Is Norman, OK a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$262,185
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Norman have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Norman was $262,185 in March 2024, up 4.1% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95.5K | $105K | +9.9% |
| 2 Bedrooms | $145K | $151.7K | +4.6% |
| 3 Bedrooms | $235K | $241.1K | +2.6% |
| 4 Bedrooms | $357.9K | $354.9K | -0.8% |
| 5+ Bedrooms | $500K | $486.4K | -2.7% |
Summary: Norman housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes decreased by 2.7%.
Median Sold Price Compared To Nearby Cities
| Newalla | $245.9K | $273.6K | +11.3% |
| Slaughterville | $212K | $235K | +10.8% |
| Norman | $251.7K | $262.1K | +4.1% |
| North Cleveland | $241.4K | $250K | +3.5% |
| Moore | $216.5K | $222.5K | +2.8% |
Housing Supply in Norman, OK
How many homes are available in Norman, OK?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 493 | 528 | +7.1% |
Summary: The Norman real estate market had 528 homes for sale in March 2024, a 7.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 12 | +9.1% |
| 2 Bedrooms | 44 | 43 | -2.3% |
| 3 Bedrooms | 245 | 266 | +8.6% |
| 4 Bedrooms | 156 | 164 | +5.1% |
| 5+ Bedrooms | 37 | 43 | +16.2% |
Summary: The Norman housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.1%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 16.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 117 | 122 | +4.3% |
Asking Price vs. Sold Price
61 Homes Were Sold
Under Asking
39 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norman, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 122 homes were sold or pending in Norman in March 2024, up by 4.3% month-over-month. Of the 122 sold homes, 50% were sold under asking, 32% were sold at asking, and 18% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 35 Days | 38 Days | +7.3% |
Summary: Homes in Norman had an average of 38 days on market in Mar 2024, up by 7.3% compared to last year.
Breakdown of Home Sale Times
86 Homes Were Sold
Under 30 Days
19 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 March 2024, 122 homes were sold in Norman; 70% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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