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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Norwich, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norwich, CT Housing Market Trends

With 40,009 people, 17,165 houses or apartments, and a median cost of homes of $290,363, Norwich real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, Norwich homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Norwich, accounting for 44.21% of the city's housing units. Other types of housing that are prevalent in Norwich include large apartment complexes or high rise apartments ( 23.76%), duplexes, homes converted to apartments or other small apartment buildings ( 22.76%), and a few row houses and other attached homes ( 6.04%).

People in Norwich primarily live in small (one, two or no bedroom) single-family detached homes. Norwich has a mixture of owner-occupied and renter-occupied housing.

The housing in Norwich was primarily built before 1939 ( 38.11%), making the housing stock in Norwich some of the oldest overall in America, although there is a range of ages of homes in Norwich. The next most important housing age is between 1970-1999 ( 27.08%), followed by between 1940-1969 ( 24.87%). There's also some housing in Norwich built between 2000 and later ( 9.95%).

Vacant housing appears to be an issue in Norwich. Fully 10.66% of the housing stock is classified as vacant. Left unchecked, vacant Norwich homes and apartments can be a drag on the real estate market, holding Norwich real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Norwich Home Appreciation Rates

Real estate appreciation rates in Norwich's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.46% during the period.

Appreciation rates are so strong in Norwich that despite a nationwide downturn in the housing market, Norwich real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norwich appreciation rates continue to be some of the highest in America, at 10.23%, which is higher than appreciation rates in 95.57% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norwich. Norwich appreciation rates in the latest quarter were at 1.96%, which equates to an annual appreciation rate of 8.07%.

Relative to Connecticut, our data show that Norwich's latest annual appreciation rate is higher than 70% of the other cities and towns in Connecticut.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norwich differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norwich - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Norwich real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$290,363

Norwich, CT Home Prices
> $1,404,000
$1,053,001 - $1,404,000
$701,001 - $1,053,000
$561,001 - $701,000
$421,001 - $561,000
$281,001 - $421,000
$140,001 - $281,000
$70,001 - $140,000
$0 - $70,000
0.6%
0.6%
3.2%
3.2%
2.2%
2.2%
2.0%
2.0%
8.0%
8.0%
30.1%
30.1%
41.1%
41.1%
7.7%
7.7%
5.2%
5.2%
0% 100.0%
% of Homes
Very Low

for Connecticut

Average

for nation

Number of Homes And Apartments:

17,165

Norwich Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,892 / per month

Homeownership Rate

Owners
Renters
53.8%
53.8%
46.2%
46.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.7%
10.7%
89.3%
89.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.9%
9.9%
27.1%
27.1%
24.9%
24.9%
38.1%
38.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
44.2%
44.2%
6.0%
6.0%
22.8%
22.8%
23.8%
23.8%
3.2%
3.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.6%
2.6%
17.4%
17.4%
32.4%
32.4%
34.0%
34.0%
11.7%
11.7%
1.8%
1.8%
0% 100.0%
% of Homes