Norwood, MA Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Norwood, MA Housing Market Trends

With a population of 29,725, 11,971 total housing units (homes and apartments), and a median house value of $500,280, real estate costs in Norwood are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Single-family detached homes are the single most common housing type in Norwood, accounting for 47.33% of the town's housing units. Other types of housing that are prevalent in Norwood include large apartment complexes or high rise apartments ( 24.86%), duplexes, homes converted to apartments or other small apartment buildings ( 20.39%), and a few row houses and other attached homes ( 7.25%).

The most prevalent building size and type in Norwood are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 56.67% owning and 43.33% renting.

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. Norwood's housing was primarily built during this period, from the '40s through the '60s. A full 43.49% of the town's housing hails from this era. Other housing ages represented in Norwood include homes built before 1939 ( 25.06%) and housing constructed between 1970-1999 ( 24.78%). There's also some housing in Norwood built between 2000 and later ( 6.67%).

Norwood Home Appreciation Rates

Appreciation rates for homes in Norwood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 41.87%, which ranks in the top 40% nationwide. This equates to an annual average Norwood house appreciation rate of 3.56%.

Over the last year, Norwood appreciation rates have trailed the rest of the nation. In the last twelve months, Norwood's appreciation rate has been 5.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norwood were at 2.09%, which equates to an annual appreciation rate of 8.63%.

Relative to Massachusetts, our data show that Norwood's latest annual appreciation rate is lower than 80% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Norwood differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norwood - 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 Norwood real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$500,280

Norwood, MA HOME PRICES

> $1,164,000
1.6%
1.6%
$873,001 - $1,164,000
2.5%
2.5%
$582,001 - $873,000
25.9%
25.9%
$466,001 - $582,000
32.9%
32.9%
$349,001 - $466,000
25.9%
25.9%
$232,001 - $349,000
6.6%
6.6%
$116,001 - $232,000
3.2%
3.2%
$58,001 - $116,000
0.4%
0.4%
$0 - $58,000
1.0%
1.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for MA

Value Relative To Nation

Number Of Homes And Apartments:
11,971

Norwood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
88.65% 3.07%
7
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,357 / per month

Homeownership Rate

Owners
56.7%
56.7%
Renters
43.3%
43.3%
Vacant
5.0%
5.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.7%
6.7%
1970 - 1999
24.8%
24.8%
1940 - 1969
43.5%
43.5%
1939 or Older
25.1%
25.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
47.3%
47.3%
Townhomes
7.3%
7.3%
Small Apt. Buildings
20.4%
20.4%
Apt. Complexes
24.9%
24.9%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
15.7%
15.7%
2 Bedrooms
28.9%
28.9%
3 Bedrooms
36.2%
36.2%
4 Bedrooms
14.0%
14.0%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES