Norwich, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Norwich, CT Real Estate Data


Norwich Housing Market Information

With 39,899 people, 16,331 houses or apartments, and a median cost of homes of $162,584, 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 42.72% 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 ( 23.92%), large apartment complexes or high rise apartments ( 23.05%), and a few row houses and other attached homes ( 6.87%).

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 ( 39.16%), 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 ( 27.92%), followed by between 1940-1969 ( 26.48%). There's also some housing in Norwich built between 2000 and later ( 6.44%).

Vacant housing appears to be an issue in Norwich. Fully 10.47% 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 30.82% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at -0.36%, which equates to an annual appreciation rate of -1.42%.

NeighborhoodScout's data show that during the latest twelve months, Norwich's appreciation rate, at 4.45%, has been at or slightly above the national average. In the latest quarter, Norwich's appreciation rate has been -0.36%, which annualizes to a rate of -1.42%.

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 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:
$162,584

Norwich, CT HOME PRICES

Value Range
> $951,000 0.2
$713,001 - $951,000 0.0
$475,001 - $713,000 1.5
$380,001 - $475,000 0.7
$285,001 - $380,000 5.9
$190,001 - $285,000 27.8
$95,001 - $190,000 47.1
$47,001 - $95,000 8.8
$0 - $47,000 7.9

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
45.7896586051414 97.6331360946746

Number Of Homes And Apartments:
16,331

Rent & Ownership

 

Average Market Rent:
$1,079 / per month

Homeownership Rate

Homeownership
Owners 51.54
Renters 48.46
Vacant 10.47

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 6.4
1970 - 1999 27.9
1940 - 1969 26.5
1939 or Older 39.2

Types of Homes

TYPE OF Norwich HOMES
Single-Family 42.7
Townhomes 6.9
Small Apt. Buildings 23.9
Apt. Complexes 23.0
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 3.37
1 Bedroom 16.24
2 Bedrooms 33.68
3 Bedrooms 32.94
4 Bedrooms 11.41
5 or more bedrooms 2.37

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
19.86% 1.07% 1 2
* 10 is highest