Is Norman, OK a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Norman has remained a Seller's Market.
Key Takeaway
Norman is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norman, OK
How much do homes in Norman, OK cost?
Median Sold Price
$261,773
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norman have sold for 2.6% more than they did a year ago.
Summary: The median home sold price in Norman was $261,773 in May 2024, up 2.6% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $96K | $102.5K | +6.8% |
| 2 Bedrooms | $150K | $155K | +3.3% |
| 3 Bedrooms | $238.7K | $244K | +2.2% |
| 4 Bedrooms | $355K | $358.7K | +1.1% |
| 5+ Bedrooms | $475K | $478.9K | +0.8% |
Summary: Norman housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 0.8%.
Median Sold Price Compared To Nearby Cities
| Newalla | $250K | $273.6K | +9.4% |
| Norman | $255K | $261.7K | +2.6% |
| Moore | $219.8K | $225K | +2.4% |
| North Cleveland | $245.4K | $250.9K | +2.2% |
| Slaughterville | $224.9K | $222K | -1.3% |
Housing Supply in Norman, OK
How many homes are available in Norman, OK?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 605 | 657 | +8.6% |
Summary: The Norman real estate market had 657 homes for sale in May 2024, a 8.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 7 | +16.7% |
| 2 Bedrooms | 49 | 52 | +6.1% |
| 3 Bedrooms | 304 | 330 | +8.6% |
| 4 Bedrooms | 197 | 220 | +11.7% |
| 5+ Bedrooms | 49 | 48 | -2.0% |
Summary: The Norman housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes decreased by 2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 136 | 158 | +16.2% |
Asking Price vs. Sold Price
71 Homes Were Sold
Under Asking
49 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norman, you may be able to get a good deal. 44.9% of homes here sold below asking price last month.
Summary: A total of 158 homes were sold or pending in Norman in May 2024, up by 16.2% month-over-month. Of the 158 sold homes, 45% were sold under asking, 31% were sold at asking, and 24% were sold over asking.
Days on Market for Norman, OK
How long does it take to sell a home in Norman, OK?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 29 Days | -21.0% |
Summary: Homes in Norman had an average of 29 days on market in May 2024, down by 21% compared to last year.
Breakdown of Home Sale Times
115 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norman are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 158 homes were sold in Norman; 73% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
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