Norwell, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Norwell, MA Real Estate Data


Norwell Housing Market Information

With a population of 10,984, 3,638 total housing units (homes and apartments), and a median house value of $558,721, Norwell house prices are not only among the most expensive in Massachusetts, Norwell real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Norwell, accounting for 92.25% of the town's housing units. Other types of housing that are prevalent in Norwell include large apartment complexes or high rise apartments ( 3.15%), duplexes, homes converted to apartments or other small apartment buildings ( 1.98%), and a few mobile homes or trailers ( 1.31%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norwell. Owner-occupied housing accounts for 90.12% of Norwell's homes, and 75.38% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Norwell's housing was primarily built during this period, from the '40s through the '60s. A full 42.18% of the town's housing hails from this era. Other housing ages represented in Norwell include homes built between 1970-1999 ( 33.20%) and housing constructed before 1939 ( 14.92%). There's also some housing in Norwell built between 2000 and later ( 9.70%).

Norwell Home Appreciation Rates

Appreciation rates for homes in Norwell have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.75%, which ranks in the top 50% nationwide. This equates to an annual average Norwell house appreciation rate of 0.37%.

NeighborhoodScout's data show that during the latest twelve months, Norwell's appreciation rate, at 3.88%, has been at or slightly above the national average. In the latest quarter, Norwell's appreciation rate has been 0.88%, which annualizes to a rate of 3.57%.

Relative to Massachusetts, our data show that Norwell's latest annual appreciation rate is lower than 50% of the other cities and towns in Massachusetts.

Average Home Values

 

Median Home Value:
$558,721

Norwell, MA HOME PRICES

Value Range
> $1,114,000 6.2
$836,001 - $1,114,000 13.1
$557,001 - $836,000 36.1
$446,001 - $557,000 21.0
$334,001 - $446,000 15.8
$223,001 - $334,000 1.0
$112,001 - $223,000 0.0
$56,001 - $112,000 1.1
$0 - $56,000 3.3

Very High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
4.44157974920895 17.6282051282051

Number Of Homes And Apartments:
3,638

Rent & Ownership

 

Average Market Rent:
$1,158 / per month

Homeownership Rate

Homeownership
Owners 90.12
Renters 9.88
Vacant 2.75

Housing Market Details

 

Age of Homes

AGE OF Norwell HOMES
2000 or Newer 9.7
1970 - 1999 33.2
1940 - 1969 42.2
1939 or Older 14.9

Types of Homes

TYPE OF Norwell HOMES
Single-Family 92.2
Townhomes 1.3
Small Apt. Buildings 2.0
Apt. Complexes 3.2
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Norwell HOMES
No Bedroom 0.56
1 Bedroom 5.59
2 Bedrooms 8.53
3 Bedrooms 42.77
4 Bedrooms 32.61
5 or more bedrooms 9.94

Norwell Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
50.05% 2.38% 6 6
* 10 is highest

Popular Neighborhoods in Norwell

Zip Codes in Norwell, MA