Norway, MI—49870
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norway, MI
As of Oct '25, the median home price in Norway, MI is $159,000, with a year-over-year change of 1.8%. This indicates that home prices in Norway, MI are increasing. According to Zillow, the 1-year price projection is -0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $159,000 | 1.8% |
| Single Family | $159,000 | -0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Norway, MI
Norway, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Norway, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Norway, MI is 51. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time 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 | $180,000 | 30.0% |
Listing Count | 13 | 26.0% |
| Listings as % of Homes | 0.5% | 26.0% |
Days on Market | 51 | 0.0% |
Demographics — Norway, MI
As of the latest ACS Survey released in 2023, Norway, MI has a population of 3,480, which has increased by 4.8% over the past 5 years. Norway, MI is a moderately popular place for families, as children make up 19.3% of the population. The area has a poorly educated workforce, with 22.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,480 | 4.8% |
% Under 18 | 19.3% | 15.6% |
% Seniors | 22.4% | -6.7% |
% WFH | 5.7% | 1,040.0% |
% w/ College Degree | 22.4% | -32.7% |
As of the latest ACS Survey released in 2023, Norway, MI is a predominantly white area, with 94.7% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Norway, MI is black, making up 1.0% of the population. Foreign-born residents account for 0.8% of the population in Norway, MI, and this percentage has decreased by 42.9% 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 | 94.7% | -1.1% |
% Black | 1.0% | 900.0% |
% Hispanic | 0.6% | -62.5% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.8% | -42.9% |
Mortgage and Risk — Norway, MI
According to HUD data as of 2023, there were 40 mortgage originations in Norway, MI, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Norway, MI. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 40 |
% Conventional Loans | 70.0% |
% Government Loans | 30.0% |
% Investor Loans | 3.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Norway, MI
Norway, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 12 |
Total Units Section 8 | 12 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $820 |
| 2 Bedroom | N/A | N/A | $950 |
| 3 Bedroom | N/A | N/A | $1,140 |
| 4 Bedroom | N/A | N/A | $1,370 |
Affordability — Norway, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $159,000 |
| Median Household Income | $55,800 |