Norwalk, Connecticut Housing Market Prices
Norwalk Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 63% above the Connecticut median$459,239
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Median rent 41% above the Connecticut median$2,088
Housing Market Overview
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $459,239 | $281,244 | $248,835 |
| Price Trend (Annual %) | 0.4% | 3.6% | 7.5% |
| Median Gross Rent | $2,088 | $1,481 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norwalk is about 63% higher than in Connecticut. Rent is about 41% higher than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Norwalk, up about 0.4% and 4.5% a year respectively. Rent is changing faster.
Median rent in Norwalk rose about 48.5% between 2015 and 2024, from $1,406 to $2,088. Over the same span, rent in Connecticut rose about 36.7%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Norwalk.
Buying the median-priced home in Norwalk costs roughly 18.3 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 15.8.
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $459,239 | $281,244 | $248,835 |
| Median Household Income | $104,891 | $97,098 | $80,455 |
| Price-to-Income Ratio | 4.4 | 2.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Norwalk rose about 15.4%, while median household income rose about 34.4% between 2009 and 2025 — 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 | 51.4% | 62.8% | 58.5% |
| Rental Rate | 43.2% | 30.3% | 31.2% |
| Vacancy Rate | 5.4% | 6.9% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Norwalk has a homeownership rate of 51.4%, lower than the Connecticut average of 62.8%. Its housing vacancy rate is 5.4%, compared with 6.9% in Connecticut.
Housing Stock
| Metric | Norwalk | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.47 people | 2.53 people |
| Median Structure Built Year | 1968 | 1966 | 1978 |
| Median Number of Rooms | 5.0 | 5.7 | 5.5 |
The typical housing unit in Norwalk was built around 1968. On average, 2.5 people live in a home with about 5.0 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 $459,239, higher than the Connecticut average of $281,244.
What is the average home price in Norwalk, Connecticut?
The typical home price in Norwalk, Connecticut, reported as the median sale price, is $459,239. 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 $2,088 per month, higher than the Connecticut average of $1,481.
What was the median gross rent in Norwalk in 2020?
In 2020, the median gross rent in Norwalk, Connecticut was $1,682 per month.
What is the price-to-rent ratio in Norwalk, Connecticut?
The price-to-rent ratio in Norwalk, Connecticut is about 18.3, meaning it would take roughly 18.3 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 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Norwalk, Connecticut?
51.4% of households in Norwalk, Connecticut own their home, lower than the Connecticut average of 62.8%.
What is the vacancy rate in Norwalk, Connecticut?
The housing vacancy rate in Norwalk, Connecticut is 5.4%, lower than the Connecticut average of 6.9%.
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