Is Norwood, PA 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, Norwood has remained a Seller's Market.
Key Takeaway
Norwood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norwood, PA
How much do homes in Norwood, PA cost?
Median Sold Price
$265,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norwood have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Norwood was $265,000 in May 2024, up 5.4% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $157.5K | $182.5K | +15.9% |
| 3 Bedrooms | $250.5K | $256K | +2.2% |
| 4 Bedrooms | $268K | $301.7K | +12.6% |
| 5+ Bedrooms | $282.5K | $268.9K | -4.8% |
Summary: Norwood 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 15.9%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes decreased by 4.8%.
Median Sold Price Compared To Nearby Cities
| Prospect Park | $260K | $283.2K | +8.9% |
| Ridley Township | $285K | $305K | +7.0% |
| Norwood | $251.5K | $265K | +5.4% |
| Glenolden | $221.2K | $228K | +3.1% |
| Folcroft | $211.9K | $200K | -5.6% |
Housing Supply in Norwood, PA
How many homes are available in Norwood, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 21 | +23.5% |
Summary: The Norwood real estate market had 21 homes for sale in May 2024, a 23.5% 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 9 | 11 | +22.2% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Norwood 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 increased by 100%, 3 bedroom homes increased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Norwood, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Norwood in May 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Norwood, PA
How long does it take to sell a home in Norwood, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 31 Days | +16.7% |
Summary: Homes in Norwood had an average of 31 days on market in May 2024, up by 16.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Norwood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Norwood; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
