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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 38,768 people, 16,121 houses or apartments, and a median cost of homes of $166,988, house prices in Norwich are solidly below the national average.

Single-family detached homes are the single most common housing type in Norwich, accounting for 42.36% of the city's housing units. Other types of housing that are prevalent in Norwich include duplexes, homes converted to apartments or other small apartment buildings ( 27.62%), large apartment complexes or high rise apartments ( 21.09%), and a few row houses and other attached homes ( 5.15%).

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 ( 38.15%), 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 1940-1969 ( 29.07%), followed by between 1970-1999 ( 24.44%). There's also some housing in Norwich built between 2000 and later ( 8.34%).

Vacant housing appears to be an issue in Norwich. Fully 16.14% 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

Homes have actually lost value in Norwich over the last then years, as home values have seen a decline of 5.95% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at 2.30%, which equates to an annual appreciation rate of 9.53%.

NeighborhoodScout's data show that during the latest twelve months, Norwich's appreciation rate, at 5.65%, has been at or slightly above the national average. In the latest quarter, Norwich's appreciation rate has been 2.30%, which annualizes to a rate of 9.53%.

Relative to Connecticut, our data show that Norwich's latest annual appreciation rate is higher than 60% 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

 
info

Median Home Value:
$166,988

Norwich, CT HOME PRICES

> $1,120,000
0.1%
0.1%
$840,001 - $1,120,000
0.2%
0.2%
$561,001 - $840,000
1.4%
1.4%
$448,001 - $561,000
1.8%
1.8%
$336,001 - $448,000
3.6%
3.6%
$224,001 - $336,000
18.6%
18.6%
$112,001 - $224,000
57.8%
57.8%
$56,001 - $112,000
8.6%
8.6%
$0 - $56,000
8.0%
8.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
16,121

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
32.06% 1.33%
2
1
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,334 / per month

Homeownership Rate

Owners
51.0%
51.0%
Renters
49.0%
49.0%
Vacant
16.1%
16.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
8.3%
8.3%
1970 - 1999
24.4%
24.4%
1940 - 1969
29.1%
29.1%
1939 or Older
38.1%
38.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
42.4%
42.4%
Townhomes
5.1%
5.1%
Small Apt. Buildings
27.6%
27.6%
Apt. Complexes
21.1%
21.1%
Mobile Homes
3.8%
3.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.9%
2.9%
1 Bedroom
15.1%
15.1%
2 Bedrooms
31.8%
31.8%
3 Bedrooms
37.0%
37.0%
4 Bedrooms
10.7%
10.7%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES