Norwood, NJ—07648
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Norwood, NJ
As of Oct '25, the median home price in Norwood, NJ is $872,000, with a year-over-year change of 3.1%. This indicates that home prices in Norwood, NJ are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $872,000 | 3.1% |
| Single Family | $896,000 | 2.6% |
| 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 | $780,000 | 5.4% |
4 Bed | $984,000 | 5.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Norwood, NJ
As of July '25, Rentcast reports the average rent in Norwood, NJ is $3,670, with a year-over-year rent change of -18.1%. Per bedroom, the median rent as of July '25 in Norwood, NJ is 1-bedrooms: $2,170, 2-bedrooms: $2,830, 3-bedrooms: $4,440, 4-bedrooms: $5,740. The most common rental property sizes in Norwood, NJ are 1-bedroom and 2-bedroom, accounting for 23.5% and 22.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,500 | $3,670 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,100 | $2,170 |
| 2 Bed Rent | $2,600 | $2,830 |
| 3 Bed Rent | $4,250 | $4,440 |
| 4 Bed Rent | $5,600 | $5,740 |
% of Rental Stock
Property Listings — Norwood, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Norwood, NJ is 45. This is a increase of 52.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $972,000 | -20.0% |
Listing Count | 17 | 194.0% |
| Listings as % of Homes | 0.5% | 194.0% |
Days on Market | 45 | 52.0% |
Demographics — Norwood, NJ
As of the latest ACS Survey released in 2023, Norwood, NJ has a population of 5,670, which has decreased by -2.6% over the past 5 years. Norwood, NJ is a moderately popular place for families, as children make up 22.6% of the population. The area has a highly educated workforce, with 60.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,670 | -2.6% |
% Under 18 | 22.6% | 13.0% |
% Seniors | 19.9% | -5.2% |
% WFH | 21.3% | 301.9% |
% w/ College Degree | 60.0% | 10.7% |
As of the latest ACS Survey released in 2023, Norwood, NJ is a predominantly white area, with 59.3% of the population identifying as white. The white population has shrunk by 8.8% in the last 5 years. The second most common race or ethnicity in Norwood, NJ is asian, making up 30.4% of the population. Foreign-born residents account for 27.4% of the population in Norwood, NJ, and this percentage has increased by 8.7% 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 | 59.3% | -8.8% |
% Black | 1.2% | 140.0% |
% Hispanic | 6.4% | 16.4% |
% Asian | 30.4% | 12.2% |
% Foreign Born | 27.4% | 8.7% |
Mortgage and Risk — Norwood, NJ
According to HUD data as of 2023, there were 74 mortgage originations in Norwood, NJ, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Norwood, NJ. Investor activity is low, as 3.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 74 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Norwood, NJ
As of 2024, the percent of homes in Norwood, NJ under the Section 8 program is 2.0%. 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 Norwood, NJ, 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 | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 2.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $2,100 | $2,240 |
| 2 Bedroom | -$30 | $2,600 | $2,570 |
| 3 Bedroom | -$1,090 | $4,250 | $3,160 |
| 4 Bedroom | -$1,600 | $5,600 | $4,000 |
Affordability — Norwood, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $872,000 |
| Median Household Income | $165,000 |