Is Norwell, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Norwell has remained a Seller's Market.
Key Takeaway
Norwell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norwell, MA
How much do homes in Norwell, MA cost?
Median Sold Price
$873,000
$393/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norwell have sold for 1.9% less than they did a year ago.
Summary: The median home sold price in Norwell was $873,000 in May 2024, down 1.9% from last year, and the median price per square foot was $393.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $570K | $600K | +5.3% |
| 3 Bedrooms | $730K | $790K | +8.2% |
| 4 Bedrooms | $950K | $1.1M | +23.7% |
| 5+ Bedrooms | $1.6M | $2.1M | +31.8% |
Summary: Norwell housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 23.7%, and 5+ bedroom homes increased by 31.8%.
Median Sold Price Compared To Nearby Cities
| Marshfield | $652.5K | $749.9K | +14.9% |
| Hanover | $705K | $755K | +7.1% |
| Pembroke | $567.5K | $575K | +1.3% |
| Scituate | $853.3K | $863K | +1.1% |
| Norwell | $890K | $873K | -1.9% |
Housing Supply in Norwell, MA
How many homes are available in Norwell, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 35 | +12.9% |
Summary: The Norwell real estate market had 35 homes for sale in May 2024, a 12.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 6 | 4 | -33.3% |
| 4 Bedrooms | 14 | 21 | +50.0% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Norwell housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 9 | +12.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norwell, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Norwell in May 2024, up by 12.5% month-over-month. Of the 9 sold homes, 33% were sold under asking, 11% were sold at asking, and 56% were sold over asking.
Days on Market for Norwell, MA
How long does it take to sell a home in Norwell, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 19 Days | -13.0% |
Summary: Homes in Norwell had an average of 19 days on market in May 2024, down by 13% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norwell are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Norwell; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
