Norman, OK—73071
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 $219,000, with a year-over-year change of 2.5%. This indicates that home prices in Norman, OK are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $219,000 | 2.5% |
| Single Family | $228,000 | 2.2% |
| Condos | $96,000 | 3.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $133,000 | 3.9% |
3 Bed | $219,000 | 1.9% |
4 Bed | $320,000 | 1.9% |
| 5 Bed | $468,000 | 2.9% |
% of Housing Stock
Rental Trends — Norman, OK
As of July '25, Rentcast reports the average rent in Norman, OK is $1,290, with a year-over-year rent change of 2.4%. Per bedroom, the median rent as of July '25 in Norman, OK is 1-bedrooms: $838, 2-bedrooms: $978, 3-bedrooms: $1,530, 4-bedrooms: $1,950. The most common rental property sizes in Norman, OK are 2-bedroom and 3-bedroom, accounting for 33.1% and 29.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,290 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $825 | $838 |
| 2 Bed Rent | $952 | $978 |
| 3 Bed Rent | $1,550 | $1,530 |
| 4 Bed Rent | $2,080 | $1,950 |
% 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 50. This is a decrease of -2.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $281,000 | -5.0% |
Listing Count | 242 | 4.0% |
| Listings as % of Homes | 0.7% | 4.0% |
Days on Market | 50 | -2.0% |
Demographics — Norman, OK
As of the latest ACS Survey released in 2023, Norman, OK has a population of 43,100, which has increased by 1.1% over the past 5 years. Norman, OK is a moderately popular place for families, as children make up 20.9% of the population. The area has a moderately educated workforce, with 41.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,100 | 1.1% |
% Under 18 | 20.9% | 6.1% |
% Seniors | 10.2% | 10.9% |
% WFH | 9.7% | 321.7% |
% w/ College Degree | 41.8% | 10.0% |
As of the latest ACS Survey released in 2023, Norman, OK is a predominantly white area, with 68.5% of the population identifying as white. The white population has grown by 2.5% in the last 5 years. The second most common race or ethnicity in Norman, OK is black, making up 8.4% of the population. Foreign-born residents account for 7.5% of the population in Norman, OK, and this percentage has decreased by 6.2% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 68.5% | 2.5% |
% Black | 8.4% | 20.0% |
% Hispanic | 7.7% | -17.2% |
% Asian | 3.3% | -41.1% |
% Foreign Born | 7.5% | -6.2% |
Mortgage and Risk — Norman, OK
According to HUD data as of 2023, there were 629 mortgage originations in Norman, OK, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Norman, OK. Investor activity is low, as 6.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 629 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 6.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Norman, OK
As of 2024, the percent of homes in Norman, OK under the Section 8 program is 9.4%. 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 and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Norman, OK, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 954 |
Total Units Section 8 | 845 |
% Rentals under Section 8 | 9.4% |
% Occupied Section 8 | 87.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $155 | $825 | $980 |
| 2 Bedroom | $248 | $952 | $1,200 |
| 3 Bedroom | $50 | $1,550 | $1,600 |
| 4 Bedroom | -$330 | $2,080 | $1,750 |
Affordability — Norman, OK
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $219,000 |
| Median Household Income | $59,300 |