Norwalk, CT—06850
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norwalk, CT
As of Oct '25, the median home price in Norwalk, CT is $618,000, with a year-over-year change of 4.2%. This indicates that home prices in Norwalk, CT are increasing. According to Zillow, the 1-year price projection is 2.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $618,000 | 4.2% |
| Single Family | $714,000 | 3.9% |
| Condos | $345,000 | 3.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $271,000 | 2.7% |
2 Bed | $450,000 | 4.7% |
3 Bed | $673,000 | 3.7% |
4 Bed | $875,000 | 4.4% |
| 5 Bed | $1,055,000 | 5.9% |
% of Housing Stock
Rental Trends — Norwalk, CT
As of July '25, Rentcast reports the average rent in Norwalk, CT is $2,640, with a year-over-year rent change of 2.3%. Per bedroom, the median rent as of July '25 in Norwalk, CT is studios: $1,800, 1-bedrooms: $2,050, 2-bedrooms: $2,680, 3-bedrooms: $3,500, 4-bedrooms: $5,740. The most common rental property sizes in Norwalk, CT are 1-bedroom and 2-bedroom, accounting for 44.7% and 36.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,360 | $2,640 |
| Studio Rent | $1,700 | $1,800 |
| 1 Bed Rent | $2,000 | $2,050 |
| 2 Bed Rent | $2,600 | $2,680 |
| 3 Bed Rent | $3,350 | $3,500 |
| 4 Bed Rent | $5,000 | $5,740 |
% of Rental Stock
Property Listings — Norwalk, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Norwalk, CT is 42. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $744,000 | 22.0% |
Listing Count | 53 | -7.0% |
| Listings as % of Homes | 0.5% | -7.0% |
Days on Market | 42 | -17.0% |
Demographics — Norwalk, CT
As of the latest ACS Survey released in 2023, Norwalk, CT has a population of 19,800, which has increased by 8.9% over the past 5 years. Norwalk, CT is a moderately popular place for families, as children make up 17.8% of the population. The area has a highly educated workforce, with 52.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,800 | 8.9% |
% Under 18 | 17.8% | 4.1% |
% Seniors | 15.6% | -1.9% |
% WFH | 14.7% | 241.9% |
% w/ College Degree | 52.4% | 5.6% |
As of the latest ACS Survey released in 2023, Norwalk, CT is a predominantly white area, with 44.0% of the population identifying as white. The white population has shrunk by 22.5% in the last 5 years. The second most common race or ethnicity in Norwalk, CT is hispanic, making up 26.9% of the population. Foreign-born residents account for 26.5% of the population in Norwalk, CT, and this percentage has increased by 1.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 44.0% | -22.5% |
% Black | 18.9% | 68.8% |
% Hispanic | 26.9% | 17.0% |
% Asian | 6.3% | -18.2% |
% Foreign Born | 26.5% | 1.1% |
Mortgage and Risk — Norwalk, CT
According to HUD data as of 2023, there were 298 mortgage originations in Norwalk, CT, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Norwalk, CT. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 298 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Norwalk, CT
As of 2024, the percent of homes in Norwalk, CT under the Section 8 program is 10.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Norwalk, CT, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 416 |
Total Units Section 8 | 370 |
% Rentals under Section 8 | 10.3% |
% Occupied Section 8 | 90.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $2,000 | $2,190 |
| 2 Bedroom | $30 | $2,600 | $2,630 |
| 3 Bedroom | -$150 | $3,350 | $3,200 |
| 4 Bedroom | -$1,430 | $5,000 | $3,570 |
Affordability — Norwalk, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $618,000 |
| Median Household Income | $122,000 |