Norwood, MA Real Estate Market 2024: What You Need to Know About Home Values and Appreciation
The Norwood, Massachusetts real estate market had an exciting year in 2024, with rising home values and varied appreciation rates that show why this town is a hot spot for both homeowners and investors. We’ve compiled data from trusted sources, including NeighborhoodScout, Zillow, Redfin, NARRPR, MLS PIN, and KCM, to give you the most accurate and detailed insights into Norwood’s housing market trends.
How Did Norwood’s Home Values Perform in 2024?
Home prices in Norwood remained strong in 2024, with key data showing growth across all sources:
- NeighborhoodScout: Reports a median home value of $772,016, with an annual appreciation rate of 8.10%.
- Zillow: Lists the average home value at $696,649, reflecting a 5.6% increase over the past year.
- Redfin: Highlights a median sale price of $668,000, showing a year-over-year appreciation of 8.5%.
- NARRPR: Offers a more modest appreciation rate of 0.9%, indicating stability in certain areas.
- MLS PIN: Shows a median sale price of $710,500, with a 9.31% increase from 2023.
- KCM: Reports a 10.5% year-over-year growth in the median listing price.
This consistent upward trend underscores Norwood’s status as a thriving real estate market.
Median Sales Price vs. Appreciation Rate: What’s the Difference?
It’s important to distinguish between the median sales price and the home value appreciation rate, as they measure different aspects of the market:
- Median Sales Price: The midpoint price of all homes sold in a specific period. It can be influenced by the types of homes sold, such as an increase in luxury home sales.
- Appreciation Rate: The percentage increase in home values over time, reflecting the actual growth in a home’s worth.
In Norwood, these metrics are closely related because the types of homes sold have remained relatively consistent over the past two years, unlike in rapidly developing communities where shifts in housing types sold can skew the median sales price.
What Does This Mean for Homeowners?
If you’re a homeowner in Norwood, you’ve likely benefited from this growth. For example:
- If your home was valued at $750,000 at the start of 2024, its value could have appreciated by approximately 5.78%, making it worth around $793,350 by year-end.
This steady appreciation highlights opportunities for homeowners to build equity, refinance, or invest in upgrades to further increase their property’s value.
Breaking Down the Data Sources
Here’s what the experts are saying about Norwood’s housing market:
- NeighborhoodScout: Norwood’s real estate prices are among the highest in the country. With 45.46% of homes being single-family properties and many built between the 1940s and 1960s, the market shows both charm and stability.
- Zillow: Zillow reports steady growth with high demand for rentals. The average monthly rent in Norwood is $2,824, significantly higher than the national average.
- Redfin: Redfin calls Norwood a highly competitive market, with homes selling in just 18 days and receiving multiple offers.
- NARRPR: Highlights a more stable appreciation rate of 0.9%, offering reassurance to cautious buyers.
- MLS PIN: Notes strong increase of 9.31%, with a median sale price of $710,500. This growth reflects the demand for single-family homes and updated properties.
- KCM: Reinforces Norwood’s appeal with a 10.5% increase in listing prices, indicating heavy seller confidence and robust buyer interest.
Why Norwood Is a Great Market for Buyers and Sellers
Norwood’s real estate market isn’t just about numbers—it’s about the community. With a thriving downtown area filled with local attractions, restaurants, and shops, Norwood offers a vibrant lifestyle for residents. The town’s continued development and increasing desirability make it not only a wonderful place to live but also a secure investment. Whether you’re a first-time buyer, a growing family, or an investor, Norwood’s mix of historic homes, modern upgrades, proximity to the city, and convenient access to major highways and public transportation ensures it’s a market with something for everyone.
If you’re thinking about selling your home, now is a fantastic time to maximize your return. Buyers are eager to move into this sought-after town, and rising home values mean your property could be worth more than you think.
Ready to Explore Your Options?
For more information about Norwood and surrounding towns, visit our Communities Page to discover local highlights and market insights and don’t forget to download our free Buyer and Seller Guides for a seamless buying and selling process.
Thinking of selling? Contact Adam Stivaletta at the Stivaletta Properties Team today for a free Home Value Report to see what your house is truly worth in today’s market. Let us help you uncover your property’s true potential in this dynamic market.
