73071Norman, OK Housing Market
$228,225median sale price
The 73071 zip code, located in Norman, OK, is currently classified as a balanced market. The median sale price stands at $228,225, representing a -2.9% change year over year. Homes in this area spend an average of 42 days on the market before going under contract. There are currently 147 active listings in the area, which influences how much negotiating power buyers and sellers have.
Understanding zip-code-level data is essential for making informed real estate decisions. City-wide averages can mask significant variation between neighborhoods, and the 73071 market may perform differently from surrounding areas depending on local school quality, proximity to employment centers, and housing stock characteristics. The metrics below are sourced from Redfin transaction data, Zillow home value estimates, and U.S. Census Bureau demographic statistics.
Homes sold
136
Last 12 weeks
Days on market
42
Average pace
Active listings
147
Sale-to-list
97.2%
Below asking
Market trends
Market analysis for 73071
The 73071 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a balanced market, homes are selling at approximately 97.2% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 73071 have declined -2.9% compared to last year, which may present opportunities for buyers looking to enter the market at a lower price point. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 73071 stands at $219,429, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,200 per month. This gives a price-to-rent ratio of approximately 15.2, which sits in a moderate range where the buy-versus-rent decision depends heavily on individual financial circumstances and time horizon. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Community profile
Population
43,027
Median income
$57,428/yr
Median age
28.7 years
Owner-occupied
47.7%
College grads
41.9%
Avg commute
27.3 min
Living in 73071
Zip code 73071 is home to approximately 43,027 residents. The median household income is $57,428 per year, which shapes the types of homes and amenities available in the area. With a median age of 28.7 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 47.7% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 41.9% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 27.3 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 73071.
Frequently asked questions about 73071
What is the median home price in 73071?
The current median sale price in 73071 is $228,225, based on recent Redfin transaction data. Prices have changed -2.9% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 73071 a buyer's or seller's market?
The 73071 zip code is currently classified as a balanced market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population and demographics of 73071?
Zip code 73071 has a population of approximately 43,027 residents. The median household income is $57,428 per year. About 47.7% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 73071?
Properties Incorporated provides comprehensive data for 73071 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 73071 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually. Visit our data sources page to learn more about our data methodology and update schedules.
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