Norman, Oklahoma Housing Market Prices
Norman Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 98% above the Oklahoma median$264,281
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Median rent 7% above the Oklahoma median$1,086
Housing Market Overview
| Metric | Norman | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $264,281 | $133,462 | $248,835 |
| Price Trend (Annual %) | 13.3% | 5.4% | 7.5% |
| Median Gross Rent | $1,086 | $1,014 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norman is about 98% higher than in Oklahoma. Rent is about 7% higher than the Oklahoma average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Norman, up about 13.3% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Norman rose about 37.5% between 2015 and 2024, from $790 to $1,086. Over the same span, rent in Oklahoma rose about 39.6%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Norman.
Buying the median-priced home in Norman costs roughly 20.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Norman. The price-to-rent ratio in Oklahoma is about 11.0.
| Metric | Norman | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $264,281 | $133,462 | $248,835 |
| Median Household Income | $69,035 | $65,606 | $80,455 |
| Price-to-Income Ratio | 3.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Norman rose about 111.5%, while median household income rose about 54.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Norman | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.8% | 57.9% | 58.5% |
| Rental Rate | 43.2% | 30.1% | 31.2% |
| Vacancy Rate | 7.0% | 12.0% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Norman has a homeownership rate of 49.8%, lower than the Oklahoma average of 57.9%. Its housing vacancy rate is 7.0%, compared with 12.0% in Oklahoma.
Housing Stock
| Metric | Norman | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1987 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 | 5.5 |
The typical housing unit in Norman was built around 1987. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Norman, Oklahoma.
What is the median home price in Norman, Oklahoma?
The median home price in Norman, Oklahoma is $264,281, higher than the Oklahoma average of $133,462.
What is the average home price in Norman, Oklahoma?
The typical home price in Norman, Oklahoma, reported as the median sale price, is $264,281. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Norman, Oklahoma?
The median gross rent in Norman, Oklahoma is $1,086 per month, higher than the Oklahoma average of $1,014.
What was the median gross rent in Norman in 2020?
In 2020, the median gross rent in Norman, Oklahoma was $880 per month.
What is the price-to-rent ratio in Norman, Oklahoma?
The price-to-rent ratio in Norman, Oklahoma is about 20.3, meaning it would take roughly 20.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Norman.
Are home prices or rent rising faster in Norman, Oklahoma?
Both home prices and rent are rising in Norman, up about 13.3% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Norman, Oklahoma?
49.8% of households in Norman, Oklahoma own their home, lower than the Oklahoma average of 57.9%.
What is the vacancy rate in Norman, Oklahoma?
The housing vacancy rate in Norman, Oklahoma is 7.0%, lower than the Oklahoma average of 12.0%.
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