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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (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 39,556, 16,017 total housing units (homes and apartments), and a median house value of $178,823, 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 40.65% 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 ( 25.61%), large apartment complexes or high rise apartments ( 22.31%), and a few row houses and other attached homes ( 7.17%).

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 ( 37.04%), 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 1970-1999 ( 27.86%), followed by between 1940-1969 ( 26.40%). There's also some housing in Norwich built between 2000 and later ( 8.70%).

Vacant housing appears to be an issue in Norwich. Fully 14.36% 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 26.22% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Norwich appreciation rates have trailed the rest of the nation. In the last twelve months, Norwich's appreciation rate has been -0.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norwich were at 0.43%, which equates to an annual appreciation rate of 1.74%.

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

Relative to Connecticut, our data show that Norwich's latest annual appreciation rate is lower than 80% 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:
$178,823

Norwich, CT HOME PRICES

Value Range
> $1,046,000 0.3
$784,001 - $1,046,000 0.1
$523,001 - $784,000 1.1
$418,001 - $523,000 1.3
$314,001 - $418,000 3.6
$209,001 - $314,000 20.9
$105,001 - $209,000 55.3
$52,001 - $105,000 9.9
$0 - $52,000 7.5

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
44.0700729927007 95.2662721893491

Number Of Homes And Apartments:
16,017

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
19.22% 0.94%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,301 / per month

Homeownership Rate

Homeownership
Owners 49.98
Renters 50.02
Vacant 14.36

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 8.7
1970 - 1999 27.9
1940 - 1969 26.4
1939 or Older 37.0

Types of Homes

TYPE OF Norwich HOMES
Single-Family 40.6
Townhomes 7.2
Small Apt. Buildings 25.6
Apt. Complexes 22.3
Mobile Homes 4.3
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 3.61
1 Bedroom 15.12
2 Bedrooms 32.25
3 Bedrooms 34.06
4 Bedrooms 12.42
5 or more bedrooms 2.54