Norwalk, CA 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

Norwalk, CA Housing Market Trends

With a population of 103,949, 26,964 total housing units (homes and apartments), and a median house value of $523,667, 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 74.75% of the city's housing units. Other types of housing that are prevalent in Norwalk include large apartment complexes or high rise apartments ( 17.52%), row houses and other attached homes ( 3.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.32%).

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 62.12% owning and 37.88% 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 78.37% of the city's housing hails from this era. Other housing ages represented in Norwalk include homes built between 1970-1999 ( 16.70%) and housing constructed before 1939 ( 2.48%). There's also some housing in Norwalk built between 2000 and later ( 2.45%).

Norwalk Home Appreciation Rates

In the last 10 years, Norwalk has experienced some of the highest home appreciation rates of any community in the nation. Norwalk real estate appreciated 83.63% over the last ten years, which is an average annual home appreciation rate of 6.27%, putting Norwalk in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norwalk definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Norwalk appreciation rates have trailed the rest of the nation. In the last twelve months, Norwalk's appreciation rate has been 4.91%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norwalk were at 1.53%, which equates to an annual appreciation rate of 6.25%.

Notably, Norwalk's appreciation rate in the latest quarter is one of the lowest in America.

Relative to California, our data show that Norwalk's latest annual appreciation rate is lower than 50% 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.

Average Home Values

 

Median Home Value:
$523,667

Norwalk, CA HOME PRICES

> $1,193,000
0.6%
0.6%
$895,001 - $1,193,000
0.6%
0.6%
$596,001 - $895,000
21.8%
21.8%
$477,001 - $596,000
45.3%
45.3%
$358,001 - $477,000
22.7%
22.7%
$238,001 - $358,000
5.5%
5.5%
$119,001 - $238,000
0.7%
0.7%
$60,001 - $119,000
0.7%
0.7%
$0 - $60,000
2.0%
2.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for CA

Value Relative To Nation

Number Of Homes And Apartments:
26,964

Norwalk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
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
193.86% 5.27%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,477 / per month

Homeownership Rate

Owners
62.1%
62.1%
Renters
37.9%
37.9%
Vacant
3.7%
3.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.4%
2.4%
1970 - 1999
16.7%
16.7%
1940 - 1969
78.4%
78.4%
1939 or Older
2.5%
2.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
74.7%
74.7%
Townhomes
3.8%
3.8%
Small Apt. Buildings
2.3%
2.3%
Apt. Complexes
17.5%
17.5%
Mobile Homes
1.6%
1.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.2%
5.2%
1 Bedroom
7.5%
7.5%
2 Bedrooms
25.7%
25.7%
3 Bedrooms
47.0%
47.0%
4 Bedrooms
12.9%
12.9%
5 or more bedrooms
1.7%
1.7%
0.0% 100.0%
% OF HOMES