Norwood, Massachusetts Housing Market Prices
Norwood 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.
-
Median home price 26% above the Massachusetts median$625,000
-
Median rent 20% above the Massachusetts median$2,116
Housing Market Overview
| Metric | Norwood | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $494,523 | $248,835 |
| Price Trend (Annual %) | 5.8% | 6.6% | 7.5% |
| Median Gross Rent | $2,116 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norwood is about 26% higher than in Massachusetts. Rent is about 20% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2023
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Norwood, up about 5.8% and 5.8% a year respectively. Rent is changing faster.
Median rent in Norwood rose about 65.7% between 2015 and 2024, from $1,277 to $2,116. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Norwood.
Buying the median-priced home in Norwood costs roughly 24.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Norwood. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Norwood | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $494,523 | $248,835 |
| Median Household Income | $106,206 | $104,336 | $80,455 |
| Price-to-Income Ratio | 5.9 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2023, the median home price in Norwood rose about 42.8%, while median household income rose about 42.5% between 2009 and 2025 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Norwood | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.8% | 57.5% | 58.5% |
| Rental Rate | 44.2% | 34.4% | 31.2% |
| Vacancy Rate | 4.0% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Norwood has a homeownership rate of 51.8%, lower than the Massachusetts average of 57.5%. Its housing vacancy rate is 4.0%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Norwood | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1962 | 1963 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 | 5.5 |
The typical housing unit in Norwood was built around 1962. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Norwood, Massachusetts.
What is the median home price in Norwood, Massachusetts?
The median home price in Norwood, Massachusetts is $625,000, higher than the Massachusetts average of $494,523.
What is the average home price in Norwood, Massachusetts?
The typical home price in Norwood, Massachusetts, reported as the median sale price, is $625,000. 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 Norwood, Massachusetts?
The median gross rent in Norwood, Massachusetts is $2,116 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Norwood in 2020?
In 2020, the median gross rent in Norwood, Massachusetts was $1,655 per month.
What is the price-to-rent ratio in Norwood, Massachusetts?
The price-to-rent ratio in Norwood, Massachusetts is about 24.6, meaning it would take roughly 24.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Norwood.
Are home prices or rent rising faster in Norwood, Massachusetts?
Both home prices and rent are rising in Norwood, up about 5.8% and 5.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Norwood, Massachusetts?
51.8% of households in Norwood, Massachusetts own their home, lower than the Massachusetts average of 57.5%.
What is the vacancy rate in Norwood, Massachusetts?
The housing vacancy rate in Norwood, Massachusetts is 4.0%, lower than the Massachusetts average of 8.1%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →