$100,000
1.41 Acres
Land
Ron Lyman, Listing Office: Lyman Real Estate
Is Norwich, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Norwich has remained a Seller's Market.
Key Takeaway
Norwich is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norwich, CT
How much do homes in Norwich, CT cost?
Median Sold Price
$255,142
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,142(+10.9%)
Key Takeaway
Homes in Norwich have sold for 10.9% more than they did a year ago.
Summary: The median home sold price in Norwich was $255,142 in November 2024, up 10.9% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | $171.5K | +27.0% |
| 2 Bedrooms | $185K | $219K | +18.4% |
| 3 Bedrooms | $247K | $275.5K | +11.5% |
| 4 Bedrooms | $287K | $310K | +8.0% |
| 5+ Bedrooms | $281.4K | $300.5K | +6.8% |
Summary: Norwich housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 6.8%.
Median Sold Price Compared To Nearby Cities
| Bozrah | $300K | $412K | +37.3% |
| Taftville | $215K | $263K | +22.3% |
| Norwich | $230K | $255.1K | +10.9% |
| Preston | $367.4K | $380K | +3.4% |
Housing Supply in Norwich, CT
How many homes are available in Norwich, CT?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 212 | 179 | -15.6% |
Summary: The Norwich real estate market had 179 homes for sale in November 2024, a 15.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 10 | -16.7% |
| 2 Bedrooms | 47 | 32 | -31.9% |
| 3 Bedrooms | 66 | 62 | -6.1% |
| 4 Bedrooms | 52 | 45 | -13.5% |
| 5+ Bedrooms | 35 | 30 | -14.3% |
Summary: The Norwich housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 31.9%, 3 bedroom homes decreased by 6.1%, 4 bedroom homes decreased by 13.5%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 59 | 43 | -27.1% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norwich, you could pay more than the asking price. 60.5% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Norwich in November 2024, down by 27.1% month-over-month. Of the 43 sold homes, 23% were sold under asking, 16% were sold at asking, and 60% were sold over asking.
Days on Market for Norwich, CT
We’re sorry, we don't have information for this market at the moment
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