Norwalk, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norwalk Neighborhoods Since 2000




Norwalk, CT Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Norwalk Housing Market Information

With a population of 88,485, 34,137 total housing units (homes and apartments), and a median house value of $422,523, Norwalk house prices are not only among the most expensive in Connecticut, Norwalk real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Norwalk, accounting for 48.63% of the city's housing units. Other types of housing that are prevalent in Norwalk include large apartment complexes or high rise apartments ( 24.56%), duplexes, homes converted to apartments or other small apartment buildings ( 21.36%), and a few row houses and other attached homes ( 5.04%).

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

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 43.53% of the city's housing hails from this era. Other housing ages represented in Norwalk include homes built between 1970-1999 ( 27.25%) and housing constructed before 1939 ( 21.56%). There's also some housing in Norwalk built between 2000 and later ( 7.65%).

Norwalk Home Appreciation Rates

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 -2.05%, which is lower than 80% of US communities.

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 -0.76%, 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 -1.81%, which equates to an annual appreciation rate of -7.04%.

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

Relative to Connecticut, our data show that Norwalk's latest annual appreciation rate is lower 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 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:
$422,523

Norwalk, CT HOME PRICES

Value Range
> $1,040,000 4.1
$780,001 - $1,040,000 4.9
$520,001 - $780,000 19.0
$416,001 - $520,000 17.7
$312,001 - $416,000 26.3
$208,001 - $312,000 15.7
$104,001 - $208,000 7.6
$52,001 - $104,000 3.0
$0 - $52,000 1.7

Very High for CT
Very High for Nation

Value Relative to Nation Value Relative to State
8.43196999882808 13.6094674556213

Number Of Homes And Apartments:
34,137

Norwalk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
36.31% 1.81% 9 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,775 / per month

Homeownership Rate

Homeownership
Owners 61.24
Renters 38.76
Vacant 4.65

Housing Market Details

 

Age of Homes

AGE OF Norwalk HOMES
2000 or Newer 7.7
1970 - 1999 27.3
1940 - 1969 43.5
1939 or Older 21.6

Types of Homes

TYPE OF Norwalk HOMES
Single-Family 48.6
Townhomes 5.0
Small Apt. Buildings 21.4
Apt. Complexes 24.6
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Norwalk HOMES
No Bedroom 2.29
1 Bedroom 17.30
2 Bedrooms 29.20
3 Bedrooms 30.40
4 Bedrooms 16.32
5 or more bedrooms 4.50