Is Norwich, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$233,283
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Norwich have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Norwich was $233,283 in April 2024, up 6.7% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $128K | $145K | +13.3% |
| 2 Bedrooms | $185K | $189.9K | +2.7% |
| 3 Bedrooms | $245K | $260K | +6.1% |
| 4 Bedrooms | $262K | $300K | +14.5% |
| 5+ Bedrooms | $250K | $276K | +10.4% |
Summary: Norwich housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.3%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes increased by 10.4%.
Median Sold Price Compared To Nearby Cities
| Preston | $311K | $353K | +13.5% |
| Norwich | $218.6K | $233.2K | +6.7% |
Housing Supply in Norwich, CT
How many homes are available in Norwich, CT?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 132 | 129 | -2.3% |
Summary: The Norwich real estate market had 129 homes for sale in April 2024, a 2.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 8 | -20.0% |
| 2 Bedrooms | 32 | 33 | +3.1% |
| 3 Bedrooms | 46 | 45 | -2.2% |
| 4 Bedrooms | 27 | 22 | -18.5% |
| 5+ Bedrooms | 17 | 21 | +23.5% |
Summary: The Norwich housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 3.1%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes decreased by 18.5%, and 5+ bedroom homes increased by 23.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 35 | 32 | -8.6% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norwich, you could pay more than the asking price. 59.4% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in Norwich in April 2024, down by 8.6% month-over-month. Of the 32 sold homes, 31% were sold under asking, 9% were sold at asking, and 59% 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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