Norwalk, CT March 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 February 2025. You will see data comparisons between February and the previous month, the last three months and February 2024.
| Overview | YTD Avg. | February | January | Nov. – Jan. | Feb. 2024 |
|---|---|---|---|---|---|
| New Listings | 77 | 40 | 37 | 29 | 65 |
| Average Sales Price per Square Foot | 442 | 477 | 406 | 444 | 384 |
| Average Days on Market | 58 | 62 | 54 | 50 | 68 |
| Number of Properties for Sale | 127 | 59 | 68 | 75 | 102 |
| Average List Price | $921,881 | $1,037,418 | $806,344 | $777,933 | $1,028,545 |
| Median List Price | $750,500 | $799,000 | $702,000 | $700,483 | $729,450 |
| Average Sales Price | $1,023,122 | $1,111,338 | $934,905 | $1,073,044 | $904,343 |
| Median Sales Price | $788,519 | $852,038 | $725,000 | $772,333 | $700,000 |
| Sales Price / List Price Ratio | 104.12% | 106.3% | 101.95% | 103.54% | 105.44% |
| Number of Properties Sold | 57 | 18 | 39 | 41 | 25 |
| Month’s Supply of Inventory | 2.51 | 3.28 | 1.74 | 1.84 | 4.08 |
| Absorption Rate | 0.44 | 0.31 | 0.57 | 0.56 | 0.25 |
Average & Median Sales Price
The median sales price in February 2025 was $852,038, up 17.52% from $725,000 from the previous month and 21.72% higher than $700,000 from February 2024. The February 2025 median sales price was at its highest level compared to February 2024 and 2023.
The average sales price in February 2025 was $1,111,338, up 18.87% from $934,905 from the previous month and 22.89% higher than $904,343 from February 2024. The February 2025 average sale price was at its highest level compared to February 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 February 2025 sales price/list price ratio was 106.3%, up from 101.95% from the previous month and up from 105.44% from February 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2025 was 18, down -53.85% from 39 from the previous month and -28.00% lower than 25 from February 2024. The February 2025 sales were at its lowest level compared to February 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 February 2025 was 62 days, up 14.81% from 54 days from the previous month and -8.82% lower than 68 days from February 2024. The February 2025 DOM was at a mid level compared with February 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 February 2025 was $477, up 17.49% from $406 from the previous month and 24.22% higher than $384 from February 2024.
Inventory & MSI
The number of properties for sale in February 2025 was 59, down -13.24% from 68 from the previous month and -42.16% lower than 102 from February 2024. The February 2025 inventory was at its lowest level compared with February 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2025 MSI of 3.28 months was at its lowest level compared with February 2024 and 2023.
New Listings
The number of new listings in February 2025 was 40, up 8.11% from 37 from the previous month and -38.46% lower than 65 from February 2024. The February 2025 listings were at its lowest level compared to February 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the February 2025 Norwalk Market Update:
🏠 Home prices are rising steadily – Median sales price is $852K. That's up 18% from last month and 22% from last year.
⏰ Homes are taking slightly longer to sell – Average days on market is now 62, up 15% from 54 last month but down 9% from last year's 68 days.
📈 Inventory remains very tight – 59 homes for sale, down 13% from 68 last month and down 42% from a year ago. Supply is severely constrained!
📊 Sales activity dropped significantly – 18 homes closed in February, down 54% from last month and down 28% from last year's 25 sales.
What Buyers and Sellers Need to Know
✨ Sellers: You're in a strong position with homes selling above asking at 106% of list price. The market heavily favors sellers despite slightly longer days on market.
🔍 Buyers: Expect to pay above asking price in this competitive market. With inventory down 42% from last year, you'll need to act quickly on properties that meet your criteria.
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