Norwich, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norwich Neighborhoods Since 2000




Norwich, NY 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 Q1 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 6,968 people, 2,739 houses or apartments, and a median cost of homes of $99,014, house prices in Norwich are solidly below the national average.

Single-family detached homes are the single most common housing type in Norwich, accounting for 46.36% 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 ( 37.12%), large apartment complexes or high rise apartments ( 13.91%), and a few row houses and other attached homes ( 1.34%).

The most prevalent building size and type in Norwich are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.73% owning and 51.27% renting.

The housing in Norwich was primarily built before 1939 ( 59.21%), 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 ( 25.73%), followed by between 1970-1999 ( 13.53%). There's also some housing in Norwich built between 2000 and later ( 1.52%).

Vacant housing appears to be an issue in Norwich. Fully 14.78% 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

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 -0.70% during the period.

Over the last year, Norwich appreciation rates have trailed the rest of the nation. In the last twelve months, Norwich's appreciation rate has been 0.23%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norwich were at -0.56%, which equates to an annual appreciation rate of -2.23%.

Notably, Norwich's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$99,014

Norwich, NY HOME PRICES

Value Range
> $1,015,000 0.0
$762,001 - $1,015,000 0.0
$508,001 - $762,000 0.0
$406,001 - $508,000 0.0
$305,001 - $406,000 0.0
$203,001 - $305,000 4.5
$101,001 - $203,000 33.7
$51,001 - $101,000 46.6
$0 - $51,000 15.2

Very Low for NY
Low for Nation

Value Relative to Nation Value Relative to State
78.2022735263096 84.3995510662177

Number Of Homes And Apartments:
2,739

Norwich Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
47.86% 2.29% 4 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$824 / per month

Homeownership Rate

Homeownership
Owners 48.73
Renters 51.27
Vacant 14.78

Housing Market Details

 

Age of Homes

AGE OF Norwich HOMES
2000 or Newer 1.5
1970 - 1999 13.5
1940 - 1969 25.7
1939 or Older 59.2

Types of Homes

TYPE OF Norwich HOMES
Single-Family 46.4
Townhomes 1.3
Small Apt. Buildings 37.1
Apt. Complexes 13.9
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Norwich HOMES
No Bedroom 3.42
1 Bedroom 17.52
2 Bedrooms 27.38
3 Bedrooms 32.14
4 Bedrooms 16.30
5 or more bedrooms 3.24