We measure the frequencies of small-amplitude shape oscillations of a magnetically levitated water droplet. The droplet levitates in a magnetogravitational potential trap. The restoring forces of the trap, acting on the droplet's surface in addition to the surface tension, increase the frequency of the oscillations. We derive the eigenfrequencies of the normal mode vibrations of a spherical droplet in the trap and compare them with our experimental measurements. We also consider the effect of the shape of the potential trap on the eigenfrequencies.