Norwalk, CT April 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report – March 2025
Overview
The overview below shows real estate activity from January 2025 to March 2025. You will see data comparisons between March and the previous month, the last three months and March 2024.
| Overview | YTD Avg. | March | February | Dec. – Feb. | Mar. 2024 |
|---|---|---|---|---|---|
| New Listings | 131 | 49 | 45 | 32 | 51 |
| Average Sales Price per Square Foot | 448 | 458 | 481 | 442 | 398 |
| Average Days on Market | 53 | 45 | 60 | 55 | 52 |
| Number of Properties for Sale | 216 | 67 | 77 | 72 | 94 |
| Average List Price | $949,391 | $1,080,719 | $975,448 | $826,124 | $1,033,429 |
| Median List Price | $743,816 | $749,999 | $789,000 | $724,483 | $792,000 |
| Average Sales Price | $966,665 | $876,871 | $1,088,220 | $1,060,044 | $885,027 |
| Median Sales Price | $751,858 | $750,000 | $780,575 | $772,858 | $680,000 |
| Sales Price / List Price Ratio | 105.36% | 107.4% | 106.73% | 104.83% | 103.49% |
| Number of Properties Sold | 89 | 31 | 19 | 34 | 27 |
| Month’s Supply of Inventory | 2.69 | 2.16 | 4.05 | 2.47 | 3.48 |
| Absorption Rate | 0.42 | 0.46 | 0.25 | 0.49 | 0.29 |
Average & Median Sales Price
The median sales price in March 2025 was $750,000, down -3.92% from $780,575 from the previous month and 10.29% higher than $680,000 from March 2024. The March 2025 median sales price was at its highest level compared to March 2024 and 2023.
The average sales price in March 2025 was $876,871, down -19.42% from $1,088,220 from the previous month and equal to March 2024. The March 2025 average sale price was at a mid level compared to March 2024 and 2023.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.
The March 2025 sales price/list price ratio was 107.4%, equal to the previous month and up from 103.49% from March 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in March 2025 was 31, up 63.16% from 19 from the previous month and 14.81% higher than 27 from March 2024. The March 2025 sales were at a mid level compared to March 2024 and 2023.
Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market.
The DOM for March 2025 was 45 days, down -25.00% from 60 days from the previous month and -13.46% lower than 52 days from March 2024. The March 2025 DOM was at its lowest level compared with March 2024 and 2023.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in March 2025 was $458, down -4.78% from $481 from the previous month and 15.08% higher than $398 from March 2024.
Inventory & MSI
The number of properties for sale in March 2025 was 67, down -12.99% from 77 from the previous month and -28.72% lower than 94 from March 2024. The March 2025 inventory was at its lowest level compared with March 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2025 MSI of 2.16 months was at its lowest level compared with March 2024 and 2023.
New Listings
The number of new listings in March 2025 was 49, up 8.89% from 45 from the previous month and -3.92% lower than 51 from March 2024. The March 2025 listings were at its lowest level compared to March 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the March 2025 Norwalk Market Update:
🏠 Home prices pulled back slightly but remain elevated – Median sales price is $750K. That's down 4% from last month but still up 10% from last year, showing the market cooled from February's highs.
⏰ Homes are selling much faster – Average days on market dropped dramatically to 45 days, down 25% from last month's sluggish 60 days and 13% faster than last year's 52 days. The market momentum shifted significantly.
📈 Inventory remains very tight – 67 homes for sale, down 13% from last month and 29% lower than a year ago. Supply constraints continue to create competitive conditions.
📊 Sales activity rebounded strongly – 31 homes closed in March, up 63% from February's slow 19 sales and 15% higher than last year's 27. The market came back to life after February's winter lull.
What Buyers and Sellers Need to Know
✨ Sellers: You're in an excellent position with homes selling well above asking at 107% of list price and much faster than last month. The market correction from February appears to have been temporary – price competitively to capture this renewed buyer interest.
🔍 Buyers: Act quickly as the faster days on market shows competition has returned. While inventory remains limited, the slight price moderation from February's peak could represent a good entry opportunity. Be prepared to move decisively and pay above asking price when you find the right property.
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