Norman OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



map preview
Please wait, loading your map...

Highest
Lowest




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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Norman Housing Market Information

With 123,471 people, 47,135 houses or apartments, and a median cost of homes of $189,323, 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 62.91% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments ( 21.48%), duplexes, homes converted to apartments or other small apartment buildings ( 8.86%), and a few mobile homes or trailers ( 3.54%).

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 49.15% owning and 50.85% 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 ( 26.88%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.86%). There's also some housing in Norman built before 1939 ( 3.51%).

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 27.10%, which ranks in the top 50% nationwide. This equates to an annual average Norman house appreciation rate of 2.43%.

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 3.92%, 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 0.88%, which equates to an annual appreciation rate of 3.57%.

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:
$189,323

Norman, OK HOME PRICES

Value Range
> $1,127,000 0.8
$845,001 - $1,127,000 0.5
$564,001 - $845,000 2.3
$451,001 - $564,000 3.3
$338,001 - $451,000 8.1
$226,001 - $338,000 18.6
$113,001 - $226,000 49.8
$56,001 - $113,000 12.0
$0 - $56,000 4.6

Very High for OK
Average for Nation

Value Relative to Nation Value Relative to State
44.3328467153285 7.25075528700906

Number Of Homes And Apartments:
47,135

Norman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
73.35% 2.75%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,070 / per month

Homeownership Rate

Homeownership
Owners 49.15
Renters 50.85
Vacant 9.97

Housing Market Details

 

Age of Homes

AGE OF Norman HOMES
2000 or Newer 26.9
1970 - 1999 49.7
1940 - 1969 19.9
1939 or Older 3.5

Types of Homes

TYPE OF Norman HOMES
Single-Family 62.9
Townhomes 3.2
Small Apt. Buildings 8.9
Apt. Complexes 21.5
Mobile Homes 3.5
Other 0.0

Home Size

SIZE OF Norman HOMES
No Bedroom 2.69
1 Bedroom 10.86
2 Bedrooms 23.83
3 Bedrooms 42.96
4 Bedrooms 17.55
5 or more bedrooms 2.11