Norman, OK—73069
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norman, OK
As of Oct '25, the median home price in Norman, OK is $236,000, with a year-over-year change of 2.9%. This indicates that home prices in Norman, OK are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $236,000 | 2.9% |
| Single Family | $238,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $120,000 | 6.2% |
2 Bed | $161,000 | 4.5% |
3 Bed | $233,000 | 2.6% |
4 Bed | $343,000 | 3.0% |
| 5 Bed | $494,000 | 2.3% |
% of Housing Stock
Rental Trends — Norman, OK
As of July '25, Rentcast reports the average rent in Norman, OK is $1,370, with a year-over-year rent change of -2.8%. Per bedroom, the median rent as of July '25 in Norman, OK is studios: $883, 1-bedrooms: $850, 2-bedrooms: $1,260, 3-bedrooms: $1,560, 4-bedrooms: $2,550. The most common rental property sizes in Norman, OK are 2-bedroom and 3-bedroom, accounting for 34.2% and 29.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,370 |
| Studio Rent | $850 | $883 |
| 1 Bed Rent | $850 | $850 |
| 2 Bed Rent | $1,220 | $1,260 |
| 3 Bed Rent | $1,520 | $1,560 |
| 4 Bed Rent | $2,250 | $2,550 |
% of Rental Stock
Property Listings — Norman, OK
As of Oct '25, Realtor.com reports that the median days on market for a home in Norman, OK is 68. This is a increase of 44.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $313,000 | -4.0% |
Listing Count | 131 | 23.0% |
| Listings as % of Homes | 0.5% | 23.0% |
Days on Market | 68 | 44.0% |
Demographics — Norman, OK
As of the latest ACS Survey released in 2023, Norman, OK has a population of 28,300, which has increased by 16.0% over the past 5 years. Norman, OK is a moderately popular place for families, as children make up 17.4% of the population. The area has a moderately educated workforce, with 44.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,300 | 16.0% |
% Under 18 | 17.4% | -2.2% |
% Seniors | 13.3% | 16.7% |
% WFH | 12.3% | 215.4% |
% w/ College Degree | 44.5% | 11.3% |
As of the latest ACS Survey released in 2023, Norman, OK is a predominantly white area, with 64.4% of the population identifying as white. The white population has shrunk by 10.7% in the last 5 years. The second most common race or ethnicity in Norman, OK is hispanic, making up 14.0% of the population. Foreign-born residents account for 8.9% of the population in Norman, OK, and this percentage has increased by 41.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 64.4% | -10.7% |
% Black | 3.7% | -21.3% |
% Hispanic | 14.0% | 38.6% |
% Asian | 3.2% | 68.4% |
% Foreign Born | 8.9% | 41.3% |
Mortgage and Risk — Norman, OK
According to HUD data as of 2023, there were 392 mortgage originations in Norman, OK, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Norman, OK. Investor activity is low, as 8.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 392 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 8.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Norman, OK
As of 2024, the percent of homes in Norman, OK under the Section 8 program is 5.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Norman, OK, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 434 |
Total Units Section 8 | 326 |
% Rentals under Section 8 | 5.0% |
% Occupied Section 8 | 87.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $850 | $920 |
| 2 Bedroom | -$90 | $1,220 | $1,130 |
| 3 Bedroom | -$10 | $1,520 | $1,510 |
| 4 Bedroom | -$600 | $2,250 | $1,650 |
Affordability — Norman, OK
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $236,000 |
| Median Household Income | $55,700 |