Norwich, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Norwich Neighborhoods Since 2000




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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (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 39,899, 16,080 total housing units (homes and apartments), and a median house value of $177,128, 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 41.93% 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 ( 25.68%), large apartment complexes or high rise apartments ( 22.18%), and a few row houses and other attached homes ( 6.32%).

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 ( 38.89%), 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 ( 28.19%), followed by between 1940-1969 ( 26.10%). There's also some housing in Norwich built between 2000 and later ( 6.83%).

Vacant housing appears to be an issue in Norwich. Fully 12.18% 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 31.12% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norwich home appreciation rates at 5.07%, which equates to an annual appreciation rate of 21.90%.

NeighborhoodScout's data show that during the latest twelve months, Norwich's appreciation rate, at 5.01%, has been at or slightly above the national average. In the latest quarter, Norwich's appreciation rate has been 5.07%, which annualizes to a rate of 21.90%.

Importantly, NeighborhoodScout’s exclusive research found that Norwich's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 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:
$177,128

Norwich, CT HOME PRICES

Value Range
> $998,000 0.3
$749,001 - $998,000 0.1
$499,001 - $749,000 1.2
$399,001 - $499,000 0.3
$300,001 - $399,000 5.5
$200,001 - $300,000 23.1
$100,001 - $200,000 52.3
$50,001 - $100,000 9.6
$0 - $50,000 7.5

Very Low for CT
Average for Nation

Value Relative to Nation Value Relative to State
40.4590432695123 93.491124260355

Number Of Homes And Apartments:
16,080

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
19.86% 1.04% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,113 / per month

Homeownership Rate

Homeownership
Owners 52.04
Renters 47.96
Vacant 12.18

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 6.8
1970 - 1999 28.2
1940 - 1969 26.1
1939 or Older 38.9

Types of Homes

TYPE OF Norwich HOMES
Single-Family 41.9
Townhomes 6.3
Small Apt. Buildings 25.7
Apt. Complexes 22.2
Mobile Homes 3.9
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 2.85
1 Bedroom 15.91
2 Bedrooms 32.54
3 Bedrooms 33.29
4 Bedrooms 12.83
5 or more bedrooms 2.58