Norwalk, CT—06851
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 $647,000, with a year-over-year change of 5.6%. This indicates that home prices in Norwalk, CT are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $647,000 | 5.6% |
| Single Family | $705,000 | 5.2% |
| Condos | $430,000 | 5.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $322,000 | 6.3% |
2 Bed | $507,000 | 6.3% |
3 Bed | $680,000 | 5.3% |
4 Bed | $813,000 | 5.7% |
| 5 Bed | $927,000 | 5.7% |
% of Housing Stock
Rental Trends — Norwalk, CT
As of July '25, Rentcast reports the average rent in Norwalk, CT is $3,140, with a year-over-year rent change of -10.5%. Per bedroom, the median rent as of July '25 in Norwalk, CT is studios: $2,250, 1-bedrooms: $2,850, 2-bedrooms: $2,840, 3-bedrooms: $3,740, 4-bedrooms: $4,860. The most common rental property sizes in Norwalk, CT are 1-bedroom and 2-bedroom, accounting for 40.0% and 26.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,900 | $3,140 |
| Studio Rent | $1,800 | $2,250 |
| 1 Bed Rent | $2,430 | $2,850 |
| 2 Bed Rent | $2,900 | $2,840 |
| 3 Bed Rent | $3,300 | $3,740 |
| 4 Bed Rent | $4,400 | $4,860 |
% 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 30. This is a decrease of -10.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $665,000 | 6.0% |
Listing Count | 83 | 4.0% |
| Listings as % of Homes | 0.4% | 4.0% |
Days on Market | 30 | -10.0% |
Demographics — Norwalk, CT
As of the latest ACS Survey released in 2023, Norwalk, CT has a population of 28,600, which has increased by 7.2% over the past 5 years. Norwalk, CT is a moderately popular place for families, as children make up 16.9% of the population. The area has a moderately educated workforce, with 44.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,600 | 7.2% |
% Under 18 | 16.9% | -11.1% |
% Seniors | 18.8% | 5.6% |
% WFH | 14.8% | 150.8% |
% w/ College Degree | 44.0% | 3.5% |
As of the latest ACS Survey released in 2023, Norwalk, CT is a predominantly white area, with 51.5% of the population identifying as white. The white population has shrunk by 19.9% in the last 5 years. The second most common race or ethnicity in Norwalk, CT is hispanic, making up 25.4% of the population. Foreign-born residents account for 27.3% of the population in Norwalk, CT, and this percentage has increased by 21.9% 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 | 51.5% | -19.9% |
% Black | 16.3% | 49.5% |
% Hispanic | 25.4% | 38.8% |
% Asian | 4.2% | -26.3% |
% Foreign Born | 27.3% | 21.9% |
Mortgage and Risk — Norwalk, CT
According to HUD data as of 2023, there were 463 mortgage originations in Norwalk, CT, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, 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. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 463 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Norwalk, CT
As of 2024, the percent of homes in Norwalk, CT under the Section 8 program is 10.1%. 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. In Norwalk, CT, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 664 |
Total Units Section 8 | 466 |
% Rentals under Section 8 | 10.1% |
% Occupied Section 8 | 89.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$430 | $2,430 | $2,000 |
| 2 Bedroom | -$500 | $2,900 | $2,400 |
| 3 Bedroom | -$380 | $3,300 | $2,920 |
| 4 Bedroom | -$1,140 | $4,400 | $3,260 |
Affordability — Norwalk, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $647,000 |
| Median Household Income | $107,000 |