Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $423,333 | $290,235 | $242,182 |
| Price Trend (Annual %) | 0.4% | 4.7% | 8.2% |
| Median Gross Rent | $2,100 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norwalk is about 46% higher than in Connecticut. Rent is about 48% higher than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Norwalk, up about 0.4% and 5.3% a year respectively. Rent is changing faster.
Median rent in Norwalk rose about 50.1% between 2015 and 2023, from $1,399 to $2,100. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Norwalk.
Buying the median-priced home in Norwalk costs roughly 16.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Norwalk. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $423,333 | $290,235 | $242,182 |
| Median Household Income | $109,402 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Norwalk rose about 12.8%, while median household income rose about 48.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.1% | 62.2% | 58.2% |
| Rental Rate | 41.3% | 30.3% | 31.3% |
| Vacancy Rate | 6.6% | 7.5% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Norwalk has a homeownership rate of 52.1%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 6.6%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1969 | 1966 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in Norwalk was built around 1969. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Norwalk, Connecticut.
What is the median home price in Norwalk, Connecticut?
The median home price in Norwalk, Connecticut is $423,333, higher than the Connecticut average of $290,235.
What is the average home price in Norwalk, Connecticut?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Norwalk, Connecticut?
The median gross rent in Norwalk, Connecticut is $2,100 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in Norwalk in 2020?
In 2020, the median gross rent in Norwalk, Connecticut was $1,667 per month.
What is the price-to-rent ratio in Norwalk, Connecticut?
The price-to-rent ratio in Norwalk, Connecticut is about 16.8, meaning it would take roughly 16.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Norwalk.
Are home prices or rent rising faster in Norwalk, Connecticut?
Both home prices and rent are rising in Norwalk, up about 0.4% and 5.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Norwalk, Connecticut?
52.1% of households in Norwalk, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Norwalk, Connecticut?
The housing vacancy rate in Norwalk, Connecticut is 6.6%, lower than the Connecticut average of 7.5%.