Norwalk, Connecticut, is one of the most popular, beautiful places to live in the tri-state area. The town has a fantastic location, given its proximity to New York City and waterfront access to Long Island Sound. In addition, Norwalk’s homes are simply stunning. If you are considering buying or selling a home in Norwalk, read on to take a closer look at what the Norwalk real estate market could look like in the coming year.
Norwalk’s housing market forecast
Though we cannot guarantee any of our predictions, we are excited to share our informed analysis of the Norwalk real estate market in 2023.
Home values increasing
Luckily for those who have homes for sale in Norwalk, home values are rapidly increasing. In 2022, Norwalk, Waterbury, and Stamford showed the most promise in leading real estate sales. This trend is likely to continue in 2023 as the demand for housing continually increases. Thus, buyers may have more difficulty financing homes as value increases; however, sellers will still be able to find buyers and receive high offers, given the steady level of demand.
Investing indicators will favor landlords
Due to the very high prices of homes right now and the skyrocketing costs of rent in Connecticut, especially given Norwalk’s advantageous location close to New York City, landlords can take comfort in the fact that renting in Norwalk will continue to stay high for some time.
Positive net population migration
A three percent increase in population size is likely to occur by 2025. Yet, the population will lose young people in their 20s and 30s and instead increase among more lucrative home buyers in their 40s and 50s. The elderly population is also expected to grow, thus raising questions about senior housing and retirement homes.
Fairfield County housing market trends 2023
Norwalk is found in Fairfield County, one of the most desirable counties in all of Connecticut. Fairfield County real estate is expected to have a strong year, with home prices increasing steadily since February.
On the Norwalk real estate scene, you can find gorgeous properties that command high prices well into the millions, with spacious yards, elegantly upscale interiors, and open-concept layouts. Many of these luxury homes sell well over the asking price.
How COVID-19 affected the Norwalk real estate market
The pandemic certainly had a strong effect on the housing market. With record-low interest rates, many home buyers began a frenzied search for properties. With low inventory and soaring demand, homes were flying off the market at lightning speed, with many sellers receiving multiple offers well above the asking price. Competition was extremely high between buyers vying for the same property. Overall, the Norwalk real estate market was off the charts during the pandemic, and there have been no true signs that it will level out anytime soon.
The booming luxury housing market in Norwalk is consistent and promises high returns for sellers, who can reliably benefit from the high level of demand for homes even after the pandemic.
Median home prices of 2023
Thanks to Norwalk’s proximity to New York City, the community has plenty of appeal for those seeking amenities, excitement, and a fantastic lifestyle amidst gorgeous homes. Norwalk is conveniently located within a close radius of New York City, and therefore, housing here is more expensive than further north in the state. However, Norwalk real estate is not quite as high-end and luxurious as what you’ll see in Greenwich, CT. As of April 2023, the median price of Norwalk homes is about $540,000, a 7% increase over prices in April 2022.
The real estate market: should you invest?
There are several different neighborhoods in Norwalk, each with unique attributes that make them especially desirable. Before investing in Norwalk real estate, we advise you to pick a specific community that caters to your investment goals and lifestyle plans.
Cranbury
Cranbury is the most residential area in Norwalk, bordering Westport. Many of the single-family homes in Norwalk, CT, are located in Cranbury, attracting many families. Cranbury has various community events yearly, contributing to its close-knit, neighborly energy. The community borders Earthplace, a 65-acre nature preserve with beautiful open space, amazing wildlife, walking trails, picnic spaces, an outdoor amphitheater, and a water quality research laboratory.
Silvermine
In the northern section of Norwalk, you’ll find Silvermine, a community with intense historical value and picturesque views of 18th-century homes. The name “Silvermine” comes from the old legends of a silver mine located within the area, although no silver has ever been discovered.
Silvermine cemented itself in history due to the important water mills along the Silvermine River, forming an integral part of New England industry and growth. Silvermine was long an art colony, and today, it’s the home of the Silvermine Guild Arts Center, which was founded in 1908. The center hosts summer art camps, ceramics workshops, drawing classes, printmaking courses, glass working experiences, and so much more.
Rowayton
Located on Connecticut’s waterfront, Rowayton is one of the most beautiful places to live in the state. The town has an array of beaches that residents adore exploring, including Bayley Beach and Rowayton Community Beach, as well as a charming village area. Rowayton is the most highly desirable and luxurious part of Norwalk, but it’s also the most expensive. Prices here rival those of Greenwich.
East Norwalk
Home to the Norwalk Oyster Festival and Veterans Memorial Park, East Norwalk is a lovely neighborhood closest to the beach and the prestigious Shorehaven Golf Club. It is a highly residential area, providing breathtaking waterfront views facing Long Island Sound.
West Norwalk
Bordering Darien and New Canaan, West Norwalk is best known for its spacious properties and estates. It is a luxurious, upscale, tranquil area in Norwalk and offers its residents several parks and outdoor spaces to enjoy during warmer months. The neighborhood is located near convenient highways and the railroad for easy access to other parts of Norwalk.
South Norwalk
Known by its nickname “SoNo,” South Norwalk is home to Norwalk’s dynamic downtown area. It hosts various restaurants and a mall with many upscale shops.
Be in touch!
The Norwalk real estate scene will be much easier to navigate with an experienced real estate agent on your side. The Tri-Star Team at Corcoran can assist you with all your realty questions and needs. Contact the team today to work with trusted experts in Norwalk, Connecticut! They are happy to answer any questions about the current state of the market so that you can make an informed decision about buying or selling real estate.
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