Is Norwich, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwich is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Norwich was a Seller's Market.

Key Takeaway

Norwich is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Norwich, NY

How much do homes in Norwich, NY cost?

Median Sold Price

$159,900

$96/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$22,400(+16.3%)

Key Takeaway

Homes in Norwich have sold for 16.3% more than they did a year ago.

Summary: The median home sold price in Norwich was $159,900 in November 2024, up 16.3% from last year, and the median price per square foot was $96.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $72.7K$220K
+202.4%
2 $105K$84.7K
-19.3%
3 $140K$150K
+7.1%
4 $162K$190K
+17.3%
5+ $140.5K$181.5K
+29.2%

Summary: Norwich housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 202.4%, 2 bedroom homes decreased by 19.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 29.2%.

Housing Supply in Norwich, NY

How many homes are available in Norwich, NY?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
6351-19.0%

Summary: The Norwich real estate market had 51 homes for sale in November 2024, a 19.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 33
0.0%
2 63
-50.0%
3 3225
-21.9%
4 1712
-29.4%
5+ 58
+60.0%

Summary: The Norwich housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 21.9%, 4 bedroom homes decreased by 29.4%, and 5+ bedroom homes increased by 60%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
108-20.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwich, you may be able to get a good deal. 87.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Norwich in November 2024, down by 20.0% month-over-month. Of the 8 sold homes, 88% were sold under asking, 0% were sold at asking, and 13% were sold over asking.

Days on Market for Norwich, NY

How long does it take to sell a home in Norwich, NY?

Average Sale Time

Nov 2023Nov 2024CHANGE
24 Days17 Days-30.7%

Summary: Homes in Norwich had an average of 17 days on market in Nov 2024, down by 30.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Norwich are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 8 homes were sold in Norwich; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Norwich, NY

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