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Norwalk, CT—06854

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$586,000
7.0% YoY Growth
Household Income
$86,400
30.8% YoY Growth
Days on Market
30
27.0% Longer YoY
Home Price Forecast
3.1%
Median Rent
$2,500
13.3% YoY Growth
1-Bed Rent
$2,200
4.8% YoY Growth
2-Bed Rent
$2,780
2.2% YoY Growth
3-Bed Rent
$3,900
28.8% YoY Growth

Other Zip Codes in Norwalk, CT

06855068500685306851
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Norwalk, CT

As of May '26, the median home price in Norwalk, CT is $586,000, with a year-over-year change of 7.0%. This indicates that home prices in Norwalk, CT are increasing. According to Zillow, the 1-year price projection is 3.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$586,0007.0%
Single Family $693,0005.2%
Condos $402,0004.7%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $307,000
    3.7%
    2 Bed
    		$465,0005.4%
    3 Bed
    		$671,0006.3%
    4 Bed
    		$791,0006.7%
    5 Bed $1,042,4598.6%
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    % of Housing Stock

    Studio
    3.2%
    1 Bedroom
    17.3%
    2 Bedrooms
    35.6%
    3 Bedrooms
    30.9%
    4 Bedrooms
    10.0%
    5+ Bedrooms
    3.1%

    Rental Trends — Norwalk, CT

    As of July '25, Rentcast reports the average rent in Norwalk, CT is $2,810, with a year-over-year rent change of -13.3%. Per bedroom, the median rent as of July '25 in Norwalk, CT is studios: $2,210, 1-bedrooms: $2,190, 2-bedrooms: $2,820, 3-bedrooms: $4,380, 4-bedrooms: $5,800. The most common rental property sizes in Norwalk, CT are 2-bedroom and 1-bedroom, accounting for 43.8% and 27.4% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,500$2,810
    Studio Rent $2,300$2,210
    1 Bed Rent $2,200$2,190
    2 Bed Rent $2,780$2,820
    3 Bed Rent $3,900$4,380
    4 Bed Rent $5,800$5,800
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    % of Rental Stock

    Studio
    4.8%
    1 Bedroom
    27.4%
    2 Bedrooms
    43.8%
    3 Bedrooms
    20.5%
    4 Bedrooms
    3.5%

    Property Listings — Norwalk, CT

    As of May '26, Realtor.com reports that the median days on market for a home in Norwalk, CT is 30. This is a increase of 27.0% 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 7.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$658,00027.0%
    Listing Count
    		57-11.0%
    Listings as % of Homes0.4%-11.0%
    Days on Market
    		3027.0%
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    Demographics — Norwalk, CT

    As of the latest ACS Survey released in 2023, Norwalk, CT has a population of 31,800, which has increased by 2.5% over the past 5 years. Norwalk, CT is a moderately popular place for families, as children make up 23.4% of the population. The area has a moderately educated workforce, with 35.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		31,8002.5%
    % Under 18
    		23.4%-1.7%
    % Seniors
    		14.3%25.4%
    % WFH
    		8.5%150.0%
    % w/ College Degree
    		35.9%14.0%
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    As of the latest ACS Survey released in 2023, Norwalk, CT is a predominantly hispanic area, with 43.9% of the population identifying as hispanic. The hispanic population has grown by 3.5% in the last 5 years. The second most common race or ethnicity in Norwalk, CT is white, making up 26.5% of the population. Foreign-born residents account for 37.9% of the population in Norwalk, CT, and this percentage has increased by 3.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		26.5%-16.1%
    % Black
    		23.0%7.5%
    % Hispanic
    		43.9%3.5%
    % Asian
    		4.5%15.4%
    % Foreign Born
    		37.9%3.0%
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    Mortgage and Risk — Norwalk, CT

    According to HUD data as of 2023, there were 263 mortgage originations in Norwalk, CT, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Norwalk, CT. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		263
    % Conventional Loans
    		94.0%
    % Government Loans
    		6.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		8.0%
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    Rentals and Section 8 — Norwalk, CT

    As of 2024, the percent of homes in Norwalk, CT under the Section 8 program is 17.0%. This is considered high, suggesting that the neighborhood is heavily 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
    		1,508
    Total Units Section 8
    		1,031
    % Rentals under Section 8
    		17.0%
    % Occupied Section 8
    		86.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$240$2,200$1,960
    2 Bedroom-$410$2,780$2,370
    3 Bedroom-$1,010$3,900$2,890
    4 Bedroom-$2,650$5,800$3,150

    Affordability — Norwalk, CT

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.2
    Median Home Price$586,000
    Median Household Income$86,400

    Norwalk, CT — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Norwalk, CT

    06853

    Norwalk, CT

    06855

    Norwalk, CT

    06850

    Darien, CT

    06820

    Norwalk, CT

    06851

    Frequently Asked Questions