How hot is the real estate market near Norwich? Home prices rise over $295K
The median sales price for a single-family home in New London County during February was $295,300. That's an increase of 9.4% compared with February 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 21 consecutive months. February prices are down from $300,000 the previous month.
The number of houses sold rose by 10.3% from a year earlier. A total of 139 houses were sold countywide during the month of February. During the same period a year earlier, 126 single-family homes were sold.
Windham County's median sales price for a single-family home was $230,000, down 8% from a year earlier. On a year-over-year basis, prices just began falling. Some 59 houses were sold in February, down 33.7% from a year earlier.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
New London County condominiums and townhomes sold in February had a median sales price of $186,000. That figure represents a 5.7% increase year over year. Some 27 were sold, up 8% from a year earlier.
How hot is New London County's real estate market in Connecticut?
Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.
In New London County the top 10% of the properties sold had prices of at least $527,000, down 4.2% from a year before.
In February, two properties sold for at least $1 million, consisting of one single-family home and one other property.
In Windham County the top 10% of the properties sold had prices of at least $420,000, up 2.1% from a year before.
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The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.