Norwich Housing Market Report December 2024•New London County, Connecticut

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Housing Prices in Norwich, CT

How much do homes in Norwich, CT cost?

Housing Market Conditions

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

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Norwich is a Seller's Market

Difference Since December 2023

Since last year, Norwich has remained a Seller's Market.

Insight

Norwich is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$260,000$178/SqFt
+$30,000
+13.0%

Based on all homes sold in the last 12 months

Insight

Homes in Norwich have sold for 13% more than they did a year ago.

Summary: The median home sold price in Norwich was $260,000 in December 2024, up 13% from last year, and the median price per square foot was $178.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Norwich
+13.0%
Preston
+11.3%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$135K$175K
+29.6%
2$185K$221K
+19.5%
3$245K$277.5K
+13.3%
4$291.8K$310K
+6.2%
5$279.4K$312.5K
+11.8%

Summary: Norwich housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +29.6%. The home price for 2 bedroom homes increased by +19.5%. The home price for 3 bedroom homes increased by +13.3%. The home price for 4 bedroom homes increased by +6.2%. The home price for 5 bedroom homes increased by +11.8%.

Housing supply in Norwich, CT

How many homes are available in Norwich, CT?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
144Last MonthDec 2024
1812 months agoNov 2024
-20.4 %
Change MoMNov – Dec

Summary: The Norwich real estate market had 144 homes for sale in Dec 2024, a 20.4 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
42Last MonthDec 2024
482 months agoNov 2024
-12.5 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
1108
-20.0%
23429
-14.7%
36757
-14.9%
44229
-31.0%
52821
-25.0%

Summary: Norwich housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -20.0%. The inventory for 2 bedroom homes decreased by -14.7%. The inventory for 3 bedroom homes decreased by -14.9%. The inventory for 4 bedroom homes decreased by -31.0%. The inventory for 5 bedroom homes decreased by -25.0%.

Asking Price vs. Sold Price

How much do homes in Norwich, CT cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price23 Homes

At Asking Price3 Homes

Under Asking Price16 Homes

Insight

If you're buying a home in Norwich, you could pay more than the asking price. 54.8% of homes here sold above asking price last month.

Summary: A total of 42 homes were sold or pending in Norwich in December 2024, down by 12.5% month-over-month. Of the 42 sold homes, 38% were sold under asking, 7% were sold at asking, and and 55% were sold over asking.

Days on Market for Norwich, CT

We’re sorry, we don't have information for this market at the moment.

Home sale times aren’t available for this area.

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Newest Listings in Norwich, CT

What homes are available in Norwich, CT?

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MLS Disclaimers and Copyright

Based on information from SmartMLS, and Rhode Island State Wide MLS for the period 01/01/2023 - 01/01/2025

IDXCopyright © 2025 Smart MLS. The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/21/2025, 4:21:01 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than this broker are marked with the MLS logo and detailed information about them includes the name of the listing brokers. The purchase price of housing stock as shown on this website may vary depending on factors such as fees, commissions, price negotiations, home inspection results, market conditions, etc. This website in no way warrants or represents that submitting an offer to purchase a property for the list price will result in a sale at that price. Please consult with your REALTOR® to discuss how these variations may affect your real estate transaction. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable, but is neither guaranteed nor independently verified. Interested parties must make their own inquiries. Copyright © 2025 State-Wide MLS, Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/21/2025, 4:20:52 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.