or other small apartment buildings ( 8.45%), and a few mobile homes or trailers ( 3.44%).

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 49.31% owning and 50.69% 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 ( 28.87%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.66%). There's also some housing in Norman built before 1939 ( 3.50%).

Norman Home Appreciation Rates

Real estate appreciation rates in Norman's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.91% during the period.

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 4.71%, 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 0.54%, which equates to an annual appreciation rate of 2.18%.

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 80% 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:
$210,607

Norman, OK HOME PRICES

> $1,146,000
0.6%
0.6%
$859,001 - $1,146,000
0.7%
0.7%
$573,001 - $859,000
2.8%
2.8%
$458,001 - $573,000
3.9%
3.9%
$344,001 - $458,000
9.3%
9.3%
$229,001 - $344,000
19.6%
19.6%
$115,001 - $229,000
49.0%
49.0%
$57,001 - $115,000
10.5%
10.5%
$0 - $57,000
3.7%
3.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very High for OK

Value Relative To Nation

Number Of Homes And Apartments:
47,913

Norman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
81.94% 2.86%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,086 / per month

Homeownership Rate

Owners
49.3%
49.3%
Renters
50.7%
50.7%
Vacant
9.1%
9.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.9%
28.9%
1970 - 1999
49.0%
49.0%
1940 - 1969
18.7%
18.7%
1939 or Older
3.5%
3.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
63.3%
63.3%
Townhomes
3.2%
3.2%
Small Apt. Buildings
8.5%
8.5%
Apt. Complexes
21.6%
21.6%
Mobile Homes
3.4%
3.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
11.0%
11.0%
2 Bedrooms
23.3%
23.3%
3 Bedrooms
42.9%
42.9%
4 Bedrooms
18.3%
18.3%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES