Norwich, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Norwich, 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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Norwich Housing Market Information

With a population of 39,470, 15,795 total housing units (homes and apartments), and a median house value of $178,636, 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 42.42% 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 ( 27.15%), large apartment complexes or high rise apartments ( 20.48%), and a few row houses and other attached homes ( 6.14%).

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 ( 38.28%), 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 ( 28.54%), followed by between 1970-1999 ( 25.48%). There's also some housing in Norwich built between 2000 and later ( 7.71%).

Vacant housing appears to be an issue in Norwich. Fully 14.91% 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 19.90% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at 3.39%, which equates to an annual appreciation rate of 14.28%.

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 7.42%, which is higher than appreciation rates in 78.30% 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 3.39%, which equates to an annual appreciation rate of 14.28%.

Importantly, NeighborhoodScout’s exclusive research found that Norwich's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Connecticut, our data show that Norwich's latest annual appreciation rate is higher than 90% 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:
$178,636

Norwich, CT HOME PRICES

Value Range
> $1,115,000 0.3
$837,001 - $1,115,000 0.2
$558,001 - $837,000 1.6
$446,001 - $558,000 2.0
$335,001 - $446,000 4.3
$223,001 - $335,000 23.2
$111,001 - $223,000 52.0
$56,001 - $111,000 8.4
$0 - $56,000 7.9

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
44.9693430656934 95.8579881656805

Number Of Homes And Apartments:
15,795

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
26.99% 1.25%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,226 / per month

Homeownership Rate

Homeownership
Owners 51.42
Renters 48.58
Vacant 14.91

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 7.7
1970 - 1999 25.5
1940 - 1969 28.5
1939 or Older 38.3

Types of Homes

TYPE OF Norwich HOMES
Single-Family 42.4
Townhomes 6.1
Small Apt. Buildings 27.2
Apt. Complexes 20.5
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 3.23
1 Bedroom 15.22
2 Bedrooms 30.67
3 Bedrooms 35.71
4 Bedrooms 12.50
5 or more bedrooms 2.66