Norman Housing Market Report December 2024•Cleveland County, Oklahoma

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Housing Prices in Norman, OK

How much do homes in Norman, OK cost?

Housing Market Conditions

Is Norman, OK a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Norman is a Seller's Market

Difference Since December 2023

Since last year, Norman has remained a Seller's Market.

Insight

Norman is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$275,665$158/SqFt
+$15,778
+6.1%

Based on all homes sold in the last 12 months

Insight

Homes in Norman have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Norman was $275,665 in December 2024, up 6.1% from last year, and the median price per square foot was $158.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Newalla
+6.9%
Norman
+6.1%
Moore
+1.1%
North Cleveland
-0.1%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$100K$94.2K
-5.8%
2$149K$159.8K
+7.2%
3$240.5K$255K
+6.0%
4$358.1K$366.6K
+2.4%
5$490.6K$482.9K
-1.6%

Summary: Norman housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -5.8%. The home price for 2 bedroom homes increased by +7.2%. The home price for 3 bedroom homes increased by +6.0%. The home price for 4 bedroom homes increased by +2.4%. The home price for 5 bedroom homes decreased by -1.6%.

Housing supply in Norman, OK

How many homes are available in Norman, OK?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
569Last MonthDec 2024
6022 months agoNov 2024
-5.5 %
Change MoMNov – Dec

Summary: The Norman real estate market had 569 homes for sale in Dec 2024, a 5.5 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
111Last MonthDec 2024
1052 months agoNov 2024
+5.7 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
178
+14.3%
26653
-19.7%
3285267
-6.3%
4194192
-1.0%
55049
-2.0%

Summary: Norman housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes increased by +14.3%. The inventory for 2 bedroom homes decreased by -19.7%. The inventory for 3 bedroom homes decreased by -6.3%. The inventory for 4 bedroom homes decreased by -1.0%. The inventory for 5 bedroom homes decreased by -2.0%.

Asking Price vs. Sold Price

How much do homes in Norman, OK cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price12 Homes

At Asking Price39 Homes

Under Asking Price60 Homes

Insight

If you're buying a home in Norman, you may be able to get a good deal. 54.1% of homes here sold below asking price last month.

Summary: A total of 111 homes were sold or pending in Norman in December 2024, up by 5.7% month-over-month. Of the 111 sold homes, 54% were sold under asking, 35% were sold at asking, and and 11% were sold over asking.

Days on Market for Norman, OK

How long does it take to sell a home in Norman, OK?

Breakdown of Home Sale Times

Under 30 Days61 Homes

30 – 90 Days30 Homes

Over 90 Days20 Homes

Insight

Many homes in Norman are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 111 homes were sold in Norman; 55% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
45 DaysThis YearDec 2024
31 Days1 year agoDec 2023
+43.0 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Norman had an average listing age of 45 days in Dec 2024, up by 43.0% compared to the previous year.

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Newest Listings in Norman, OK

What homes are available in Norman, OK?

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Nearby markets

Popular Cities with Homes for Sale in Oklahoma

MLS Disclaimers and Copyright

Based on information from MLS of Oklahoma, and MLS Technology Inc. for the period 01/01/2023 - 01/01/2025

IDX Copyright© 2025 MLSOK, Inc. All rights reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, MLSOK, Inc. We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. It may be subject to transcription and transmission errors. Accordingly, the data is provided as is, as available basis only and may not reflect all real estate activity in the market. The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Equal Housing
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 11:14:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of Greater Tulsa Association of Realtors. Information deemed reliable but not guaranteed. Information is provided for consumers’ personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. Copyright 2025 Greater Tulsa Association of REALTORS® MLS. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 11:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.