Is it normal that we're basically a couple yet aren't officially going out?

So, there's this guy who I've known for years, I've had multiple crushes on him in the past but I let go of them since I didn't think he liked me back. Well, turns out that he actually has feelings for me(as in, a lot) and I've been so happy because I could finally stop hiding my feelings for him(so maybe I didn't entirely let the crushes go) and we've talked every single day for hours since. We've set physical boundaries between each-other and we both know that I only have feelings for him and he only has feelings for me, since we're completely honest in all aspects of life. It's basically like we're a couple. So, is it normal that we haven't really gone official yet, this just started happening this past week?