Buying Norman Oklahoma Real Estate
Norman: A Primer
20 miles south of Oklahoma City lies the city of Norman. Norman is a beautiful city with a knockout combination of college town energy and small-town charm. An accouterment of world-class amenities and bustling nightlife locks in Norman as one of the best places to live in Oklahoma. The historical presence of the University of Oklahoma campus and athletic facilities (home of the Oklahoma Sooners) is felt and supported by the locals. Business Insider ranks Norman as one of the Top 30 college towns in America. Beyond that, Norman is considered one of the Top 50 cities for entrepreneurs, being in the Top 10 when it comes to growth in high-wage jobs. It’s hard to argue that owning a home in Norman means becoming part of an exceptional community. This guide will help you navigate Norman, OK as a potential buyer of real estate!
The City of Norman, Oklahoma
1. What’s Norman like?
People of all ages move to Norman for a variety of reasons, whether it’s the outstanding educational institutions (Norman has a fantastic public education system), the unique “vibe” of the city, or the myriad of work opportunities that city has to offer. According to niche, one resident describes it as an “interesting mix of people, mindsets, lifestyles and age groups,” while another claims that it really “feels like 3 cities in 1.” These testimonials may give you a small hint at what to expect from Norman.
Statistically, there is clear evidence this is a college town. 44% of residents are single, 48% rent, and the median age is 33, according to Trulia. These statistics indicate the area is youthful and full of new ideas. Want to learn more about Norman? Check out the city’s homepage.
2. What types of amenities are in Norman?
As we’ve said before, Norman offers a variety activities that appeal to a wide range of people. If you’re in the mood for food, then you certainly won’t be disappointed. This city is home to establishments like Ray’s Smokehouse BBQ, whose award-winning pulled pork and brisket are some of the best in all of Norman! If you’re in the mood for something inexpensive and laid-back, The Diner is well-regarded for their traditional American and Tex-Mex fare which is available for both dine-in and to-go. Want some classic and upscale? Try The Whispering Pines Inn Restaurant. While a bit unassuming from the outside, this restaurant offers a variety of continental cuisines and is perfect for everything from special occasions to business dinners. These three restaurants are just a taste of what the area has to offer.
What else does this city have to offer? To start with, over 55 neighborhood and community parks. Our top three picks would have to be Andrews Park, Reaves Park, and Lake Thunderbird State Park. All of these parks are wonderfully scenic and perfect for outdoor activities and picnics. The State Park stands out for its unique activities such as fishing, as well as over 11 miles of equestrian and hiking trails.
If the outdoors aren’t quite your style, you should check out the Sam Noble Museum (part of the University of Oklahoma). Not only is this museum rated the Number 1 place to visit in Norman, its wide range of rotating exhibits, from Natural History to World Culture, keep patrons of all ages returning again and again. If your passion lies more in art, our recommendation would be the Fred Jones Jr. Museum of Art. This museum houses a variety of collections and exhibits, showcasing art from around the world. It is one of the most outstanding university art museums in the US, with a growing collection of over 17,000 pieces.
And lastly, how could we forget the Oklahoma Memorial Stadium? Possibly the jewel of Oklahoma University, this stadium serves as the home of the Oklahoma Sooners. If you take any pride in supporting your local sports team, you’re going to want to catch a game here. With the capability hold over 85,000 attendees, this stadium is one of the largest in the US.
3. What is the average Norman home like?
As with most suburban areas, real estate data shows the “average” property in Norman is a 2-3 bedroom, single family home worth around $180,000. Only about 20% of the homes in Norman were built in 2000 and later, with the majority (50%) being built between 1940 and 1999. This leads to a historical feel that is not usually found in suburban areas.
Despite the fact that Norman is certainly considered a college town, apartments only make up about 20% of the homes in the area, with townhomes being at a minuscule 4%. These lower-than-expected percentages are a bit surprising, considering the large number of students in the area. The students University of Oklahoma alone comprise nearly a quarter of the entire city’s population. Even so, almost half of the residents in Norman are renters.
Buying Property in the Norman Real Estate Market
4. How has the housing market been in the past?
Over the past five years, standard real estate metrics like appreciation rates and price per sq footage have been steadily rising. These numbers indicate a healthy market, ensuring that your investment becomes more valuable as inflation and other negative factors rise. As of writing this, in the last year alone the median sales price of homes has risen over 6%. As you can see from the graph below, a steady upward trend of median home prices has been the pattern for quite some time.
5. How is the current Norman real estate market?
Currently, Norman could be considered a “Neutral” market, neither a “Buyer’s” or a “Seller’s.” What’s great to know about the real estate market is an even balance between renters and owners. This indicates that there are excellent properties on either side to cater to your needs and lifestyle. Regardless of your criteria for your residential area or neighborhood, Norman is sure to meet them.
For an excellent, regularly updated resource on the current housing market, check out these market trends.
6. How does the Norman housing market look for the future?
While no one can honestly know what direction the market will take, it’s safe to assume the positive trend will continue. Appreciation values of homes have skyrocketed nearly 22% over the past ten years, placing it in the top 20% across the United States for home appreciation. Additionally, home foreclosure rates have decreased alongside homes with negative equity.
Hacks For Buying Norman Real Estate
7. What are some quick tips you can offer me on Norman?
8. What else should I know?
If you want to ensure you make an excellent decision and guard your investment in your Norman home, follow these guidelines:
- Take your time, but not too much! Buying any property is a significant decision. As such, rushing quickly through the process could lead to disappointment soon after. Conversely, if you take too much time, any desirable property could slip through your fingers.
- Avoid overbuying. While you can
- Stay emotionless. We understand the search for a new home is exciting. Enjoy that! However, moderation is still crucial. When you walk into a house, get swept off your feet, and swear off all other options, you place yourself at a severe disadvantage. Keep your options and rationality open.
- Use a professional realtor. Over 90% of housing sales involve a full-time realtor for a good reason. A professional realtor will get you the results you desire while minimizing any headaches along the way. Be sure to work with a realtor who possesses extensive experience and innately knows the area. Contact us today, and we promise you a second-to-none real estate experience.
