Norwalk, CT May 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report – April 2025
Overview
The overview below shows real estate activity from January 2025 to April 2025. You will see data comparisons between April and the previous month, the last three months and April 2024.
| Overview | YTD Avg. | April | March | Jan. – Mar. | Apr. 2024 |
|---|---|---|---|---|---|
| New Listings | 184 | 48 | 54 | 45 | 62 |
| Average Sales Price per Square Foot | 457 | 482 | 459 | 449 | 412 |
| Average Days on Market | 54 | 56 | 46 | 53 | 44 |
| Number of Properties for Sale | 312 | 74 | 86 | 79 | 94 |
| Average List Price | $966,447 | $1,114,595 | $1,014,159 | $917,064 | $977,952 |
| Median List Price | $738,489 | $749,495 | $744,462 | $734,821 | $780,000 |
| Average Sales Price | $988,329 | $961,918 | $968,273 | $997,133 | $1,061,444 |
| Median Sales Price | $773,894 | $825,000 | $765,000 | $756,858 | $736,500 |
| Sales Price / List Price Ratio | 105.88% | 108.02% | 106.83% | 105.17% | 105.68% |
| Number of Properties Sold | 126 | 35 | 33 | 30 | 54 |
| Month’s Supply of Inventory | 2.69 | 2.11 | 2.61 | 2.88 | 1.74 |
| Absorption Rate | 0.4 | 0.47 | 0.38 | 0.38 | 0.57 |
Average & Median Sales Price
The median sales price in April 2025 was $825,000, up 7.84% from $765,000 from the previous month and 12.02% higher than $736,500 from April 2024. The April 2025 median sales price was at its highest level compared to April 2024 and 2023.
The average sales price in April 2025 was $961,918, equal to the previous month and -9.38% lower than $1,061,444 from April 2024. The April 2025 average sale price was at a mid level compared to April 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 April 2025 sales price/list price ratio was 108.02%, up from 106.83% from the previous month and up from 105.68% from April 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in April 2025 was 35, up 6.06% from 33 from the previous month and -35.19% lower than 54 from April 2024. The April 2025 sales were at its lowest level compared to April 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 April 2025 was 56 days, up 21.74% from 46 days from the previous month and 27.27% higher than 44 days from April 2024. The April 2025 DOM was at a mid level compared with April 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 April 2025 was $482, up 5.01% from $459 from the previous month and 16.99% higher than $412 from April 2024.
Inventory & MSI
The number of properties for sale in April 2025 was 74, down -13.95% from 86 from the previous month and -21.28% lower than 94 from April 2024. The April 2025 inventory was at its lowest level compared with April 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2025 MSI of 2.11 months was at a mid level compared with April 2024 and 2023.
New Listings
The number of new listings in April 2025 was 48, down -11.11% from 54 from the previous month and -22.58% lower than 62 from April 2024. The April 2025 listings were at its lowest level compared to April 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the April 2025 Norwalk Market Update:
🏠 Home prices continue rising steadily – Median sales price is $825K. That's up 8% from last month and 12% higher than last year, showing consistent upward momentum in this market.
⏰ Homes are taking longer to sell – Average days on market increased to 56 days, up 22% from last month's 46 days and 27% higher than last year's 44 days. Buyers are becoming more selective.
📈 Inventory remains constrained – 74 homes for sale, down 14% from last month and 21% lower than a year ago. Supply continues to tighten, creating competitive conditions for buyers.
📊 Sales activity significantly slower – 35 homes closed in April, up slightly from last month but down 35% from last year's robust 54 sales. This reflects the challenging market dynamics.
What Buyers and Sellers Need to Know
✨ Sellers: You're in a strong position with homes selling well above asking at 108% of list price. However, expect properties to take longer to sell as buyers become more discerning. Price competitively to attract serious interest.
🔍 Buyers: While you have slightly more time to evaluate properties, competition remains fierce with limited inventory. Be prepared to pay above asking price but use the longer days on market to your advantage for thorough due diligence. Act decisively when you find the right property.
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