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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norwich Housing Market Information

With 38,768 people, 16,271 houses or apartments, and a median cost of homes of $178,618, 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 42.01% 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 ( 28.30%), large apartment complexes or high rise apartments ( 20.66%), and a few row houses and other attached homes ( 5.48%).

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 ( 37.48%), 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 ( 30.40%), followed by between 1970-1999 ( 23.96%). There's also some housing in Norwich built between 2000 and later ( 8.16%).

Vacant housing appears to be an issue in Norwich. Fully 14.70% 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 7.94% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at 1.38%, which equates to an annual appreciation rate of 5.63%.

NeighborhoodScout's data show that during the latest twelve months, Norwich's appreciation rate, at 4.69%, has been at or slightly above the national average. In the latest quarter, Norwich's appreciation rate has been 1.38%, which annualizes to a rate of 5.63%.

Relative to Connecticut, our data show that Norwich's latest annual appreciation rate is higher 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:
$178,618

Norwich, CT HOME PRICES

Value Range
> $1,124,000 0.2
$843,001 - $1,124,000 0.2
$562,001 - $843,000 0.9
$450,001 - $562,000 1.5
$337,001 - $450,000 4.1
$225,001 - $337,000 17.4
$112,001 - $225,000 59.1
$56,001 - $112,000 9.0
$0 - $56,000 7.5

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
49.5124087591241 95.2662721893491

Number Of Homes And Apartments:
16,271

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
29.92% 1.27%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,337 / per month

Homeownership Rate

Homeownership
Owners 50.27
Renters 49.73
Vacant 14.70

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 8.2
1970 - 1999 24.0
1940 - 1969 30.4
1939 or Older 37.5

Types of Homes

TYPE OF Norwich HOMES
Single-Family 42.0
Townhomes 5.5
Small Apt. Buildings 28.3
Apt. Complexes 20.7
Mobile Homes 3.6
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 2.81
1 Bedroom 15.32
2 Bedrooms 32.08
3 Bedrooms 36.20
4 Bedrooms 11.09
5 or more bedrooms 2.50