Norwich-area home prices rise 9.3% in May, with houses for sale in high demand
A typical New London County home listed for $404,500 in May, up 9.3% from a month earlier, an analysis of data from Realtor.com shows.
The median list home price in May was up about 24.5% from May 2021. New London County's median home was 1,764 square feet for a listed price of $228 per square foot.
The New London County market was busy, with a median 22 days on market. A month earlier, homes had a median 34 days on market. The market added 472 new home listings in May, compared with the 452 added in May 2021. The market ended the month with some 364 listings of homes for sale.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
Windham County home prices rise 4.3% to $364,900
Windham County's home prices rose 4.3%, to a median $364,900, from a month earlier. The typical house was on the market for 20 days, from 22 days a month earlier. The typical 1,776-square-foot house had a list price of $212 per square foot.
Across all of Connecticut, median home prices were $510,000, rising 2.2% from a month earlier. The median Connecticut home for sale had 1,942 square feet at list price of $260 per square foot.
Across the United States, median home prices were $446,950, up 5.2% from a month earlier. The median American home for sale had 1,861 square feet, listed at $226 per square foot.
Traffic in Eastern CT:Norwich built a roundabout downtown in September. CT wants the city to add several more.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list 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 listed 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 the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.