Is Norwich, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$231,416
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Norwich have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Norwich was $231,416 in March 2024, up 7.6% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $138.5K | +6.5% |
| 2 Bedrooms | $185K | $188.5K | +1.9% |
| 3 Bedrooms | $240K | $258.7K | +7.8% |
| 4 Bedrooms | $245.6K | $300K | +22.1% |
| 5+ Bedrooms | $250K | $281.4K | +12.6% |
Summary: Norwich housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 22.1%, and 5+ bedroom homes increased by 12.6%.
Housing Supply in Norwich, CT
How many homes are available in Norwich, CT?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 123 | 128 | +4.1% |
Summary: The Norwich real estate market had 128 homes for sale in March 2024, a 4.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 12 | 0.0% |
| 2 Bedrooms | 37 | 30 | -18.9% |
| 3 Bedrooms | 40 | 45 | +12.5% |
| 4 Bedrooms | 19 | 24 | +26.3% |
| 5+ Bedrooms | 15 | 17 | +13.3% |
Summary: The Norwich housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 18.9%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 26.3%, and 5+ bedroom homes increased by 13.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 30 | -6.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norwich, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in Norwich in March 2024, down by 6.3% month-over-month. Of the 30 sold homes, 27% were sold under asking, 7% were sold at asking, and 67% 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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