Norwalk, CT—06854
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 $548,000, with a year-over-year change of 5.1%. 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 Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $548,000 | 5.1% |
| Single Family | $648,000 | 4.0% |
| Condos | $387,000 | 4.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $303,000 | 1.7% |
2 Bed | $442,000 | 4.5% |
3 Bed | $627,000 | 5.4% |
4 Bed | $737,000 | 5.6% |
| 5 Bed | $958,000 | 8.0% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% 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 29. This is a decrease of -12.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $582,000 | 25.0% |
Listing Count | 67 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 29 | -12.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,800 | 2.5% |
% Under 18 | 23.4% | -1.7% |
% Seniors | 14.3% | 25.4% |
% WFH | 8.5% | 150.0% |
% w/ College Degree | 35.9% | 14.0% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $548,000 |
| Median Household Income | $86,400 |