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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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.
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Norwich HOMES|
|2000 or Newer||1.5|
|1970 - 1999||13.5|
|1940 - 1969||25.7|
|1939 or Older||59.2|
|TYPE OF Norwich HOMES|
|Small Apt. Buildings||37.1|
|SIZE OF Norwich HOMES|
|5 or more bedrooms||3.24|