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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.



Norwood, OH 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

Norwood, OH Housing Market Trends

With a population of 19,108, 8,638 total housing units (homes and apartments), and a median house value of $320,216, Norwood real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Norwood, accounting for 51.59% of the city's housing units. Other types of housing that are prevalent in Norwood include duplexes, homes converted to apartments or other small apartment buildings ( 28.12%), large apartment complexes or high rise apartments ( 18.74%), and a few row houses and other attached homes ( 1.51%).

People in Norwood primarily live in small (one, two or no bedroom) single-family detached homes. Norwood has a mixture of owner-occupied and renter-occupied housing.

The housing in Norwood was primarily built before 1939 ( 64.44%), making the housing stock in Norwood some of the oldest overall in America, although there is a range of ages of homes in Norwood. The next most important housing age is between 1940-1969 ( 21.58%), followed by between 1970-1999 ( 9.68%). There's also some housing in Norwood built between 2000 and later ( 4.30%).

Norwood Home Appreciation Rates

In the last 10 years, Norwood has experienced some of the highest home appreciation rates of any community in the nation. Norwood real estate appreciated 113.29% over the last ten years, which is an average annual home appreciation rate of 7.87%, putting Norwood in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norwood definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Norwood's appreciation rate, at 6.60%, has been at or slightly above the national average. In the latest quarter, Norwood's appreciation rate has been 0.10%, which annualizes to a rate of 0.40%.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. 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

$320,216

Norwood, OH Home Prices
> $1,378,000
$1,034,001 - $1,378,000
$690,001 - $1,034,000
$551,001 - $690,000
$414,001 - $551,000
$276,001 - $414,000
$138,001 - $276,000
$69,001 - $138,000
$0 - $69,000
0.0%
0.0%
0.2%
0.2%
2.7%
2.7%
4.4%
4.4%
12.5%
12.5%
30.5%
30.5%
37.0%
37.0%
10.2%
10.2%
2.6%
2.6%
0% 100.0%
% of Homes
Very High

for Ohio

High

for nation

Number of Homes And Apartments:

8,638

Norwood Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,408 / per month

Homeownership Rate

Owners
Renters
45.7%
45.7%
54.3%
54.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.9%
9.9%
90.1%
90.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.3%
4.3%
9.7%
9.7%
21.6%
21.6%
64.4%
64.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
51.6%
51.6%
1.5%
1.5%
28.1%
28.1%
18.7%
18.7%
0.0%
0.0%
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
4.3%
4.3%
27.4%
27.4%
27.2%
27.2%
25.4%
25.4%
9.8%
9.8%
5.9%
5.9%
0% 100.0%
% of Homes