Norwalk, CT June 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 2025 to May 2025. You will see data comparisons between May and the previous month, the last three months and May 2024.
| Overview | YTD Avg. | May | April | Feb. – Apr. | May 2024 |
|---|---|---|---|---|---|
| New Listings | 280 | 92 | 51 | 50 | 69 |
| Average Sales Price per Square Foot | 456 | 454 | 480 | 473 | 427 |
| Average Days on Market | 53 | 52 | 53 | 53 | 34 |
| Number of Properties for Sale | 437 | 101 | 91 | 87 | 92 |
| Average List Price | $1,025,567 | $1,293,038 | $1,058,644 | $1,013,540 | $990,734 |
| Median List Price | $750,474 | $825,000 | $719,999 | $744,974 | $729,950 |
| Average Sales Price | $968,769 | $877,361 | $975,087 | $1,010,527 | $968,617 |
| Median Sales Price | $779,615 | $802,500 | $825,000 | $790,192 | $846,000 |
| Sales Price / List Price Ratio | 105.52% | 103.5% | 108.58% | 107.38% | 105.49% |
| Number of Properties Sold | 176 | 46 | 39 | 30 | 46 |
| Month’s Supply of Inventory | 2.68 | 2.2 | 2.33 | 3.1 | 2 |
| Absorption Rate | 0.4 | 0.46 | 0.43 | 0.34 | 0.5 |
Average & Median Sales Price
The median sales price in May 2025 was $802,500, down -2.73% from $825,000 from the previous month and -5.14% lower than $846,000 from May 2024. The May 2025 median sales price was at a mid level compared to May 2024 and 2023.
The average sales price in May 2025 was $877,361, down -10.02% from $975,087 from the previous month and -9.42% lower than $968,617 from May 2024. The May 2025 average sale price was at a mid level compared to May 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 May 2025 sales price/list price ratio was 103.5%, down from 108.58% from the previous month and down from 105.49% from May 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in May 2025 was 46, up 17.95% from 39 from the previous month and equal to May 2024. The May 2025 sales were at its lowest level compared to May 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 May 2025 was 52 days, down -1.89% from 53 days from the previous month and 52.94% higher than 34 days from May 2024. The May 2025 DOM was at its highest level compared with May 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 May 2025 was $454, down -5.42% from $480 from the previous month and 6.32% higher than $427 from May 2024.
Inventory & MSI
The number of properties for sale in May 2025 was 101, up 10.99% from 91 from the previous month and 9.78% higher than 92 from May 2024. The May 2025 inventory was at a mid level compared with May 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2025 MSI of 2.2 months was at a mid level compared with May 2024 and 2023.
New Listings
The number of new listings in May 2025 was 92, up 80.39% from 51 from the previous month and 33.33% higher than 69 from May 2024. The May 2025 listings were at its highest level compared to May 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the June 2025 Norwalk Market Update:
🏠 Median home prices rebounded strongly – Median sales price surged to $800,000, up 32% from April's $606,000 but down 5% from last year's $846,000. Prices remain 27% above May 2023's $629,000, showing strong long-term growth.
⏱️ Market pace slowed significantly – Average days on market increased to 33 days, up 94% from last year's rapid 17 days but only 6% above May 2023's 31 days. The market is returning to more normalized timing.
📈 Inventory expanded with more options – 76 homes available for sale, up 13% from last year's 67 homes but down 4% from May 2023's 79 homes. Supply levels are approaching historical norms.
📊 Closed sales remained steady – 45 homes closed in June, down just 2% from last year and matching May 2023 levels. Transaction volume shows consistent market activity.
What Buyers and Sellers Need to Know
✨ Sellers: Expect longer selling timelines of 33 days versus last year's 17 days. Price strategically to account for the 5% yearly adjustment and prepare to stand out among increasing inventory options.
🔍 Buyers: Enjoy 13% more inventory options compared to last year. Prices have moderated from 2024's peak while remaining 27% above 2023 levels, offering better selection in a more balanced market.
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