Norwalk, CT January 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 from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
| Overview | YTD Avg. | December | November | Sep. – Nov. | Dec. 2023 |
|---|---|---|---|---|---|
| New Listings | 601 | 14 | 34 | 45 | 17 |
| Average Sales Price per Square Foot | 418 | 440 | 487 | 436 | 379 |
| Average Days on Market | 46 | 52 | 43 | 43 | 53 |
| Number of Properties for Sale | 1085 | 44 | 86 | 95 | 66 |
| Average List Price | $900,255 | $702,919 | $822,827 | $862,213 | $896,695 |
| Median List Price | $715,904 | $684,950 | $725,000 | $706,667 | $637,500 |
| Average Sales Price | $969,983 | $1,165,169 | $1,127,222 | $950,762 | $725,013 |
| Median Sales Price | $743,021 | $820,000 | $779,000 | $716,333 | $625,000 |
| Sales Price / List Price Ratio | 104.73% | 105.58% | 102.87% | 103.29% | 104.36% |
| Number of Properties Sold | 517 | 43 | 40 | 43 | 43 |
| Month’s Supply of Inventory | 2.25 | 1.02 | 2.15 | 2.18 | 1.53 |
| Absorption Rate | 0.5 | 0.98 | 0.47 | 0.46 | 0.65 |
Average & Median Sales Price
The median sales price in December 2024 was $820,000, up 5.26% from $779,000 from the previous month and 31.20% higher than $625,000 from December 2023. The December 2024 median sales price was at its highest level compared to December 2023 and 2022.
The average sales price in December 2024 was $1,165,169, up 3.37% from $1,127,222 from the previous month and 60.71% higher than $725,013 from December 2023. The December 2024 average sale price was at its highest level compared to December 2023 and 2022.
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 December 2024 sales price/list price ratio was 105.58%, up from 102.87% from the previous month and up from 104.36% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 43, up 7.50% from 40 from the previous month and equal to December 2023. The December 2024 sales were at a mid level compared to December 2023 and 2022.
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 December 2024 was 52 days, up 20.93% from 43 days from the previous month and -1.89% lower than 53 days from December 2023. The December 2024 DOM was at its lowest level compared with December 2023 and 2022.
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 December 2024 was $440, down -9.65% from $487 from the previous month and 16.09% higher than $379 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 44, down -48.84% from 86 from the previous month and -33.33% lower than 66 from December 2023. The December 2024 inventory was at its lowest level compared with December 2023 and 2022.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 1.02 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 14, down -58.82% from 34 from the previous month and -17.65% lower than 17 from December 2023. The December 2024 listings were at a mid level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the December 2024 Norwalk Market Update:
🏠 Home prices continue rising strongly – Median sales price is $820K. That's up 5% from last month and up 31% from last year.
⏰ Homes are taking longer to sell – Average days on market is now 52, up 21% from 43 last month but down slightly from last year's 53 days.
📈 Inventory is severely constrained – 44 homes for sale, down 49% from 86 last month and down 33% from a year ago. This is the lowest inventory level in years!
📊 Sales activity remained steady – 43 homes closed in December, up 8% from last month and equal to last year's 43 sales.
What Buyers and Sellers Need to Know
✨ Sellers: You're in an excellent position with homes selling above asking at 106% of list price. The extremely low inventory heavily favors sellers despite longer days on market.
🔍 Buyers: With only 1.02 months of supply available, competition is fierce. Expect to pay above asking price and be prepared to act quickly on properties that meet your criteria.
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