Is Norman, OK a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$260,163
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Norman have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in Norman was $260,163 in April 2024, up 2.1% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $96K | $102.5K | +6.8% |
| 2 Bedrooms | $146K | $155K | +6.2% |
| 3 Bedrooms | $235K | $242.6K | +3.2% |
| 4 Bedrooms | $358.9K | $354.3K | -1.3% |
| 5+ Bedrooms | $528.7K | $478.9K | -9.4% |
Summary: Norman housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 3.2%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes decreased by 9.4%.
Median Sold Price Compared To Nearby Cities
| Newalla | $247.2K | $269.1K | +8.9% |
| Moore | $216.1K | $224.1K | +3.7% |
| Norman | $254.8K | $260.1K | +2.1% |
| North Cleveland | $244.7K | $250K | +2.1% |
| Slaughterville | $240K | $202K | -15.8% |
Housing Supply in Norman, OK
How many homes are available in Norman, OK?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 556 | 594 | +6.8% |
Summary: The Norman real estate market had 594 homes for sale in April 2024, a 6.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 6 | -53.8% |
| 2 Bedrooms | 47 | 47 | 0.0% |
| 3 Bedrooms | 276 | 297 | +7.6% |
| 4 Bedrooms | 174 | 198 | +13.8% |
| 5+ Bedrooms | 46 | 46 | 0.0% |
Summary: The Norman housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 53.8%, 2 bedroom homes remained the same, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 144 | 128 | -11.1% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norman, you may be able to get a good deal. 48.4% of homes here sold below asking price last month.
Summary: A total of 128 homes were sold or pending in Norman in April 2024, down by 11.1% month-over-month. Of the 128 sold homes, 48% were sold under asking, 27% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 40 Days | 34 Days | -13.7% |
Summary: Homes in Norman had an average of 34 days on market in Apr 2024, down by 13.7% compared to last year.
Breakdown of Home Sale Times
87 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
20 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 April 2024, 128 homes were sold in Norman; 68% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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