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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Norwich, NY 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Norwich, NY Housing Market Trends

With 6,812 people, 3,087 houses or apartments, and a median cost of homes of $156,482, house prices in Norwich are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Norwich, accounting for 42.97% 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 ( 27.81%), large apartment complexes or high rise apartments ( 22.83%), and a few row houses and other attached homes ( 4.42%).

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 ( 46.09%), 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 ( 29.73%), followed by between 1970-1999 ( 21.79%). There's also some housing in Norwich built between 2000 and later ( 2.39%).

Norwich Home Appreciation Rates

Real estate appreciation rates in Norwich's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.52% during the period.

Appreciation rates are so strong in Norwich that despite a nationwide downturn in the housing market, Norwich real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norwich appreciation rates continue to be some of the highest in America, at 8.56%, which is higher than appreciation rates in 89.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norwich. Norwich appreciation rates in the latest quarter were at 4.61%, which equates to an annual appreciation rate of 19.76%.

Importantly, this makes Norwich one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

Median Home Value

$156,482

Norwich, NY Home Prices
> $1,263,000
$947,001 - $1,263,000
$631,001 - $947,000
$505,001 - $631,000
$379,001 - $505,000
$253,001 - $379,000
$126,001 - $253,000
$63,001 - $126,000
$0 - $63,000
0.6%
0.6%
0.0%
0.0%
0.0%
0.0%
1.4%
1.4%
0.6%
0.6%
8.2%
8.2%
49.1%
49.1%
34.5%
34.5%
5.7%
5.7%
0% 100.0%
% of Homes
Very Low

for New york

Very Low

for nation

Number of Homes And Apartments:

3,087

Norwich Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,301 / per month

Homeownership Rate

Owners
Renters
39.7%
39.7%
60.3%
60.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.0%
9.0%
91.0%
91.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.4%
2.4%
21.8%
21.8%
29.7%
29.7%
46.1%
46.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
43.0%
43.0%
4.4%
4.4%
27.8%
27.8%
22.8%
22.8%
2.0%
2.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.7%
2.7%
20.1%
20.1%
25.6%
25.6%
31.2%
31.2%
16.5%
16.5%
3.9%
3.9%
0% 100.0%
% of Homes