In the sale of single family homes, the Norwood real estate market continues to grow and remains in hot demand. The number of homes sold in town rose 16%, from 233 properties in 2018, up from 196 in 2017. Perhaps even more interesting is the rise in the average sale price in year-over-year statistics. The average sold price of a single family home rose an impressive 6%. Potential homebuyers have respected this trend and are making their decisions faster with lower days on market. Another interesting statistic is the rise in homes selling between $500,000 and $599,999 with a difference of 31. Homes selling under $399,999, considered the first-time home buyer category, also experienced a surge in numbers with 33 selling in 2018 compared to only 11 in 2017. These figures offset the average sale price between both years, but still Norwood held out with that increase in average sale price of $488,196.
Condominiums, however, noticed a substantial dip in sales from 58 sold in 2018 compared to 87 in the previous year. The average days on market declined slightly, likely caused by the continued lack of inventory and the need to make an offer quicker to compete with other potential offers. Condominium sales did not follow the same pricing trend as single families and remained relatively flat.
2018 2017
Single Family # Listings Aver. DOM # Listings Aver. DOM
$250,000-$299,000 2 71 1 5
$300,000-$349,999 12 45 2 60
$350,000-$399,999 33 35 11 44
$400,000-$449,999 46 35 33 65
$450,000-$499,000 41 35 62 37
$500,000-$599,999 66 25 35 30
$600,000-$699,999 24 34 36 39
$700,000-$799,999 6 27 12 47
$800,000-$899,999 3 51 3 132
$800,000-$899,999 1 21
Total 233 Ave.: 33 196 Ave.: 43
Average Sale Price $488,196 $458,643
2018 2017
Single Family # Listings Aver. DOM # Listings Aver. DOM
$150,000-$199,999 1 213 10 34
$200,000-$249,999 10 20 7 29
$250,000-$299,000 13 26 8 32
$300,000-$349,999 9 23 14 27
$350,000-$399,999 6 18 16 31
$400,000-$449,999 8 34 17 32
$450,000-$499,000 6 46 10 74
$500,000-$599,999 3 33 3 98
$600,000-$699,999 2 126 2 132
Total 58 Ave.: 34 87 Ave.: 40
Average Sale Price $351,008 $352,685