Norman, OK—73072
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 $314,000, with a year-over-year change of 2.8%. 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 | $314,000 | 2.8% |
| Single Family | $320,000 | 2.9% |
| Condos | $133,000 | 5.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $105,000 | 2.9% |
2 Bed | $178,000 | 2.3% |
3 Bed | $273,000 | 2.2% |
4 Bed | $414,000 | 2.7% |
| 5 Bed | $606,000 | 2.9% |
% of Housing Stock
Rental Trends — Norman, OK
As of July '25, Rentcast reports the average rent in Norman, OK is $1,730, with a year-over-year rent change of 4.2%. Per bedroom, the median rent as of July '25 in Norman, OK is 1-bedrooms: $1,080, 2-bedrooms: $1,380, 3-bedrooms: $1,880, 4-bedrooms: $2,380. The most common rental property sizes in Norman, OK are 2-bedroom and 1-bedroom, accounting for 39.6% and 26.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,580 | $1,730 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $869 | $1,080 |
| 2 Bed Rent | $1,100 | $1,380 |
| 3 Bed Rent | $1,700 | $1,880 |
| 4 Bed Rent | $2,250 | $2,380 |
% 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 64. This is a increase of 21.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $461,000 | 9.0% |
Listing Count | 240 | 13.0% |
| Listings as % of Homes | 0.6% | 13.0% |
Days on Market | 64 | 21.0% |
Demographics — Norman, OK
As of the latest ACS Survey released in 2023, Norman, OK has a population of 50,500, which has increased by 8.2% over the past 5 years. Norman, OK is a moderately popular place for families, as children make up 16.7% of the population. The area has a highly educated workforce, with 53.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 50,500 | 8.2% |
% Under 18 | 16.7% | -7.7% |
% Seniors | 15.3% | 10.9% |
% WFH | 9.0% | 55.2% |
% w/ College Degree | 53.4% | 6.8% |
As of the latest ACS Survey released in 2023, Norman, OK is a predominantly white area, with 71.9% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Norman, OK is hispanic, making up 8.4% of the population. Foreign-born residents account for 7.1% of the population in Norman, OK, and this percentage has decreased by 19.3% 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 | 71.9% | -1.1% |
% Black | 3.6% | 2.9% |
% Hispanic | 8.4% | 12.0% |
% Asian | 6.3% | -1.6% |
% Foreign Born | 7.1% | -19.3% |
Mortgage and Risk — Norman, OK
According to HUD data as of 2023, there were 551 mortgage originations in Norman, OK, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Norman, OK. Investor activity is low, as 5.0% 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 | 551 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 5.0% |
% 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 3.7%. 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 units appear to be good home sizes to consider for Section 8 housing in Norman, OK, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 390 |
Total Units Section 8 | 351 |
% Rentals under Section 8 | 3.7% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $121 | $869 | $990 |
| 2 Bedroom | $120 | $1,100 | $1,220 |
| 3 Bedroom | -$70 | $1,700 | $1,630 |
| 4 Bedroom | -$470 | $2,250 | $1,780 |
Affordability — Norman, OK
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $314,000 |
| Median Household Income | $76,900 |