Norman, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Norman Housing Market Information

With 122,843 people, 2,089 houses or apartments, and a median cost of homes of $185,820, 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.

Norman Home Appreciation Rates

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 22.58%, which ranks in the top 40% nationwide. This equates to an annual average Norman house appreciation rate of 2.06%.

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 2.51%, 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 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Norman one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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:
$185,820

Norman, OK HOME PRICES

Value Range
> $1,139,000 0.7
$855,001 - $1,139,000 0.5
$570,001 - $855,000 2.1
$456,001 - $570,000 2.9
$342,001 - $456,000 6.4
$228,001 - $342,000 18.8
$114,001 - $228,000 50.3
$57,001 - $114,000 13.2
$0 - $57,000 5.0

Very High for OK
Average for Nation

Value Relative to Nation Value Relative to State
42.9255474452555 5.4380664652568

Number Of Homes And Apartments:
2,089

Norman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
68.80% 2.72%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,057 / per month

Homeownership Rate

Homeownership
Owners 51.76
Renters 48.24
Vacant 11.78

Housing Market Details

 

Age of Homes

AGE OF Norman HOMES
2000 or Newer 26.1
1970 - 1999 49.6
1940 - 1969 20.4
1939 or Older 3.9

Types of Homes

TYPE OF Norman HOMES
Single-Family 62.2
Townhomes 3.5
Small Apt. Buildings 8.5
Apt. Complexes 20.7
Mobile Homes 5.0
Other 0.0

Home Size

SIZE OF Norman HOMES
No Bedroom 3.24
1 Bedroom 10.84
2 Bedrooms 21.70
3 Bedrooms 43.39
4 Bedrooms 18.16
5 or more bedrooms 2.68