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 39,556 people, 16,017 houses or apartments, and a median cost of homes of $176,096, 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.
Homes have actually lost value in Norwich over the last then years, as home values have seen a decline of 33.22% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at -2.07%, which equates to an annual appreciation rate of -8.04%.
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 3.60%, 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 -2.07%, which equates to an annual appreciation rate of -8.04%.
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 higher than 70% 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.
|$773,001 - $1,030,000||0.1|
|$515,001 - $773,000||1.1|
|$412,001 - $515,000||1.3|
|$309,001 - $412,000||3.6|
|$206,001 - $309,000||20.9|
|$103,001 - $206,000||55.3|
|$52,001 - $103,000||9.9|
|$0 - $52,000||7.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q3 - 2017 Q4
Last 12 Months:
2016 Q4 - 2017 Q4
Last 2 Years:
2015 Q4 - 2017 Q4
Last 5 Years:
2012 Q4 - 2017 Q4
Last 10 Years:
2007 Q4 - 2017 Q4
2000 Q1 - 2017 Q4
|* 10 is highest|
|AGE OF Norwich HOMES|
|2000 or Newer||8.7|
|1970 - 1999||27.9|
|1940 - 1969||26.4|
|1939 or Older||37.0|
|TYPE OF Norwich HOMES|
|Small Apt. Buildings||25.6|
|SIZE OF Norwich HOMES|
|5 or more bedrooms||2.54|