Norwalk, CT February 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report
Overview
The overview below shows real estate activity for January 2025. You will see data comparisons between January and the previous month, the last three months and January 2024.
| Overview | YTD Avg. | January | December | Oct. – Dec. | Jan. 2024 |
|---|---|---|---|---|---|
| New Listings | 35 | 35 | 15 | 31 | 36 |
| Average Sales Price per Square Foot | 403 | 403 | 438 | 440 | 391 |
| Average Days on Market | 53 | 53 | 52 | 45 | 48 |
| Number of Properties for Sale | 52 | 52 | 62 | 84 | 74 |
| Average List Price | $842,839 | $842,839 | $715,085 | $800,368 | $896,243 |
| Median List Price | $777,275 | $777,275 | $692,000 | $702,150 | $642,500 |
| Average Sales Price | $943,643 | $943,643 | $1,157,006 | $1,039,772 | $751,015 |
| Median Sales Price | $725,000 | $725,000 | $813,000 | $764,000 | $626,000 |
| Sales Price / List Price Ratio | 101.62% | 101.62% | 105.8% | 104.15% | 102% |
| Number of Properties Sold | 37 | 37 | 44 | 43 | 33 |
| Month’s Supply of Inventory | 1.41 | 1.41 | 1.41 | 1.98 | 2.24 |
| Absorption Rate | 0.71 | 0.71 | 0.71 | 0.53 | 0.45 |
Average & Median Sales Price
The median sales price in January 2025 was $725,000, down -10.82% from $813,000 from the previous month and 15.81% higher than $626,000 from January 2024. The January 2025 median sales price was at its highest level compared to January 2024 and 2023.
The average sales price in January 2025 was $943,643, down -18.44% from $1,157,006 from the previous month and 25.65% higher than $751,015 from January 2024. The January 2025 average sale price was at its highest level compared to January 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 January 2025 sales price/list price ratio was 101.62%, down from 105.8% from the previous month and equal to January 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in January 2025 was 37, down -15.91% from 44 from the previous month and 12.12% higher than 33 from January 2024. The January 2025 sales were at its highest level compared to January 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 January 2025 was 53 days, up 1.92% from 52 days from the previous month and 10.42% higher than 48 days from January 2024. The January 2025 DOM was at a mid level compared with January 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 January 2025 was $403, down -7.99% from $438 from the previous month and 3.07% higher than $391 from January 2024.
Inventory & MSI
The number of properties for sale in January 2025 was 52, down -16.13% from 62 from the previous month and -29.73% lower than 74 from January 2024. The January 2025 inventory was at its lowest level compared with January 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2025 MSI of 1.41 months was at its lowest level compared with January 2024 and 2023.
New Listings
The number of new listings in January 2025 was 35, up 133.33% from 15 from the previous month and -2.78% lower than 36 from January 2024. The January 2025 listings were at its lowest level compared to January 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the January 2025 Norwalk Market Update:
🏠 Home prices declined from last month but remain strong year-over-year – Median sales price is $725K. That's down 11% from last month but up 16% from last year.
⏰ Homes are taking slightly longer to sell – Average days on market is now 53, up slightly from 52 last month and 10% higher than last year's 48 days.
📈 Inventory is extremely tight – 52 homes for sale, down 16% from 62 last month and down 30% from a year ago. This is the lowest inventory level in years!
📊 Sales activity decreased from holiday season – 37 homes closed in January, down 16% from last month but up 12% from last year's 33 sales.
What Buyers and Sellers Need to Know
✨ Sellers: You're in a strong position with homes selling slightly above asking at 102% of list price, though this is down from last month's 106%. The extremely low inventory heavily favors sellers.
🔍 Buyers: Competition remains fierce with only 1.4 months of supply available. While homes are taking slightly longer to sell, you'll still need to act decisively in this supply-constrained market.
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