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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 107,140, 27,225 total housing units (homes and apartments), and a median house value of $438,877, real estate costs in Norwalk are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Norwalk, accounting for 73.72% of the city's housing units. Other types of housing that are prevalent in Norwalk include large apartment complexes or high rise apartments ( 18.06%), row houses and other attached homes ( 4.09%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.53%).
The most prevalent building size and type in Norwalk are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.99% owning and 38.01% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Norwalk's housing was primarily built during this period, from the '40s through the '60s. A full 75.18% of the city's housing hails from this era. Other housing ages represented in Norwalk include homes built between 1970-1999 ( 19.21%) and housing constructed before 1939 ( 3.05%). There's also some housing in Norwalk built between 2000 and later ( 2.56%).
Norwalk's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Norwalk during the period has been just -0.98%, which is lower than 70% of US communities.
Appreciation rates are so strong in Norwalk that despite a nationwide downturn in the housing market, Norwalk real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norwalk appreciation rates continue to be some of the highest in America, at 8.82%, which is higher than appreciation rates in 90.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norwalk. Norwalk appreciation rates in the latest quarter were at 1.99%, which equates to an annual appreciation rate of 8.20%.
Importantly, this makes Norwalk one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to California, our data show that Norwalk's latest annual appreciation rate is higher than 60% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Norwalk differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norwalk - 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 Norwalk real estate investment or home purchase decisions.
|$1,005,001 - $1,339,000||0.2|
|$670,001 - $1,005,000||3.1|
|$536,001 - $670,000||14.4|
|$402,001 - $536,000||45.6|
|$268,001 - $402,000||27.6|
|$134,001 - $268,000||4.5|
|$67,001 - $134,000||0.7|
|$0 - $67,000||3.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Norwalk HOMES|
|2000 or Newer||2.6|
|1970 - 1999||19.2|
|1940 - 1969||75.2|
|1939 or Older||3.1|
|TYPE OF Norwalk HOMES|
|Small Apt. Buildings||2.5|
|SIZE OF Norwalk HOMES|
|5 or more bedrooms||1.59|