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 about Scout's Real Estate Data
With a population of 128,097, 50,129 total housing units (homes and apartments), and a median house value of $270,762, 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 62.62% of the city's housing units. Other types of housing that are prevalent in Norman include large apartment complexes or high rise apartments ( 21.56%), duplexes, homes converted to apartments or other small apartment buildings ( 8.58%), and a few row houses and other attached homes ( 4.35%).
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 49.90% owning and 50.10% 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 ( 31.51%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.45%). There's also some housing in Norman built before 1939 ( 3.10%).
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 5.01% during the period.
NeighborhoodScout's data show that during the latest twelve months, Norman's appreciation rate, at 11.90%, has been at or slightly above the national average. In the latest quarter, Norman's appreciation rate has been 0.92%, which annualizes to a rate of 3.72%.
Relative to Oklahoma, our data show that Norman's latest annual appreciation rate is higher than 70% 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.
High for Nation
Very High for OK