Norwalk, IA—50211
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norwalk, IA
As of Oct '25, the median home price in Norwalk, IA is $340,000, with a year-over-year change of 2.3%. This indicates that home prices in Norwalk, IA are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $340,000 | 2.3% |
| Single Family | $351,000 | 2.6% |
| Condos | $238,000 | 0.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $229,000 | 2.2% |
3 Bed | $298,000 | 2.8% |
4 Bed | $402,000 | 1.8% |
| 5 Bed | $556,000 | 1.5% |
% of Housing Stock
Rental Trends — Norwalk, IA
As of July '25, Rentcast reports the average rent in Norwalk, IA is $1,720, with a year-over-year rent change of -4.4%. Per bedroom, the median rent as of July '25 in Norwalk, IA is studios: $815, 1-bedrooms: $934, 2-bedrooms: $1,250, 3-bedrooms: $1,900, 4-bedrooms: $2,400. The most common rental property sizes in Norwalk, IA are 2-bedroom and 1-bedroom, accounting for 34.5% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,720 |
| Studio Rent | $815 | $815 |
| 1 Bed Rent | $934 | $934 |
| 2 Bed Rent | $1,250 | $1,250 |
| 3 Bed Rent | $1,900 | $1,900 |
| 4 Bed Rent | $2,300 | $2,400 |
% of Rental Stock
Property Listings — Norwalk, IA
As of Oct '25, Realtor.com reports that the median days on market for a home in Norwalk, IA is 65. This is a decrease of -25.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $339,000 | -4.0% |
Listing Count | 189 | 2.0% |
| Listings as % of Homes | 2.9% | 2.0% |
Days on Market | 65 | -25.0% |
Demographics — Norwalk, IA
As of the latest ACS Survey released in 2023, Norwalk, IA has a population of 16,200, which has increased by 26.6% over the past 5 years. Norwalk, IA is a popular place for families, as children make up 27.3% of the population. The area has a moderately educated workforce, with 37.1% 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 | 16,200 | 26.6% |
% Under 18 | 27.3% | 3.8% |
% Seniors | 13.1% | 10.1% |
% WFH | 14.7% | 200.0% |
% w/ College Degree | 37.1% | -6.3% |
As of the latest ACS Survey released in 2023, Norwalk, IA is a predominantly white area, with 93.3% of the population identifying as white. The white population has shrunk by 1.0% in the last 5 years. The second most common race or ethnicity in Norwalk, IA is hispanic, making up 2.4% of the population. Foreign-born residents account for 1.3% of the population in Norwalk, IA, and this percentage has increased by 30.0% 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 | 93.3% | -1.0% |
% Black | 0.5% | -37.5% |
% Hispanic | 2.4% | -14.3% |
% Asian | 0.3% | -57.1% |
% Foreign Born | 1.3% | 30.0% |
Mortgage and Risk — Norwalk, IA
According to HUD data as of 2023, there were 607 mortgage originations in Norwalk, IA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Norwalk, IA. Investor activity is low, as 3.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 607 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Norwalk, IA
As of 2024, the percent of homes in Norwalk, IA under the Section 8 program is 6.3%. 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, IA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 54 |
Total Units Section 8 | 54 |
% Rentals under Section 8 | 6.3% |
% Occupied Section 8 | 99.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $116 | $934 | $1,050 |
| 2 Bedroom | $10 | $1,250 | $1,260 |
| 3 Bedroom | -$210 | $1,900 | $1,690 |
| 4 Bedroom | -$600 | $2,300 | $1,700 |
Affordability — Norwalk, IA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $340,000 |
| Median Household Income | $97,700 |