Norwalk, CT—06855
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 $722,000, with a year-over-year change of 7.7%. This indicates that home prices in Norwalk, CT are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $722,000 | 7.7% |
| Single Family | $783,000 | 8.6% |
| Condos | $459,000 | 5.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $548,000 | 7.2% |
3 Bed | $745,000 | 7.3% |
4 Bed | $1,000,000 | 10.1% |
| 5 Bed | $1,767,000 | 13.9% |
% of Housing Stock
Rental Trends — Norwalk, CT
As of July '25, Rentcast reports the average rent in Norwalk, CT is $3,040, with a year-over-year rent change of -1.6%. Per bedroom, the median rent as of July '25 in Norwalk, CT is 1-bedrooms: $2,020, 2-bedrooms: $3,230, 3-bedrooms: $4,400, 4-bedrooms: $4,600. The most common rental property sizes in Norwalk, CT are 1-bedroom and 2-bedroom, accounting for 39.6% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,650 | $3,040 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,900 | $2,020 |
| 2 Bed Rent | $2,700 | $3,230 |
| 3 Bed Rent | $4,050 | $4,400 |
| 4 Bed Rent | $4,500 | $4,600 |
% 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 46. This is a increase of 24.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $911,000 | 1.0% |
Listing Count | 22 | 208.0% |
| Listings as % of Homes | 0.2% | 208.0% |
Days on Market | 46 | 24.0% |
Demographics — Norwalk, CT
As of the latest ACS Survey released in 2023, Norwalk, CT has a population of 8,030, which has decreased by -5.9% over the past 5 years. Norwalk, CT is a less popular place for families, as children make up 14.4% of the population. The area has a moderately educated workforce, with 42.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,030 | -5.9% |
% Under 18 | 14.4% | -15.8% |
% Seniors | 17.0% | 6.9% |
% WFH | 15.4% | 234.8% |
% w/ College Degree | 42.5% | 1.2% |
As of the latest ACS Survey released in 2023, Norwalk, CT is a predominantly white area, with 53.8% of the population identifying as white. The white population has shrunk by 2.7% in the last 5 years. The second most common race or ethnicity in Norwalk, CT is hispanic, making up 25.9% of the population. Foreign-born residents account for 25.5% of the population in Norwalk, CT, and this percentage has decreased by 10.2% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 53.8% | -2.7% |
% Black | 10.5% | -17.3% |
% Hispanic | 25.9% | -6.2% |
% Asian | 4.4% | 0.0% |
% Foreign Born | 25.5% | -10.2% |
Mortgage and Risk — Norwalk, CT
According to HUD data as of 2023, there were 111 mortgage originations in Norwalk, CT, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 10.0% above 90% LTV (elevated). This implies medium mortgage risk in Norwalk, CT. Investor activity is low, as 2.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 111 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Norwalk, CT
As of 2024, the percent of homes in Norwalk, CT under the Section 8 program is 7.1%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Norwalk, CT, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 186 |
Total Units Section 8 | 102 |
% Rentals under Section 8 | 7.1% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $1,900 | $1,970 |
| 2 Bedroom | -$330 | $2,700 | $2,370 |
| 3 Bedroom | -$1,160 | $4,050 | $2,890 |
| 4 Bedroom | -$1,280 | $4,500 | $3,220 |
Affordability — Norwalk, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.8 |
| Median Home Price | $722,000 |
| Median Household Income | $102,000 |