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 about Scout's Real Estate Data
With 38,768 people, 16,121 houses or apartments, and a median cost of homes of $175,162, 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 42.36% 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 ( 27.62%), large apartment complexes or high rise apartments ( 21.09%), and a few row houses and other attached homes ( 5.15%).
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 ( 38.15%), 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 ( 29.07%), followed by between 1970-1999 ( 24.44%). There's also some housing in Norwich built between 2000 and later ( 8.34%).
Vacant housing appears to be an issue in Norwich. Fully 16.14% 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Norwich, where house values have increased just 2.93%, which is annualized rate of 0.29%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
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 9.51%, which is higher than appreciation rates in 87.46% 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 2.53%, which equates to an annual appreciation rate of 10.53%.
Importantly, this makes Norwich one of the highest appreciating communities in the nation for the latest quarter, and 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 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.
Average for Nation
Very Low for CT