Is Norwalk, IA 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, Norwalk has remained a Buyer's Market.
Key Takeaway
Norwalk is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Norwalk, IA
How much do homes in Norwalk, IA cost?
Median Sold Price
$330,000
$233/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Norwalk have sold for 10% more than they did a year ago.
Summary: The median home sold price in Norwalk was $330,000 in March 2024, up 10% from last year, and the median price per square foot was $233.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $190K | $202K | +6.3% |
| 3 Bedrooms | $257.5K | $287K | +11.5% |
| 4 Bedrooms | $449.6K | $392K | -12.8% |
| 5+ Bedrooms | $573.3K | $575K | 0.3% |
Summary: Norwalk housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 11.5%, 4 bedroom homes decreased by 12.8%, and 5+ bedroom homes increased by 0.3%.
Median Sold Price Compared To Nearby Cities
| Linn Township | $309.2K | $345K | +11.6% |
| Norwalk | $300K | $330K | +10.0% |
| Bloomfield Township | $192.2K | $210K | +9.2% |
| Greenfield Township | $277.4K | $300K | +8.1% |
| Cumming | $562.5K | $527K | -6.3% |
Housing Supply in Norwalk, IA
How many homes are available in Norwalk, IA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 134 | 154 | +14.9% |
Summary: The Norwalk real estate market had 154 homes for sale in March 2024, a 14.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 6 | -14.3% |
| 3 Bedrooms | 66 | 66 | 0.0% |
| 4 Bedrooms | 54 | 65 | +20.4% |
| 5+ Bedrooms | 7 | 17 | +142.9% |
Summary: The Norwalk 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 14.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 20.4%, and 5+ bedroom homes increased by 142.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 20 | +17.6% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norwalk, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in Norwalk in March 2024, up by 17.6% month-over-month. Of the 20 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for Norwalk, IA
How long does it take to sell a home in Norwalk, IA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 72 Days | 89 Days | +24.7% |
Summary: Homes in Norwalk had an average of 89 days on market in Mar 2024, up by 24.7% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norwalk are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 20 homes were sold in Norwalk; 50% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
